Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has been playing a significant part in the mentioned planning.

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.

In the first nine months of this year, the group earned 65 trillion VND in revenue and over 8.84 trillion VND in after-tax profit.

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

Notably, the export volume of hot rolled steel reached over 270,000 tonnes, rising by over 330 percent from the first quarter.

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

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