BEIJING, Feb. 24 (Xinhua) -- China has seen falling steel prices, affected by the novel coronavirus pneumonia (COVID-19) epidemic, according to Luo Tiejun, vice president of China Iron and Steel Industry Association (CISA) at a video conference on Saturday.
Luo also pointed out impacts of the epidemic on other aspects of the steel industry, saying that the epidemic has affected the transportation, leading to tight supplies of raw materials and difficult ex-warehouse.
The epidemic has also weighed on the downstream demand. The major steel consumption industries such as construction, machinery, and automobiles have delayed their operations, dampening the demand in the first quarter, said Luo.
Meanwhile, due to the epidemic, the number of steel mills taking measures to stop production and overhaul facilities has increased day by day.
China steel price index was 100.55 points in the week from February 17 to 21, down 5.55 points year on year, according to the CISA. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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