China's largest steelmakers scaled back production in late October to the lowest since March 2018, after slightly increasing output from lows in late September.

JSW's average capacity utilisation rose to 95pc during October compared with 89pc a year earlier and the highest since March this year when it was 96pc.

"We will be carrying out planned maintenance in some of our mills during this period, although there will be no impact on customers," a company spokesperson said.

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Vietnam exported more than 5.7 million tonnes of steel products in the first nine months of 2021.

This year, Tien Len Steel Group set a target of 250 billion VND in profit after tax.

Vietnam's leading industrial manufacturing group Hoa Phat recorded the highest ever after-tax profit in a quarter at 10.3 trillion VND (453 million USD) in the third quarter of this year.

Its major markets included the US, European and Southeast Asian nations.