The federal government also has a renewable energy target of 82pc by 2030, up from around a third currently.

JISPL's production plunged by 77pc on the year to 30,000t during July to September.

The Argus 62pc lump premium stood at 20￠/dry metric tonne unit (dmtu) on 30 September, the highest since June.

Japan and the US remained Vietnam's top two suppliers and accounted for 58pc of total imports in September.

Steel shipments from US mills fell in August as the market continued to deal with declining prices.

US steelmaker Nucor is expecting to roll its first plate at its new Brandenburg, Kentucky, mill by the end of the year.

However, the tender price was lower in the later stage, and the volume was reduced.

The 2211 ferrosilicon contract price on ZCE closed at 8294 yuan per ton on October 21.