Steel major Baoshan Iron and Steel Co Ltd is banking on its smart manufacturing and logistics strengths to sustain production even as the novel coronavirus outbreak forces several companies to suspend production.

China's steel industry, which has been facing a rough time due to rising inventories and falling product prices due to the novel coronavirus outbreak, is expected to recover rapidly during the second quarter of this year, experts said.

East China's Yantai port unloaded 317,000 tons of iron ores in 26 hours after a large-scale ship from Brazil berthed in the port on Feb 18.

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China has made considerable progress in speeding up coal production and resumption of work to contain the novel coronavirus pneumonia.

PTI reported that Kolkata based SAI Group is planning to invest INR 1,000 crore over the next 3-5 years in West Bengal for its steel business.

China has full confidence to guarantee the energy supply and ensure that work resumes smoothly, the country's top economic regulator said on Sunday.