Domestic coffee prices continue to increase; Domestic steel returns to sideways trend

Domestic coffee prices continue to increase

Domestic coffee prices updated at 5:28 a.m. on December 18, 2023 are stable and at a high level. Currently, the average coffee price in the Central Highlands provinces is about 66,800 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 67,100 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces on December 17, 2023 was quite high at 67,200 VND/kg; In Dak Lak and Dak Nong provinces, coffee was purchased at the highest price of 67,300 VND/kg.

Green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, are purchased at 66,600 VND/kg.

Today's coffee price in Dak Lak province is the highest; in Cu M'gar district, coffee is purchased at 67,200 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 67,300 VND/kg.

Domestic steel returns to sideways trend

Today, domestic steel prices have returned to a sideways trend, after many brands raised their prices to more than 14,000 VND/kg such as Hoa Phat, Viet Y...

At the end of the weekend trading session, on the Shanghai Futures Exchange (SHFE, China), the price of rebar for May 2024 delivery decreased by 32 yuan/ton (down 0.81%) to 3,915 yuan/ton (550.66 USD/ton). The price of hot-rolled coil (HRC) decreased by 34 yuan/ton (down 0.84%) to 4,033 yuan/ton (567.26 USD/ton).

In the raw material market, iron ore futures prices in China continued to fall due to reduced demand and the market lacked new information on the Chinese government's expected economic stimulus measures.

Domestically, after three consecutive increases, construction steel prices fluctuated at 13.81 - 15.3 million VND/ton, depending on the brand and type. The Vietnam Steel Association believes that steel prices may continue to increase with a slight margin, about 100,000 - 150,000 VND/ton for each price increase period.

Specifically, some manufacturing enterprises increased the price of construction steel products by 150,000 - 360,000 VND/ton, depending on the brand and type. In just one month, the price of construction steel has increased 3 consecutive times, currently at 13.81 - 15.3 million VND/ton.

VSA said that, as a rule of thumb, the fourth quarter is a favorable time for construction projects. As a result, steel consumption in November increased compared to previous months and reached its highest level in about a year. In November, construction steel consumption reached 1.1 million tons, up 29% compared to the previous month and 28% compared to the same period in 2022, accounting for 45% of finished steel sales. Of which, construction steel exports reached 145,328 tons, up 49% compared to November 2022.

Gold prices forecast to plummet in the new week

At the time of survey at 5:00 a.m. on December 18, 2023, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 73.20 million VND/tael for buying and 74.40 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 73.40 - 74.20 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 73.45 - 74.35 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai Company, it is being traded at 73.35 - 74.40 million VND/tael (buy - sell).

In the previous trading week, after moving sideways in the first half of the week, on Wednesday (December 13), when signals showed that the US Federal Reserve (FED) would not consider continuing to raise interest rates and experts said there was a 75% chance of a cut in 2024, gold prices suddenly jumped sharply. Specifically, the price of this metal was pushed back above $2,000/ounce. Gold prices closed the week at $2,019.540/ounce, while gold futures for February 2024 were $2,035.70/ounce, up nearly 1% during the week.

Frank McGhee, head of precious metals trading at Alliance Financial, discussed the outlook for gold prices in the near term, saying he sees prices falling below $2,000.

Gasoline prices continue to increase

Today's international oil prices may continue to increase from last week. Last week, oil prices recorded their first weekly increase after 7 consecutive weeks of decline.

Oil prices last week experienced their first weekly increase in eight weeks. In the five trading sessions of last week, oil prices increased in three sessions and decreased in two sessions.

The rise in oil prices last week was mainly due to the weakening of the US dollar and the International Energy Agency (IEA) raising its forecast for oil demand in 2024.

For the week, WTI rose 0.3%, while Brent rose 0.9%. The modest gains were enough for both benchmarks to post their first weekly gain after seven straight weeks of declines. Brent closed the week at $76.55 a barrel, while WTI closed the week at $71.43 a barrel.

In the domestic market, the selling prices of gasoline and oil today, December 18, are applied according to the prices at the management session on the afternoon of December 14 of the Ministry of Finance - Industry and Trade. Accordingly, gasoline and oil prices have all been adjusted down, in which the price of RON 95 gasoline continues to decrease for the 5th consecutive time.

Specifically, the price of E5 gasoline dropped to 20,510 VND/liter. The price of RON95 gasoline dropped to 21,400 VND/liter.

Diesel price dropped to 19,010 VND/liter. Kerosene price dropped to 19,960 VND/liter.