Strong demand expected to push gas prices higher; Domestic steel sees slight fluctuations

High demand expected to push gas prices higher

Opening the morning trading session on November 30, 2023, gas prices in the world market increased by 0.25% to 2.79 USD/mmBTU for natural gas contracts for delivery in January 2024.

The start of the peak consumption season in the EU amid increased demand from Asia could push up gas prices on the continent, despite ample global supplies of liquefied natural gas (LNG). With temperatures dropping in winter, gas prices could rise further in the EU.

According to the latest data from European Gas Infrastructure, gas inventories in Europe remain 97.4% full, a record for this time of year.

In the domestic market, from November 1, 2023, the retail price of Petrolimex gas cylinders (including VAT) in the Hanoi market is 438,300 VND/12kg household cylinder; 1,753,000 VND/48kg industrial cylinder, respectively increasing by 4,020 VND/12kg cylinder and 15,880 VND/48kg cylinder (including VAT).

Meanwhile, key gas distribution and trading units in Ho Chi Minh City and southern provinces and cities also announced that gas prices in November 2023 increased by VND334/kg, equivalent to VND4,000/12kg cylinder compared to October of this year.

The reason for the increase in domestic retail gas prices in November 2023 is because the average world gas price contract in November was at 615 USD/ton, an increase of 7.5 USD/ton compared to October.

Besides, the fluctuation in USD/VND exchange rate also causes the price of imported gas to Vietnam to increase.

World markets fall,Domestic steel prices fluctuate slightly.

Today, the price of steel for January 2024 delivery on the Shanghai Futures Exchange fell 7 yuan to 3,911 yuan/ton.

Iron ore futures on the Dalian Commodity Exchange (DCE) hit a one-week low as the Chinese government continued to monitor and intervene in the market to curb price gains. The DCE’s January iron ore DCIOcv1 contract posted its biggest drop in more than a month, closing 2.6% lower at 951 yuan ($132.96) a tonne.

Domestic steel adjusts selling prices with some brands.

CB240 coil steel of Hoa Phat steel brand continues to be sold at 13,740 VND/kg and D10 CB300 ribbed steel bar at 13,890 VND/kg.

The price of CB240 coil steel and D10 CB300 rebar steel of Viet Y steel brand are stable at 13,580 VND/kg and 13,840 VND/kg, respectively.

For Viet Duc Steel, the selling price of CB240 rolled steel is currently at 13,640 VND/kg and the price of D10 CB300 ribbed steel is at 14,240 VND/kg.

Steel prices of Viet Sing brand also remained unchanged today, CB240 rolled steel at 13,400 VND/kg and D10 CB300 ribbed steel at 13,800 VND/kg.

Similarly, the price of CB240 rolled steel of Viet Nhat Steel brand is also stable at 13,650 VND/kg and the price of D10 CB300 ribbed steel bar is at 13,750 VND/kg.

Gold prices continue to rise sharply

Today, domestic gold prices increased by more than 200,000 VND/tael in both buying and selling directions. World gold prices are trading around 2,044 USD.

At the time of survey at 5:00 a.m. on November 30, 2023, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 72.20 million VND/tael for buying and 73.70 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 72.10 - 73.10 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 72.50 - 73.68 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 72.20 - 73.90 million VND/tael (buy - sell).

Domestic coffee prices continue to increase

Domestic coffee prices were updated at 5:30 a.m. on November 30, 2023, increasing again for the second session and are maintaining a fairly good level. Currently, the average coffee price in the Central Highlands provinces is about 58,500 VND/kg, the highest purchase price in Dak Lak province is 58,900 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 58,600 VND/kg; In Dak Nong province, coffee is purchased at 58,700 VND/kg.

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 57,800 VND/kg.

According to statistics up to mid-November this year, Vietnam exported more than 1.33 million tons of coffee, worth 3.4 billion USD. However, the export figure has gradually decreased in the last two months, because the inventory of Vietnamese coffee has decreased to the lowest level ever.

The Import-Export Department (Ministry of Industry and Trade) reported that in mid-November 2023, Robusta coffee prices in the domestic market increased following world prices.

Experts say that the price of this commodity continues to increase due to concerns about supply shortages and reports of continued declines in global inventories. Notably, the price of Robusta coffee (a type of coffee commonly grown in our country) is forecast to increase due to scarce supply while demand increases at the end of the year.