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.

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

The plate delivered assessment rose by $8.25/st to $1,676.50/st.

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

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.

Private construction was at a seasonally adjusted annual rate of $1.43tn, 0.6pc below the July estimate of $1.44tn.