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.

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

First, China has made the decision because fighting climate change is the common responsibility of humankind.

China's steel sector registered output expansion in September as the country's economic recovery maintains momentum, industrial data showed.

This came as the Ethiopia's Consul General in Chongqing, China, Anteneh Tariku, held "a fruitful discussion" with Zhang Yong.

U.S. imported a total of 1,255,000 net tons (NT) of steel in September 2020.