In 2021, Vietnam spent 11.5 billion dollars importing more than 12.3 million tons of steel and iron, down 7.1 percent in volume but up 42.6 percent in value against 2020, according to its General Statistics Office.

The low-carbon field is now the new frontier for China-Australia cooperation and innovation, so deepening collaboration between the two countries in related areas will prove win-win and also benefit the world, experts and business leaders said on Monday.

Posco's initiatives are in line with South Korea's hydrogen roadmap as the country aims to establish large-scale domestic and overseas production bases and achieve 7.1pc of clean hydrogen power generation by 2036.

North American steelmakers Nucor and ArcelorMittal Dofasco have joined others in raising sheet prices.

The electric arc furnace (EAF)-based steelmaker announced the price decrease in a letter to customers on 29 November.

US third-quarter shipments to India almost trebled year on year to 1.7mn t. Shipments to Brazil were 27.3pc higher on the year, at 1.5mn t.

Community Union has written to UK prime minister Rishi Sunak urging him to "back Britain's steel industry".

Hong Kong architectural engineering company So Li Ah has witnessed the local construction industry's long boom.