Steel and gasoline prices decrease, rice exports increase sharply

On May 26, steel prices continued to fall sharply on the trading floor.

The Ministry of Industry and Trade has just announced information about the Canadian Investigation Agency (CBSA) updating some deadlines in the administrative review of the anti-dumping tax order applied to corrosion-resistant steel products (COR, certain corrosion-resistant steel sheet) originating or imported from Vietnam and Türkiye.

Steel prices continued to decrease in the trading session on May 26.

The agency initiated an administrative review to determine the appropriate anti-dumping duty rate for corrosion-resistant steel plate (COR) products on January 16, 2023, to ensure the stability of Canadian domestic producers' interests and avoid dumping of products that affect the national economy.

Domestic,rebarThe deepest decrease was 210,000 VND/ton. Some steel manufacturing enterprises reduced the price of D10 CB300 rebar by 60,000 - 210,000 VND/ton, up to about 14.95 - 15.5 million VND/ton, according to Steel Online data.

Specifically, Hoa Phat Steel in the North and South reduced the price of D10 CB300 rebar by VND200,000/ton in the North, Central and South to VND15.09 million/ton; VND14.95 million/ton and VND15.25 million/ton, respectively. The price of CB240 coil steel remains the same as the previous adjustment, at VND14.9-14.92 million/ton.

Pomina steel, with CB240 coil steel line remaining at 15,500 VND/kg; D10 CB300 ribbed steel bar priced at 15,660 VND/kg.

World oil pricesAt 6:30 a.m. on May 26, WTI oil was trading at $72.55/barrel, down $1.87/barrel, while Brent oil was trading at $76.41/barrel, down $1.03/ounce compared to early this morning.

World oil prices increased slightly.

World oil prices fell after Russian Deputy Prime Minister Alexander Novak downplayed the prospect of further OPEC+ production cuts at a meeting next week.

Oil prices received support earlier when Saudi Arabia's energy minister warned those betting on lower prices to "beware", which some investors saw as a sign that OPEC+ is likely to cut production further at its meeting on June 4.

Along with that, the flow of money leaving risky investment markets also increased the selling power of oil products, causing oil prices to fall.

However, the decline in oil prices was limited by a surprise drop in US crude oil reserves.

Rice priceToday (May 26) in the Mekong Delta, it is recorded that the trend continues to be sideways. Rice export continues to be a bright spot.

Rice exports increased sharply.

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 dry sticky rice is 7,600 - 7,800 VND/kg; An Giang sticky rice is 7,700 - 7,800 VND/kg.

Regarding rice products, common white rice costs 4,500 VND/kg; Soc rice usually costs 14,000 - 15,000 VND/kg; Nang Hoa rice costs 18,500 VND/kg; Thai 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; Regular 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.

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 as they have increased by nearly 41% in volume and 52% in value since the beginning of the year compared to the same period.