Steel prices stagnate, more steel companies report large losses; Gasoline prices continue to slide

Steel prices stagnate, more steel companies report large losses

Steel prices today (May 3) recorded a stagnation in steel prices on the trading floor. Domestic steel prices remained stable. Nam Kim Steel (NKG) lost more than VND 49.27 billion in the first quarter. Nam Kim Steel Joint Stock Company (stock code NKG - HOSE) has just announced its financial statements for the first quarter of 2023 and recorded a loss after tax of more than VND 49.27 billion.

Steel pricesToday, many brands announced to continue reducing construction steel prices from 50 VND/kg - 450 VND/kg. This is the 4th consecutive reduction since April 8th.

The Vietnam Steel Association (VSA) has forecast that domestic steel prices will continue to decrease.

Currently, the price of construction steel is around 14,720 VND/kg - 15,660 VND/kg (depending on the brand and type of steel).

Previously, the Vietnam Steel Association (VSA) also predicted that domestic steel prices would continue to decrease.

Regarding the reason for the decrease in steel prices, the Vietnam Steel Association (VSA) said that it was due to the decline in global steel demand, especially in the US, EU and China, where there has been no sign of inflation control, while domestic steel consumption has dropped sharply, forcing manufacturing enterprises to lower selling prices to quickly increase inventories.

Besides, prices of input materials for steel production are also on a downward trend.

According to VSA, most of the production activities of enterprises have encountered difficulties recently, the current balance of supply and demand in the steel industry has not really changed much. The difficult situation of the market may continue until the end of the year.

Gasoline price today May 3: Continues to slide

Today's oil prices (May 3), the world market recorded a sharp decrease causing Brent oil to fall deep below 77 USD.

World oil prices on the morning of May 3, Vietnam time, were as follows: WTI crude oil price decreased by 2.83 USD to 72.93 USD/barrel, while Brent oil price decreased by 2.48 USD to 76.62 USD/barrel.

Oil prices fell on weak economic data from China and the possibility of interest rate hikes by the US Federal Reserve (Fed) and the European Central Bank (ECB) this week.

Both benchmarks fell more than $1 in the previous session.

Investors will look for market direction from expected interest rate hikes by central banks to combat inflation, which could slow economic growth and dent energy demand.

Domestically, the next gasoline price adjustment will be on May 4, 2023.

Domestic retail prices of gasoline and oil on the morning of May 3 were applied according to the April 21 management session of the Ministry of Finance - Ministry of Industry and Trade:

Specifically, the price of RON95 gasoline decreased by 610 VND/liter, the selling price is 23,630 VND/liter. The price of E5 gasoline decreased by 490 VND/liter, the selling price is 22,680 VND/liter. The prices of some oil products decreased, some increased. Specifically, diesel oil is 19,390 VND/liter, down 750 VND. Kerosene has a new price of 19,480 VND, down 250 VND, mazut oil increased by 650 VND, the new price is 15,840 VND/kg.

In this adjustment period, the management agency has decided to set aside 300 VND per liter for E5 gasoline, RON 95, DO oil and kerosene. However, mazut oil is not set aside or used.

Due to the April 30 and May 1 holidays this year, the next gasoline price adjustment will be on May 4, 2023.

Pig prices remain stable for the fourth consecutive day

In the Northern region, the price of live pigs today is flat across the board and fluctuates between 51,000 - 54,000 VND/kg. In particular, the price of live pigs in Hung Yen province is at the highest level in the region at 54,000 VND/kg. The lowest price in the region of 51,000 VND/kg is recorded in Yen Bai, Lao Cai and Tuyen Quang provinces. 52,000 VND/kg is the levelpig pricerecorded in localities including Bac Giang, Nam Dinh, Thai Nguyen, Phu Tho, Ha Nam, Ninh Binh. The remaining localities in the region recorded a price of 53,000 VND/kg.

Following the same market trend as the Northern region, in the Central Highlands region, the price of live pigs today did not record any new fluctuations and fluctuated between 51,000 - 54,000 VND/kg. Accordingly, the highest price in the region of 54,000 VND/kg was recorded in the two provinces of Binh Dinh and Lam Dong. On the contrary, live pigs in Quang Binh province are being purchased at 51,000 VND/kg, the lowest in the region. Lower by one price, traders in Quang Nam and Quang Ngai are purchasing live pigs at the same price of 53,000 VND/kg. The remaining provinces have a stable price of 52,000 VND/kg.

Pig prices today are broadly stable and fluctuate between 51,000 - 54,000 VND/kg.

In the Southern region, the price of live pigs today also remained stable following the general market trend and fluctuated between 51,000 - 54,000 VND/kg. Specifically, the lowest price of live pigs in the region is 51,000 VND/kg recorded in Ho Chi Minh City. On the contrary, the highest price of live pigs in the region is currently recorded in Vung Tau at 54,000 VND/kg. Lower by one price, the provinces of Dong Nai, Long An, Dong Thap, Ca Mau, Tien Giang, Bac Lieu and Tra Vinh all recorded a price of live pigs at 53,000 VND/kg. The remaining provinces and cities maintained the purchase of live pigs at 52,000 VND/kg.

The Department of Animal Husbandry (Ministry of Agriculture and Rural Development) will continue to implement the national one-stop mechanism for two administrative procedures including: Registration for inspection and confirmation of quality of imported animal feed and exemption from inspection of quality of imported animal feed.

The Department of Animal Husbandry continues to implement 6 online public services at level 4 for 4 administrative procedures: Announcement of information on imported supplementary feed products; Announcement of information on domestically produced supplementary feed products; Change of information on supplementary feed products (including: Change of information on imported supplementary feed products; Change of information on domestically produced supplementary feed products); Re-announcement of information on supplementary feed products (including: Re-announcement of information on imported supplementary feed products; re-announcement of information on domestically produced supplementary feed products). Currently, these 4 administrative procedures have been integrated on the National Public Service Portal.

Rice market slows down at the end of the harvest season

Rice prices today (May 3) in the Mekong Delta remain stable, transactions slow down. The rice market is slow due to the end of the harvest season.

Accordingly, at An Giang warehouse, rice prices remain stable. Specifically, OM 18 rice is being purchased by traders at 6,500 - 6,600 VND/kg; An Giang fresh sticky rice is 6,000 - 6,200 VND/kg; Long An fresh sticky rice is 6,600 - 6,800 VND/kg; Dai Thom 8 is being purchased by traders at 6,800 - 7,000 VND/kg; IR 504 rice is being purchased by traders in the field at 6,200 - 6,400 VND/kg; Nang Hoa 9 is at 6,400 - 6,600 VND/kg; OM 5451 remains at 6,400 - 6,500 VND/kg; OM 18 rice is at 6,600 - 6,800 VND/kg; Long An dry sticky rice is 9,000 - 9,200 VND/kg, An Giang dry sticky rice fluctuates at 8,400 - 8,600 VND/kg and IR 504 dry rice remains at 6,500 VND/kg.

Rice prices remain stable in localities today.

Regarding rice, the prices of raw rice and finished products remained stable. Accordingly, the price of raw rice was at 9,700 VND/kg. Similarly, the price of finished rice also remained stable at 10,800 - 10,900 VND/kg.

Regarding by-products, the price of IR 504 rice bran remained stable at VND 9,300/kg; dry bran increased and fluctuated around VND 7,350 - 7,450/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 Huong Lai at 19,000 VND/kg.

The domestic rice market continues to move sideways due to the extended holiday. Transactions are temporarily suspended. By the end of April, Kien Giang province had sown about 111,740 hectares, reaching 40% of the summer-autumn rice plan. The provincial agricultural sector has recommended the seed structure for summer-autumn rice production. The province is expected to complete sowing the summer-autumn rice crop by mid-June 2023.

Companies and enterprises organize large-scale field production and link product consumption with farmers on about 71,700 hectares of this summer-autumn rice crop.

According to the Vietnam Food Association, the export price of 5% broken rice from Vietnam fluctuates around 483 - 487 USD/ton; Jasmine rice is at 553-557 USD/ton.