In November alone, Hoa Phat shipped more than 100,000 tonnes of construction steel abroad, seeing a 2.3-fold increase year on year.

The ministry has already directed the public sector undertakings (PSUs) and private players to take measures to cut imports of special steel.

Among them, the quantity exported to China was 871600 tons, a year-on-year decrease of 66.34%.

Currently, the South Korean steel major operates a 1.8-million-ton cold-rolled and galvanized mill in India along with four processing centers.

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Coal is Mongolia's main export commodity.