Together with big steel producers, smaller firms also discussed difficulties for steel billet prices at the seminar.

This trend is expected to persist in the medium term, whereby domestic steel mills will directly benefit, VDSC said.

Hoa Phat Steel said it shipped 62,700 tonnes of finished steel abroad in September, doubling the figure a year ago.

Leading steel manufacturer Hoa Phat Group sold nearly 4.14 million tonnes of steel in the first ten months of 2020.

China's benchmark power coal price rose slightly during the past week.

The UK steel industry can expect a less severe outcome from the second lockdown planned for England from Nov. 5.

First, China has made the decision because fighting climate change is the common responsibility of humankind.

China's steel sector registered output expansion in September as the country's economic recovery maintains momentum, industrial data showed.