Pork prices soar; Natural gas market remains oversupplied

* Pork prices increase sharply

Last week, the price of live pigs continuously increased, in some places it increased by 10,000 VND per kilogram, equivalent to about 20% compared to last month.

Specifically, in the Northern region, the price increased by VND5,000 last week, to VND57,000-60,000 per kilogram. In the Central region, the price also increased, in which, in provinces such as Hue, Thanh Hoa, Binh Thuan, the price increased by VND6,000, to VND60,000-61,000 per kilogram.

In the coming time, pork prices may only increase slightly, and it is difficult to make a sudden change because purchasing power in the market is still weak.

In the Southern region, the price of live pigs recorded the strongest increase last week. In Ho Chi Minh City and Dong Nai, grade 1 pigs increased to 62,000 VND per kg, grade 2 pigs fluctuated between 57,000 and 59,000 VND.

The price is a bit high, causing the price of pork at wholesale markets in Ho Chi Minh City in recent days to increase to 74,000 VND/kg. Retail meat prices at markets and supermarkets have also increased by 2,000-3,000 VND. Accordingly, pork belly is sold for 140,000-160,000 VND/kg, baby back ribs for 160,000-170,000 VND, and boneless ham for 120,000 VND.

The reason for the increase in pork prices is that the herd restoration is slow, so the supply is reduced. In addition, African swine fever is spreading, in which some localities in Ninh Binh province are showing complicated developments.

Apart from the epidemic, the biggest factor causing the increase in pork prices is still the supply and demand factor. Recently, the sharp drop in pork prices has caused small-scale pig farmers to suspend their pig farms, so the supply to the market has decreased compared to the previous month. In the coming time, pork prices may only increase slightly, but it is difficult to increase dramatically because the purchasing power in the market is still weak due to the economic recession, many factories and plants have stopped operating.

* Domestic coffee price highest at 60,600 VND/kg

Today's domestic coffee price (May 27) fluctuates from 60,100 - 60,600 VND/kg, down 400 VND/kg compared to yesterday.

Specifically, 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 is purchased at a price of 60,000 - 60,100 VND/kg.

Coffee prices in Gia Lai and Kon Tum provinces stood at VND60,400/kg, down VND400/kg.

In Dak Nong province, coffee is purchased at a high price of 60,600 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 60,500 VND/kg. In Ea H'leo district, Buon Ho town, the price is 66,600 VND/kg.

It can be seen that domestic coffee prices are still very stable at around 60,000 VND/kg. Compared to the same period last year, the purchase price has skyrocketed by 48% due to the continuous decline in domestic supply. Exports in the 2023/24 crop year are forecast to fall to the lowest level in the last 3 crop years, combined with high production costs, Vietnamese coffee prices are likely to continue to remain in the high price range.

* Rice prices remain stable

Today's rice prices in the Mekong Delta provinces remain unchanged. Specifically, in An Giang, the price of Dai Thom 8 rice is 6,800 - 7,000 VND/kg; IR 50404 rice is 6,200 - 6,400 VND/kg; OM 5451 rice is 6,400 - 6,500 VND/kg; OM 18 rice remains at 6,800 VND/kg; Nhat rice is 7,800 - 8,000 VND/kg; Nang Hoa 9 rice is 6,600 - 6,750 VND/kg. Long An dried sticky rice is 7,600 - 7,800 VND/kg; An Giang sticky rice is 7,700 - 7,800 VND/kg.

For rice products, common white rice costs 4,600 VND/kg; Soc rice usually costs 14,000 - 15,000 VND/kg; Nang Hoa rice costs 18,500 VND/kg; Long-grain fragrant rice costs 18,000 - 19,000 VND/kg; Japanese rice costs 22,000 VND/kg; Bran costs 8,000 - 8,500 VND/kg.

At the retail market, rice prices remain stable, with regular rice at 11,000 - 12,500 VND/kg; Jasmine fragrant rice at 15,000 - 16,000 VND/kg; Soc regular rice at 15,000 VND/kg; Sticky rice at 16,000 - 18,000 VND/kg; Common white rice at 14,500 VND/kg; Nang Hoa at 18,500 VND/kg; Soc Thai at 18,000 VND/kg; Taiwanese fragrant rice at 20,000 VND/kg; Japanese rice at 22,000 VND/kg; Bran at 7,500 - 8,000 VND/kg; Long grain Thai fragrant rice remains at 18,000 - 19,000 VND/kg and Huong Lai at 19,000 VND/kg.

Rice prices remain stable, with regular rice priced at 11,000 - 12,500 VND/kg. Photo: Viet Phuong

The Vietnam Food Association said that Vietnam's rice export prices are increasing sharply compared to the same period last year. Currently, the offered price remains stable with 100% broken rice at 373 USD/ton, up 3 USD/ton compared to the previous session; 5% broken rice at 420 USD/ton; 25% broken rice at 400 USD/ton; and Jasmine rice at 528 - 532 USD/ton.

Vietnam’s rice exports are currently a bright spot, with a cumulative increase of nearly 41% in volume and 52% in value since the beginning of the year compared to the same period last year. Rice exporting enterprises need to improve rice quality, ensure requirements on pesticide residues, plant quarantine, and traceability to make the most of incentives from free trade agreements.

* Natural gas market remains oversupplied

Gas prices today (May 27), in the early morning (Vietnam time), gas prices continued to decrease slightly to 2.22 USD/mmBTU for natural gas contracts for delivery in July 2023.

European natural gas prices fell below 26 euros ($27.8) per megawatt hour (MWh) on Thursday, their lowest in nearly two years, as a weakening regional economy weighed on demand prospects.

In the domestic market, retail gas prices have slightly increased since May 1 after two consecutive months of sharp decline. Thus, since the beginning of the year, domestic gas prices have decreased three times (January, March, April) and increased twice in February and May.

In the domestic market, retail gas prices have slightly increased since May 1 after two consecutive months of sharp decline. Photo: Viet Phuong

Specifically, the retail price of Petrolimex gas cylinders (including VAT) in May 2023 in the Hanoi market is 406,600 VND/12 kg household cylinder; 1,626,300 VND/48 kg industrial cylinder, respectively increasing by 1,360 VND/12 kg cylinder and 5,340 VND/48 kg cylinder (including VAT).

Southern Vietnam LPG Trading Joint Stock Company increased by VND167/kg (including VAT), equivalent to VND2,000/12 kg cylinder and VND7,500/45 kg cylinder compared to last month. The maximum retail gas price is VND420,000/12 kg cylinder, about VND1,575,000/45 kg cylinder, applied from May 1.

Similarly, Saigon Petro Company (SP gas) also increased the price by VND2,000/12 kg cylinder, but the maximum retail price is VND401,000/cylinder.

The reason for the slight increase in domestic gas prices is that the average world gas price contract for May 2023 was at 555 USD/ton, an increase of 5 USD/ton compared to April, so domestic enterprises adjusted the increase accordingly.