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According to market sources, Italy's steelmakers have not yet made any production cuts due to the virus and steel shipments have not been impacted.

While Turkish hot-rolled coil producers maintained strong prices amid higher raw material costs and low demand, mills raised cold-rolled coil and hot-dip galvanized sheet steel offer prices this week, sources said.

Japan's slowing economy has steelmakers worried as the country's manufacturing sector sees more pressure from the impact of the COVID-19 outbreak.