USD turns down; Gas prices fluctuate greatly in the world market

* USD exchange rate today (March 28): USD turns to decrease

USD exchange rate today (March 28), USD exchange rate in the world and in the country is predicted to decrease simultaneously.

Yesterday's USD exchange rate developments showed that the Dollar Index (DXY), which measures the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) stopped at 102.878 points with a decrease of 0.23% at the close of the session on March 227.

Currently 1 Euro is worth 1.0798 USD. 1 British Pound is worth 1.2288 USD. 1 USD is worth 131,490 Yen. 1 USD is worth 1.3661 Canadian Dollar. 1 Australian Dollar is worth 0.6650 USD.

The reference exchange rate for US Dollars at the State Bank's Transaction Office is: Buy 23,450 VND; Sell 24,780 VND. Photo: Thu Huyen

The dollar rose to a five-day high against the Japanese yen on Monday as government efforts to curb worries about the global banking system helped soothe investor sentiment.

The US dollar, however, fluctuated in a narrow range against most major currencies as investors appeared hesitant to place large bets in either direction as they sought clarity on the fallout from the recent collapse of two US lenders and the rescue of Credit Suisse (CSGN.S).

The pound was higher against the dollar after Bank of England Governor Andrew Bailey signaled on Monday that interest rate makers would focus on fighting inflation and would not be overly influenced by concerns about the health of the global banking system. The pound rose 0.45% to $1.2283.

In the crypto sector, bitcoin fell 1.94% to $27,092, extending its pullback from a nine-month high of $28,917.46 hit last week.

The reference exchange rate for US Dollars at the State Bank's exchange office is: Buy 23,450 VND; Sell 24,780 VND

* Gas ​​prices fluctuate greatly on the world market

Gas prices today (March 28) fell 5.28% to $2.099/mmBTU. US gas demand, including exports, is forecast to fall 107.0 bcfd over the next two weeks.

U.S. natural gas inventories are ending the winter higher than average, sending futures prices to near their lowest in real terms in three decades. As inventories trend higher than normal, prices are under sustained pressure.

Inventories tend to be higher, in the domestic market many gas businesses announced price reductions. Photo: Thu Huyen

In the domestic market, from March 1, many gas businesses announced price reductions. Each 12 kg gas cylinder delivered to consumers has been reduced by an average of 16,000 VND, and 45 kg has been reduced by 60,000 VND/cylinder, depending on the brand.

Specifically, the gas price of Saigon Petro Company Limited (Saigon Petro) from March 1st decreased by 16,000 VND/12 kg cylinder. With this reduction, the retail price to consumers is 461,000 VND/12 kg cylinder.

Vietnam LPG Trading Joint Stock Company, Southern Branch, from March 1st reduced 16,000 VND/12 kg cylinder and 60,000 VND/45 kg cylinder. The maximum retail price of LPG Vietnam to consumers is 475,912 VND/12 kg cylinder and 1,784,670 VND/45 kg cylinder.

City Petro's retail gas price from March 1 also decreased by VND16,000/12 kg cylinder. Accordingly, from March 1, the retail price to consumers of the City Petro gas brand is VND494,500/12 kg cylinder and VND1,854,000/45 kg cylinder.

Similarly, the retail price of Petrolimex gas cylinders (including VAT) in March 2023 in the Hanoi market is 464,700 VND/12 kg household cylinder; 1,858,600 VND/48 kg industrial cylinder, down 15,800 VND/12 kg cylinder and 63,400 VND/48 kg cylinder (including VAT) respectively.

* Steel prices rose 45 yuan on the exchange

Steel prices today (March 28) increased by 45 Yuan/ton on the exchange. China is planning to invest 2 billion USD in steel production in Egypt.

Today's steel futures price for November 2023 delivery on the Shanghai Stock Exchange increased by 45 yuan to 4,045 yuan/ton. Steel futures price for February 2024 delivery increased by 12 yuan to 3,945 yuan/ton. China plans to invest 2 billion USD in Egypt for steel production

China's Xinxing Ductile Iron Pipe Company is planning to invest up to $2 billion in Egypt's Suez Canal economic zone to set up a plant to produce cast iron pipes and steel products.

Scarcity of input materials has caused steel prices to continuously increase in recent times. Photo: Thu Huyen

Domestically, rebar prices have increased across the board. Since the beginning of 2023, the price of D10 CB300 rebar has increased 5 times, depending on the brand.

After 6 consecutive adjustments since the beginning of the year, the steel price level has now returned to the period of July-August last year. This level is much higher than the average of 12.5 million VND/ton before the hot increase that lasted from March to early May 2022.

Explaining the reason, businesses said the price increase was due to the scarcity of input materials as many factories had stopped producing billets in some furnaces since last year. In addition, factories had to pay orders signed during the year, causing local steel prices to increase due to low supply.

The sharp increase in input materials has also caused domestic factories to raise their selling prices to reduce losses. Data from the Vietnam Steel Association (VSA) shows that coke prices have been on an upward trend since November 2022. Scrap steel in early March increased by 13 USD per ton compared to the previous month. HRC hot-rolled steel also increased by 24 USD.

* Pepper price from 64,000 - 66,500 VND/kg, demand increases sharply from China

Pepper prices today (March 28) fluctuated around 64,000 - 66,500 VND/kg. According to records, new crop arrivals in warehouses are very limited during the peak season in Vietnam.

Vietnam black pepper price is traded at 3,325 USD/ton for 500g/l type, 3,375 USD/ton for 550g/l type; white pepper price is at 4,880 USD/ton.

In terms of supply, the new crop output in Vietnam is showing a clear decline. Meanwhile, the crops in Indonesia and Brazil, harvested right after Vietnam finished harvesting, are also not very promising. Pepper output in Cambodia has been increasing continuously, but in general, the output is still low, not enough to offset market demand.

On the demand side, it is clear that there is a strong increase from China. Vietnam's export output is estimated to reach 30,000 tons in March 2023, and in the first quarter of the year it could reach 80,000 tons.

Apart from the US and EU which are still slow due to the global financial crisis, other markets are also showing positivity.

Experts say the current price is the bottom of the cycle. The market will gradually increase to 75,000 - 80,000 VND/kg by the end of the year.