Gas price today (April 8) drops to record low; Rice price increases by 100 - 300 VND/kg

Gas prices today (April 8) drop to record low; traces of explosions found in Nord Stream gas pipeline

Gas priceToday (April 8) recorded a sharp decrease, with an adjustment of 5.57% after yesterday's trading session. Early this morning, world gas prices were trading around 2.035 USD/mmBTU. European natural gas prices continued to fall amid lackluster demand.

In another development, traces of explosives have been found on the Nord Stream gas pipeline. Sweden is skeptical of the theory that an independent group was responsible for the sabotage attack on Russia's Nord Stream pipeline.

Gas producers have had to cut prices to stay afloat and compete in the market.

In the domestic market, due to strong fluctuations in world gas prices, domestic retail gas prices from April 1st have also decreased by 62,000 VND/12kg cylinder. Specifically, gas companies will reduce prices for 12kg gas cylinders by 58,000 - 62,000 VND/cylinder. Equivalently, gas prices will decrease by about 5,000 VND/kg.

City Petro brand representative informed that the retail gas products of this company will be reduced by 4,833 VND/kg. Thus, City Petro's 12kg gas cylinder will be reduced by 58,000 VND/cylinder. Meanwhile, the 45kg gas cylinder will be reduced by 217,500 VND/cylinder.

Similarly, Ho Chi Minh City Petroleum Company Limited (Saigon Petro) announced that from April 1, 2023, the selling price of SP gas will decrease by VND 5,167/kg (including VAT), equivalent to a decrease of VND 62,000/12kg cylinder. With this reduction, the retail price of SP gas to consumers in April 2023 will be VND 399,000/12kg cylinder. The reason for the decrease in domestic gas prices, as stated by a representative of Saigon Petro, is that the average CP price in April decreased by USD 180/ton compared to March, to USD 550/ton.

According to experts, one of the reasons for this price decrease is due to the supply and demand situation in the world gas market. Currently, gas production is stable, while consumption demand is decreasing due to the global economy being affected by inflation and stagnant production.

With this situation, gas producers have had to reduce prices to maintain operations and compete in the market. This has caused gas prices in the market to drop sharply recently.

Domestic coffee prices decreased by 400 VND/kg

Domestic coffee prices today (April 8) in the Central Highlands provinces decreased by 400 VND/kg. Specifically, the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province is currently purchased in districts such as Bao Loc, Di Linh, Lam Ha at 49,100 - 49,200 VND/kg.

Coffee prices in Dak Nong and Kon Tum provinces are at 49,400 VND/kg.

Domestic coffee price decreased by 400 VND/kg.

Today's coffee price in Dak Lak province decreased by 400 VND/kg, in Cu M'gar district, the coffee price is currently at 49,500 VND/kg. In Ea H'leo district, Buon Ho town, the price is also 49,600 VND/kg.

In Gia Lai province, the coffee price today is 49,500 VND/kg.

As for world coffee prices, the London and New York exchanges continue to be in an opposing state.

At the end of the latest trading session, Robusta coffee prices on the London floor continued to decline. The May spot futures fell by $15 to $2,299/ton and the July futures fell by $18 to $2,256/ton, both significant declines. Trading volume was above average. The inverse price structure stabilized the gap.

In contrast, Arabica coffee prices on the New York floor continued to increase. May futures increased by 3.45 cents to 183.60 cents/lb and July futures increased by 2.70 cents to 181.70 cents/lb, quite strong increases. Trading volume remained very high above average.

Rice prices increased by 100 - 300 VND/kg

Rice prices today (April 8) in the Mekong Delta increased by 100 - 300 VND/kg.Rice marketbustling as supply dwindles towards the end of the season.

In the Mekong Delta region, prices increased by 100 - 300 VND/kg. Accordingly, at An Giang warehouse, Dai Thom 8 is being purchased by traders in the field at 6,600 - 6,800 VND/kg, an increase of 200 VND/kg; Nang Hoa 9 increased by 300 VND/kg to 6,400 - 6,600 VND/kg; OM 5451 increased by 100 VND/kg to 6,400 - 6,500 VND/kg; IR 504 is at 6,200 - 6,300 VND/kg, an increase of 100 VND/kg.

For the remaining rice varieties, prices remained stable. Accordingly, OM 18 was at 6,400 - 6,500 VND/kg; Long An fresh sticky rice was at 6,600 - 6,800 VND/kg; An Giang fresh sticky rice was at 6,200 - 6,300 VND/kg; Long An dry sticky rice was at 9,000 - 9,200 VND/kg, An Giang dry sticky rice fluctuated at 8,400 - 8,600 VND/kg and IR 504 dry rice remained at 6,500 VND/kg.

Rice prices today increased by 100 - 300 VND/kg.

Regarding rice, today's rice price increased with IR 504 raw rice. Specifically, the price of raw rice was stable at 9,150 VND/kg, an increase of 50 VND/kg. Meanwhile, the price of finished rice remained stable at 10,300 VND/kg.

For by-products, the price of IR 504 sheet is stable at 9,100 VND/kg; dry bran remains at 7,300 VND/kg.

At the retail market, rice prices remained stable after the adjustment session. Accordingly, regular rice is 11,000 - 12,000 VND/kg; Jasmine fragrant rice is 14,000 - 15,000 VND/kg; Soc regular rice is 15,000 VND/kg; glutinous rice is 16,000 - 18,000 VND/kg; Nang Nhen rice is 22,000 VND/kg; Common white rice is 14,500 VND/kg; Nang Hoa is 18,500 VND/kg; Soc Thai is 18,000 VND/kg; Taiwanese fragrant rice is 20,000 VND/kg; Japanese rice is 22,000 VND/kg; Bran is 7,500 - 8,000 VND/kg; Long grain Thai fragrant rice remains at 18,000 - 19,000 VND/kg and Jasmine rice at 19,000 VND/kg.

According to traders, today raw rice has arrived in small quantities, warehouses are buying sporadically. Raw rice prices tend to increase slightly. The rice market is stable, transactions are slow. In particular, rice and Japonica rice continue to be active.

On the world market, the export price of Vietnamese rice today has stabilized and remained unchanged after an upward adjustment session. Accordingly, 5% broken rice is at 473 USD/ton; 25% broken rice is at 453 USD/ton.

Steel prices rebound after 4 sessions of decline

Today's steel price for October 2023 delivery on the Shanghai Stock Exchange increased by 44 yuan to 3,994 yuan/ton.

Steel futures for January 2024 delivery rose 26 yuan to 3,908 yuan/ton.

Domestic steel consumption shows signs of recovery. After a long period of gloom, two large steel corporations, Hoa Phat and Hoa Sen, recently said that the market has shown signs of recovery, although it still faces many difficulties.

Information fromHoa Phat Group(HPG) said that in March 2023, this unit produced 440,000 tons of crude steel, an increase of 6% compared to February 2023. In particular, sales output of steel billets, construction steel, and hot-rolled coil (HRC) reached 500,000 tons, an increase of 5% compared to February.

Of which, Hoa Phat supplied 282,000 tons of construction steel and high-quality rolled steel to the domestic and foreign markets, equivalent to February but still down 45% compared to the same period last year. This is mainly due to domestic and export market demand remaining low compared to last year, and the real estate market showing no signs of recovery.

Domestic steel consumption shows signs of recovery.

VNDirect's analysis group commented that in the domestic market, high-priced inventories of steel enterprises have decreased sharply since the end of the fourth quarter of 2022, the difficult time of the steel industry has passed. However, when the steel industry will recover, it is necessary to understand the variables affecting the steel industry.

According to VNDirect experts, the steel industry still has a lifeline from the Government's increased public investment (accounting for 18% of steel supply), especially the Long Thanh airport project, which helps reduce the decline in consumption demand.

VNDirect expects public investment disbursement to increase by 20-25% in 2023, including the on-schedule construction of Long Thanh airport, which will actively support steel prices and help the industry's profit margin reach equilibrium.

Domestic steel prices remain high; Since March 21, some steel manufacturing enterprises have increased the price of D10 CB300 rebar by VND150,000 - 160,000/ton to around VND15.9 - 16 million/ton. Since the beginning of 2023, the price of D10 CB300 rebar has been adjusted up 5 times, depending on the brand.