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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.

Ferrosilicon futures 2005 contract close at 5716 on Tuesday February 25.

Ever since the outbreak, Baosteel has been trying to strike a balance between epidemic prevention and stable production.

The Shougang Tonggang Limited Company, an iron and steel company in Tonghua city, has also resumed work.

China has full confidence in ensuring adequate energy supply.