Domestic steel price decreased by 310,000 VND/ton; Rice export will continue to be bustling, price will increase
(Baonghean.vn) - Domestic steel prices decreased by 310,000 VND/ton; Rice exports will continue to be bustling, prices will increase; Coffee prices opened the week close to 50,000 VND/kg... are the market information today.
Domestic steel prices decreased by 310,000 VND/ton
Today, April 10, domestic steel prices have dropped sharply to 310,000 VND/ton. Steel producers are cutting production globally.
Today's steel futures price for October 2023 delivery on the Shanghai Futures Exchange increased by 19 yuan to 4,002 yuan/ton. Steelmakers cut production globally.
Global crude steel output fell 1% year-on-year in February, following a decline in January. The decline was driven by reduced output among the world's major steelmakers.
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Steel prices today, April 10, recorded a sharp decline in the domestic steel market. |
According to data from the World Steel Association, leading producers Japan, the US and Russia cut production by 5.3%, 5.3% and 8.6% respectively. While the data is not as sharp as the 3.3% decline in January, Fitch expects limited production growth to persist throughout the year as major steelmakers continue to struggle with high input costs.
China is reportedly looking to cut steel production in 2023 for a third straight year. Meanwhile, pent-up demand for steel during the Covid-19 pandemic is also likely to ease in the second half of the year, according to an analysis of China's economic policy agenda for 2023 at key policy meetings in March. China, which accounts for 70% of the world's iron ore imports, is targeting growth of around 5% for 2023.
Domestically, steel prices today, April 10, recorded a sharp decline in the domestic steel market for the first time after 6 consecutive increases since the beginning of the year. Domestic steel prices fell sharply by 310,000 VND/ton.
Specifically in the Central region, Hoa Phat Steel adjusted down 300 VND and 100 VND, respectively, for CB240 rolled steel to 15,580 VND/kg; D10 CB300 ribbed steel bar is priced at 15,790 VND/kg.
Viet Duc Steel, CB240 rolled steel line decreased by 300 VND, down to 15,760 VND/kg; D10 CB300 ribbed steel bar decreased by 200 VND, priced at 16,010 VND/kg.
Pomina steel has no fluctuations, currently CB240 coil steel is at 16,520 VND/kg; D10 CB300 ribbed steel is priced at 16,580 VND/kg.
Rice exports will continue to be bustling, prices will increase
Rice prices today, April 10, in the Mekong Delta did not fluctuate and remained stable after an upward adjustment session.
Regarding rice, the price of raw rice and finished rice products today remained the same compared to yesterday. Specifically, the price of raw rice was stable at 9,200 VND/kg, the price of finished rice products remained stable at 10,300 VND/kg.
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Raw rice prices tend to increase slightly. In the photo: loading and unloading goods at Thanh Nghe Tinh Food Joint Stock Company. Photo: Viet Phuong |
For by-products, the price of IR 504 sheet is stable at 9,100 VND/kg; dry bran remains at 7,300 VND/kg.
According to traders, today raw rice has arrived in small quantities, warehouses are buying sporadically. Raw rice prices tend to increase slightly. The rice market is stable, transactions are slow. In particular, rice, Japonica rice, continues to be active.
On the world market, the export price of Vietnamese rice today has stabilized and remained unchanged after an upward adjustment session. Accordingly, 5% broken rice is at 473 USD/ton; 25% broken rice is at 453 USD/ton.
According to the Vietnam Food Association, the demand for rice imports in African countries is currently increasing. It is forecasted that the Chinese market will also begin to increase its import reserves. Meanwhile, the supply of rice from India and Pakistan continues to be limited; the price of Thai rice has increased due to the re-appreciation of the Baht. In the near future, the rice market will continue to be bustling, helping to increase export prices.
Coffee prices open the week close to 50,000 VND/kg
Domestic coffee prices today range from 49,200 - 49,600 VND/kg. World coffee prices started the new week with a good upward momentum from last week.
Coffee prices increased sharply last week due to the impact of a trade report from the International Coffee Organization (ICO) predicting that coffee supply will be lower than total demand.
Thanks to the increase last week, coffee started the new week with good prices. Coffee prices today, April 10, in the domestic market fluctuated from 49,200 - 49,600 VND/kg. In particular, coffee prices in Lam Dong province are commonly 49,200 VND/kg, coffee prices in Gia Lai and Dak Nong provinces are commonly 49,500 VND/kg (- 100 VND/kg for some districts in Dak Nong province), coffee prices in Dak Lak province are around 49,600 VND/kg.
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Vietnam's General Statistics Office estimates that coffee exports in March 2023 will increase by 9.2%, which will supplement the global supply of Robusta coffee. |
The world coffee price on the London (UK) floor in the most recent trading session before the opening on April 10 approached the 2,300 USD/ton mark, fluctuating from 2,177 - 2,299 USD/ton, depending on the delivery term. Of which, the coffee price for delivery in May 2023 reached 2,299 USD/ton, delivery in July 2023 reached 2,256 USD/ton, delivery in September 2023 reached 2,216 USD/ton and coffee delivery in November 2023 reached 2,177 USD/ton.
The price of Arabica coffee on the New York Stock Exchange (USA) for delivery in May 2023 reached 183.6 cents/lb. Coffee for delivery in July 2023 reached 181.7 cents/lb; September 2023 reached 179.7 cents/lb and coffee for delivery in December 2023 was 177.8 cents/lb.
Some notable factors that could impact coffee prices this week: The market is waiting for Brazil’s report on coffee supplies in March 2023 – when the previous forecast of coffee volume will decrease. In addition, the real inventory of Robusta coffee is also lower than the same period in 2022.
In the domestic market, the central bank's move to reduce interest rates is said to have created positive sentiment for manufacturing enterprises. However, for export enterprises, the exchange rate difference when the Vietnamese dong increases sharply reduces the profits of export enterprises.
Gold price today April 10: World gold is likely to continue to increase
Today, April 10, domestic gold prices are stable, with SJC gold price currently at 67.10 million VND/tael (selling).
At the time of survey at 5:00 a.m. on April 10, on the trading floor of Saigon Jewelry Company SJC, SJC gold was 66.40 million VND/tael for buying and 67.10 million VND/tael for selling.
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| World gold is likely to continue to increase. |
At Phu Quy Jewelry Company, at the time of survey, the listed price of SJC gold was at 66.40 - 67.05 million VND/tael (buy - sell).
DOJI listed the price of 9999 gold at 66.40 million VND/tael for buying and 67.05 million VND/tael for selling.
Vietinbank Gold price is listed at 66.45 million VND/tael for buying and 67.07 million VND/tael for selling.
The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 66.40 - 67.00 million VND/tael (buy - sell). The price of 24K Rong Thang Long gold of Bao Tin Minh Chau is listed at 55.33 - 56.28 million VND/tael in two directions.
World gold price today: According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,007.860 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 56.91 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 10.19 million VND/tael higher than the international gold price. Meanwhile, the US gold futures price decreased by 0.5%, to 2,026.20 USD.