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.

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.

Japanese automaker Honda expects to boost its North American production in the fourth quarter as access to auto parts improves.

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

The daily Argus ICX 62pc iron ore index was at $96.15/dry metric tonne today, down 19pc from a year earlier.

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.

Integrated steelmaker US Steel is indefinitely idling a blast furnace at its Mon Valley Works in Pennsylvania.