Fragrant rice prices are negotiated at 580 - 630 USD/ton; Gold prices experience a week of strong increases

Vietnam's fragrant rice price is negotiated at 580 - 630 USD/ton

Last week, Vietnam's fragrant rice prices were negotiated at around $580 - $630 per ton.

Traders said that Vietnamese fragrant rice was at one point offered for as much as $700 a ton. Meanwhile, Thai 5% broken rice was offered for $650-$655 a ton and similar Vietnamese rice was offered for $620-$630 a ton.

Asian exporters have raised their rice offers by about 20% since India banned exports of non-basmati white rice last month.

Before India's rice export restriction, Thai rice was listed at $545 per ton and Vietnamese rice at $515-$525 per ton.

According to the Vietnam Food Association, the highest price of regular rice at the field last week was 7,900 VND/kg, the average price was 7,850 VND/kg, an increase of 64 VND/kg. However, the price of regular rice at the warehouse decreased by an average of 333 VND/kg, to 9,083 VND/kg; the highest price was 9,500 VND/kg.

Prices of rice products also decreased. Accordingly, 5% broken rice has the highest price of 14,600 VND/kg, the average price is 14,486 VND/kg, down 148 VND/kg. 15% broken rice has the highest price of 14,400 VND/kg, the average price is 14,208 VND/kg, down 142 VND/kg. 25% broken rice has the highest price of 14,200 VND/kg, the average price is 13,892 VND/kg, down 142 VND/kg.

Recently, the Ministry of Industry and Trade announced a list of 210 traders who have been granted Certificates of eligibility to conduct rice export business. In the past 7 months, the country has exported 4.83 million tons of rice, with about 2.67 million tons remaining for export in the remaining 5 months of 2023.

Domestic coffee prices reached an average of 64,000 VND/kg.

Domestic coffee prices on August 21, 2023, after increasing in the previous session, decreased by 500 VND/kg in this session, reaching an average price of 64,000 VND/kg.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at 63,700 VND/kg, down 500 VND/kg compared to the previous session. In Dak Nong province, the highest coffee price was 64,400 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 63,600 VND/kg.

World coffee prices, at the end of the trading session, Robusta coffee prices on the ICE Europe - London exchange decreased by -1.20%. September spot futures were priced at 2,544 USD/ton and November futures were priced at 2,363 USD/ton, January 2024 futures were priced at 2,302 USD/ton, March 2024 futures were priced at 2,269 USD/ton, all levels decreased slightly. Trading volume was above average.

On the contrary, the price of Arabica coffee on the ICE US – New York exchange has increased again after many sessions of decline. The September spot futures are 147.45 cents/lb and the December futures are 150.00 cents/lb, the March 2024 futures are 151.45 cents/lb, the May 2024 futures are 152.70 cents/lb. Trading volume remains very high above average.

Gold prices experienced a week of strong increases

The price of 9999, SJC, and 24k gold experienced a week of strong increases. Meanwhile, world gold prices set a third decrease this week. Converting the world spot gold price according to the exchange rate at Vietcombank on August 21, 1 USD = 23,600 VND, the world gold price is at 53.73 million VND/tael, lower than the SJC gold price of 13.97 million VND/tael.

At the time of survey at 5:30 a.m. on August 21, 2023, the gold price on the trading floors of some companies was as follows:

Today's 9999 gold price is listed by DOJI at 66.95 million VND/tael for buying and 67.75 million VND/tael for selling.

At Mi Hong Jewelry Company, the price of Mi Hong gold at the time of survey was listed at 67.15 - 67.50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 67.10 - 67.68 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 67.10 - 67.62 million VND/tael (buy - sell).

Steel industry continues to face difficulties during the "ghost month"

Steel price today August 21, 2023: CB240 coil steel decreased by 100,000 VND/ton. The steel industry is expected to continue to face difficulties during the "ghost month".

Data from the Vietnam Steel Association (VSA) shows that the output of finished steel products of all kinds in July reached 2.4 million tons, up 6.7% over the same period. Consumption reached 2.18 million tons, up slightly 0.8% over June and up 9.4% over the same period.

Particularly for construction steel products (accounting for about half of the proportion), there are still not many clear signs of recovery when sales decreased by 6% compared to June and decreased by 18% compared to the same period last year. Of which, export volume decreased sharply by 30% compared to July 2022 to 105,000 tons.

Construction steel products are still waiting for a big boost from improved public investment and a boom in the real estate market.

Domestically, brands have continuously reduced their selling prices to meet production and sales plans, with a reduction rate of once a week, each time by 150 - 200 VND/kg. In recent months, domestic steel has continuously reduced its prices at a high and strong frequency. The real estate market has not shown any positive signs of recovery, and a few social housing projects have just been implemented. Meanwhile, competition on selling prices and market share among factories is increasingly fierce to maintain operations. Currently, domestic factories are facing difficulties with low selling prices while financial costs are high.

Experts say the steel industry will face major difficulties in the third quarter when the construction market enters the rainy season and the “ghost month”. This is considered a “nightmare” for the steel industry every year in the third quarter because according to the beliefs of many Vietnamese people, they abstain from building houses, buying cars... in the seventh lunar month. In addition, heavy rains hinder construction activities.