Crude oil prices rise; Some agricultural products fall in price

Domestic steel price decreased by 100,000 VND/ton

Steel priceToday, August 18, 2023, the price of CB240 coil steel continues to decrease by 100,000 VND/ton. D10 CB300 steel remains the same price.

The Central region recorded a decrease of VND100,000/ton in CB240 coil steel price at two brands including Hoa Phat and Viet Duc. Meanwhile, the Pomina brand kept the old transaction price.

In the South, the price of Hoa Phat CB240 rolled steel decreased by 100,000 VND/ton. Pomina steel and Southern steel had no new changes.

Thus, this is the 17th price reduction since the beginning of the year.

The Vietnam Steel Association (VSA) stated that the reason for the continuous decrease in steel prices in recent times is due to slow consumption and the real estate market showing no signs of recovery. Currently, there are too few civil projects starting construction, and although highway projects have improved, they are not enough to help the steel market improve.

In addition, VSA said that domestic steel prices must be continuously adjusted downward because businesses must compete with cheap Chinese steel as this country continuously lowers steel export prices.

World oil prices turn up

AbovemarketWorld oil prices today, August 18, regained momentum after consecutive decreases since the beginning of the week. On August 17, oil prices decreased slightly at the beginning of the session but then turned to increase.

Data from Oilprice shows that at 9:36 a.m. on August 17 (Vietnam time), Brent oil price fell to 83.44 USD/barrel, down 0.01 USD, equivalent to 0.01% compared to the previous session. WTI oil price was at 79.3 USD/barrel, down 0.08 USD, equivalent to 0.1% compared to the previous session.

At 9:16 p.m. on August 17 (Vietnam time), Brent oil price reached 84.49 USD/barrel, up 1.04 USD, equivalent to 1.25% compared to the previous session. WTI oil price was at 80.58 USD/barrel, up 1.2 USD, equivalent to 1.51% compared to the previous session.

According to analysts, gasoline prices increased thanks to bottom-fishing buying at low prices after three consecutive sessions of decline. Along with that, oil prices were also supported by a sharp decline in US oil reserves.

Coffee down 1,000 VND/kg

PricecoffeeDomestic prices on August 18, 2023 continued to decrease compared to previous days from 900 to 1,000 VND/kg. Reaching an average price of 64,300 VND/kg.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at 64,000 VND/kg, continuing to decrease by 900 VND/kg compared to August 17. In Dak Nong province, coffee was purchased at the highest price of 64,700 VND/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 63,900 VND/kg.

Today's coffee price in Dak Lak province in Cu M'gar district is currently at 64,500 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 63,500 VND/kg.

Pig price turns down

Surveying the price of live pigs at the end of August 17, only some northern provinces maintained the price of 60,000-61,000 VND/kg. In the central and southern regions, the price of pigs continued to decrease to 57,000-59,000 VND/kg.

The reason for the decline in live pig prices, according to pig farming companies, is that recently, a lot of smuggled pigs have been imported, affecting the domestic price of this commodity. Because supply has increased but demand has not. At this time, it is the 7th lunar month - people tend to eat vegetarian food, so the demand for pork is very weak.

Not to mention, the new school year is approaching. Families have to spend money on books, clothes, etc. for their children, while their incomes do not increase, so they have to “tighten their belts even more”. As a result, pork is unsold and prices are falling.