Steel futures in China slipped on Wednesday on worries that the fast-spreading coronavirus outbreak would inevitably turn into a global pandemic, while expectations of a demand pick-up in the second quarter capped losses.Construction steel rebar on the Shanghai Futures Exchange teetered before ending down 0.4% at 3,447 yuan ($491.53) a tonne, while hot-rolled coil shed 0.3% and stainless steel slid 2.6%.Fears have mounted that the worsening health crisis, which has already disrupted businesses, may cripple steel trade, in a major blow to China that accounts for about half of the global steel output. Authorities around the world have stepped up measures to prevent the spread of the coronavirus that has killed more than 2,700 people and infected about 80,000, mostly in China, with the death toll and new cases beyond Asia now rising as well.
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