Hoa Phat Group produced over 6 million tonnes of crude steel in the first nine months of the year, matching its output from last year.

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.

Steelmaker Nucor is keeping its plate prices flat, just weeks after announcing lower pricing.

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

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.

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