The outbreak of coronavirus epidemic gave a press on demand for stainless steel worldwide, and the demand in market will remain weak in the short term.

Tang Eng Iron Works Co., Ltd., one of the main stainless steel manufacturers in Taiwan, said that it had a plan to reduce its stainless steel production by approximately 20% in April due to the sluggish demand, which was expected to go weaker in the second quarter this year.

According to Tang Eng, affected by the spread of the novel coronavirus, both the domestic and foreign market were much slower than before, and the export market was facing a quite weak requirement due to blockade in several cities and countries.