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.

The manufacturing sector is a driving force behind economic growth.

Thai steel manufacturers are planning to increase their domestic prices following a rise in operational costs.

Machine shop turnings price indications are expected to emerge later, but a sideways trend would leave prices at $130/gt.

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.

US steelmakers' attempts to correct the oversupply may be swamped by new capacity coming online.