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

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

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

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.

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

The UK steel industry can expect a less severe outcome from the second lockdown planned for England from Nov. 5.

China's benchmark power coal price rose slightly during the past week.