Pig prices continue to decrease; Domestic gasoline and oil prices are expected to increase slightly in the adjustment period on April 3

* Domestic gasoline and oil prices are expected to increase slightly in the adjustment period on April 3.

Because the next price adjustment period falls on Saturday (April 1), gasoline and oil prices will be postponed to the next adjustment period on April 3, 2023.

World oil prices have been fluctuating recently, but the general trend is a slight increase, and this will impact the domestic gasoline and oil price adjustment period on April 3.

Updated data from the Ministry of Industry and Trade shows that in the Singapore market (as of March 27), the price of RON95 gasoline is 98.4 USD/barrel, RON92 gasoline is 93.7 USD/barrel, and diesel oil is 95.5 USD/barrel. This price is higher than the average price of finished gasoline and oil products in the world during the mid-term price adjustment period from March 13 to 21 (92.24 USD/barrel of RON92 gasoline, 96.512 USD/barrel of RON95 gasoline and 96.317 USD/barrel of diesel oil).

In the upcoming adjustment period, domestic gasoline prices may increase slightly.

In the world market, early on March 31, WTI oil price was trading at 74.28 USD/barrel, up 0.31 USD, equivalent to an increase of 1.8%; Brent oil was trading at 79.3 USD/barrel, up 1.02 USD, equivalent to an increase of 1.03%.

With the development of world oil prices, many opinions have made predictions: In the upcoming adjustment period, domestic gasoline prices may increase slightly while diesel prices may remain the same or decrease slightly. However, the level of change still depends on world oil prices from now until before the adjustment period and the spending of the price stabilization fund.

Previously, in the price adjustment period on March 21, the retail price of gasoline and oil was announced to decrease by the Ministry of Industry and Trade - Ministry of Finance. Accordingly, the price of RON95 gasoline decreased by 780 VND, down to 23,038 VND/liter; E5 RON92 gasoline decreased by 784 VND, down to 22,020 VND/liter. Similarly, the price of diesel oil decreased by 1,200 VND, selling at 19,302 VND/liter; kerosene decreased by 1,253 VND, down to 19,462 VND/liter; mazut oil decreased by 800 VND, selling at 14,479 VND/kg.

* Rice prices continue to decrease by 50 VND/kg

Rice prices today (April 1) in the Mekong Delta continued to decrease by 50 VND/kg compared to yesterday. The rice market slowed down at the weekend.

Regarding rice, rice prices continued to decrease today with a decrease of 50 VND/kg. Specifically, TP IR 504 rice is currently priced at 10,000 - 10,100 VND/kg, down 50 - 100 VND/kg; NL IR 504 is priced at 9,050 - 9,150 VND/kg, down 50 VND/kg. Regarding by-products, the price of IR 504 broken rice decreased by 100 VND/kg to 9,100 VND/kg. Meanwhile, dry bran decreased by 100 - 150 VND/kg to 7,350 - 7,450 VND/kg.

On the world market, the export price of Vietnamese rice today remained unchanged after a sharp increase. Accordingly, 5% broken rice is at 468 USD/ton; 25% broken rice remains at 448 USD/ton.

In the Asian rice market, Indian rice prices were stable as orders poured in. Domestic trading was active, rice prices were higher than last week. The winter-spring rice market was volatile, rice prices increased slightly compared to last week, rice quality and yield were good.

The Ministry of Industry and Trade forecasts that rice exports this year will still be favorable, around 6.5-7 million tons, due to the return of markets such as Indonesia and Bangladesh. China reopened after the pandemic, increasing import demand. India imposed a ban on broken rice exports and a 20% tax on white rice, so partners will look for markets with more competitive prices, including Vietnam.

* Steel prices rise 51 yuan on the exchange

Today's steel price (April 1) recorded an increase of 51 yuan/ton on the exchange. Iron ore price also recorded an increase of 7.5% compared to last week.

Steel prices rise 51 yuan on the exchange: Today's steel price for October 2023 delivery on the Shanghai Futures Exchange rose 51 yuan to 4,167 yuan/ton. Steel futures for October 2023 delivery on the Shanghai Futures Exchange rose 20 yuan to 4,136 yuan/ton.

After 6 consecutive adjustments since the beginning of the year, the steel price level is now back to the period of July-August last year. Photo: Viet Phuong

Since March 21, some steel manufacturing enterprises have raised the price of D10 CB300 rebar by VND150,000 - 160,000 per ton to about VND15.9 - 16 million per ton, according to Steel Online.

Thus, after 6 consecutive adjustments since the beginning of the year, the current steel price level has been brought back 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 coking coal 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. Hot-rolled steel (HRC) also increased by 24 USD.

* Pig prices continue to fall

Since the fourth quarter of 2022, the price of live pigs has continuously decreased and remained low. Increased supply and low demand have prevented the price of live pigs from bouncing back.

At the regular press conference for the first quarter of 2023 held by the Ministry of Agriculture and Rural Development on the morning of March 31, Mr. Tong Xuan Chinh - Deputy Director of the Department of Livestock Production (Ministry of Agriculture and Rural Development) said that the decrease in live pig prices is not only in Vietnam but is a global trend caused by the disruption of the Covid-19 pandemic.

Compared to the same period in 2020 and 2021, the price of live pigs is currently down about 40 - 45%.

For example, China, which used to have a price 25-27 thousand VND/kg higher than Vietnam, now has the same price as Vietnam, about 2.1 USD/kg of live pig. Similarly, the Philippines and Thailand also have similar low prices.

The reason is that the supply of animal feed ingredients has been disrupted by Covid-19, causing the price of animal feed ingredients to continuously increase, and up to this point, it is still not possible to confirm when the price of animal feed will stabilize again.

In addition, consumer purchasing power has decreased. Meanwhile, the productivity of people at the household and farm level has improved and increased due to the application of technology.

According to many pig farmers, the price of live pigs has continuously decreased since the end of 2022, with no signs of increasing again. Compared to the same period in 2020 and 2021, the price of live pigs is currently down about 40-45%.

Meanwhile, the price of animal feed has not only not decreased but also shown signs of increasing, causing many difficulties for farmers. Up to this point, the price of feed has increased by over 100,000 VND/50 kg bag, currently at 350,000 VND/bag for breeding pigs; over 400,000 VND/50 kg bag for meat pigs.

With this feed price plus care costs, the average cost for each pig from the start of raising until it is sold is about 5.5 million VND/pig, while previously this cost was only about 3.5 - 4 million VND/pig. With the current low pig price, farmers are losing money and are very cautious in restocking.