The manufacturing sector is a driving force behind economic growth.

The deal also enhances cooperation with the UK in accelerating the decarbonisation process of the iron and steel industry as Vietnam was striving to achieve net zero by 2050.

Thai steel manufacturers are planning to increase their domestic prices following a rise in operational costs.

Japanese automaker Honda expects to boost its North American production in the fourth quarter as access to auto parts improves.

The plate delivered assessment rose by $8.25/st to $1,676.50/st.

"Our plant uses a lot of water and chemicals but unlike other jurisdictions will not produce a single litre of liquid waste," SRC president Mike Crabtree said.

Indian private-sector producer Tata Steel's sales rose by 7.2pc on the year in July-September, despite monsoon-led seasonal weakness.

The company's saleable iron ore production stood at 1.08mn t over the three-month period, while sales edged up by 2pc against the previous year, to 1.34mn t.