Data of the first week of November showed that the operating rate and output of ferrosilicon plants had a slight upward trend.

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

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.

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

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.

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

The Yarrabubba Project has demonstrated the ability to produce a premium high-grade iron-vanadium magnetic concentrate product which will reduce funding and implementation risk for the Gabanintha Vanadium Project.