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"It takes just 30 minutes from clearance to shipment," said Wang Jinsong, a declarant in charge of steel export in Urumqi, the regional capital.

It is the second international standard the company initiated, Guizhou Steel Rope Group said.

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Up to 50 percent of Vietnam’s logistics firms estimate they will see revenue cut in half this year compared to 2019 because of the COVID-19 pandemic.

Iron ore miner NMDC has slashed prices of lump ore and fines by Rs 50 per tonne.

The global Coronavirus outbreak is likely to rein in the rally in Indian domestic steel prices.