SJC gold price falls below 67 million VND; India's steel imports from Vietnam increase more than 4 times

* SJC gold price drops below 67 million VND

Gold price today (March 31), domestic gold price turned down sharply, with JSC gold price stable, currently at 66.90 million VND/tael (selling).

Meanwhile, world gold increased again, closing the trading session at 1,980 USD.

At the time of survey at 5:00 a.m. on March 31, on the trading floor of Saigon Jewelry Company SJC, SJC gold was 66.30 million VND/tael for buying and 66.90 million VND/tael for selling.

Gold price today March 31: Plummeting, SJC gold falls below 67 million VND mark.

At Phu Quy Jewelry Company, at the time of survey, the listed price of SJC gold was at 66.30 - 66.95 million VND/tael (buy - sell).

DOJI listed the price of 9999 gold at 66.35 million VND/tael for buying and 66.95 million VND/tael for selling.

Vietinbank Gold price is listed at 66.30 million VND/tael for buying and 66.92 million VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 66.31 - 66.93 million VND/tael (buy - sell). The price of 24K Rong Thang Long gold of Bao Tin Minh Chau is listed at 54.88 - 55.83 million VND/tael in two directions.

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,980.425 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 56.18 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 10.72 million VND/tael higher than the international gold price. Meanwhile, the US gold futures price increased by 0.7%, reaching 1,997.70 USD.

*Domestic coffee prices decreased by 300 VND/kg

Domestic coffee prices today (March 31) decreased by 300 VND/kg compared to yesterday, currently fluctuating from 47,600 - 48,000 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 47,500 - 47,600 VND/kg. The price of coffee in Dak Nong and Kon Tum provinces is at 47,900 VND/kg.

Today's coffee price in Dak Lak province decreased by 300 VND/kg, in Cu M'gar district, the coffee price is currently at 47,900 VND/kg. In Ea H'leo district, Buon Ho town, the price is 48,000 VND/kg.

In Gia Lai province, the coffee price today is 48,000 VND/kg.

Regarding world coffee prices, on the London and New York exchanges, the upward trend has returned due to concerns about a shortage of Robusta coffee this year, according to Volcafe's forecast.

At the end of the most recent trading session, the price of Robusta coffee on the London floor for May delivery increased by 43 USD, to 2,213 USD/ton, and for July delivery increased by 32 USD, to 2,165 USD/ton, very strong increases. Trading volume was at an average level.

Similarly, the price of Arabica coffee on the New York floor for May delivery increased by 0.20 cents to 169.90 cents/lb and the price of July delivery increased by 0.20 cents to 169.15 cents/lb, both slight increases. Trading volume remained very high above average.

*Rice price decreased by 50 VND/kg

Rice prices today (March 31) in the Mekong Delta decreased by 50 VND/kg compared to yesterday. The rice market is bustling.

Rice prices today, March 31, in the Mekong Delta region have decreased for rice. Meanwhile, prices of other types of rice have not fluctuated.

In An Giang, rice prices today have not fluctuated. Accordingly, An Giang fresh sticky rice is at 6,000 - 6,300 VND/kg; Dai Thom 8 is being purchased by traders in the field at 6,400 - 6,600 VND/kg; OM 18 is still at 6,400 - 6,500 VND/kg; Nang Hoa 9 is still at 6,100 - 6,200 VND/kg; IR 504 rice is from 6,100 - 6,300 VND/kg; Long An fresh sticky rice is at 6,600 - 6,800 VND/kg; OM 5451 rice is at 6,200 - 6,400 VND/kg; Long An dried sticky rice is 9,000 - 9,200 VND/kg, An Giang dried sticky rice fluctuates at 8,400 - 8,600 VND/kg and IR 504 dried rice remains at 6,500 VND/kg.

Loading rice at Thanh Nghe Tinh Food Joint Stock Company. Photo: Viet Phuong

Regarding rice prices, after the adjustment session, rice prices turned around and decreased slightly by 50 VND/kg. Specifically, TP IR 504 rice is currently priced at 10,100 - 10,150 VND/kg, down 50 VND/kg; NL IR 504 is 9,100 - 9,150 VND/kg, down 50 VND/kg; IR 504 broken rice increased by 100 VND/kg to 9,200 VND/kg. Meanwhile, dry bran decreased by 50 VND/kg to 7,500 - 7,550 VND/kg.

According to traders, rice supplies are coming in slowly, rice prices are fluctuating slightly. Prices of all types of rice are stagnant.

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.

* Steel prices slightly decrease; India's steel imports from Vietnam increase more than 4 times

Steel prices today (March 31) recorded a decrease of 7 yuan/ton on the exchange. India's steel imports from Vietnam increased more than 4 times.

Today's steel price for May 2023 delivery on the Shanghai Stock Exchange fell 7 yuan to 4,138 yuan/ton.

The October 2023 steel futures contract on the Shanghai Futures Exchange stood at 4,126 yuan/tonne.

Vietnam has emerged as the fourth largest steel exporter to the Indian market.

Preliminary data from the Joint Committee (JPC) of the Indian steel industry shows that India has turned from a net exporter to a net importer of steel in the financial year 2022/23 (March 2022-March 2023).

Of which, the amount of steel imported by India from South Korea, Japan, Russia and Vietnam has increased significantly in recent months, mainly due to the import steel price being significantly lower than the domestic steel price in India.

Notably, Russia and Vietnam emerged as the fourth and fifth largest steel exporters to the Indian market, respectively. Of which, the amount of steel imported by India from Russia reached 0.31 million tons (up 6.1 times) and from Vietnam reached 0.286 million tons (up more than 4 times) compared to the same period in the 2021/2022 fiscal year.

The majority of steel imported by India from Vietnam in recent months was hot-rolled coils/strips (0.177 million tonnes). These are new items that India has not imported from Vietnam in the 2021/2022 financial year. In addition, the majority of galvanized steel sheets/roofing sheets imported by India came from Vietnam.

In addition, market research firm S&P Global Market (USA) said that Indian steel exporters, who had an advantage in offering HRC E350 and E450 coil steel, have now had to narrow this activity due to competitive prices of similar steel from Vietnam and Japan.