Gas prices continue to fall; Coffee prices highest since the beginning of the year

* Gas ​​priceContinued decline, natural gas demand remains low

Gas price today (May 23), in the early morning (Vietnam time), the natural gas trading market was in the red, at 2.41 USD/mmBTU.

The US Energy Information Administration (EIA) said US natural gas inventories rose by 99 billion cubic feet (bcf) last week, a smaller-than-expected increase that bolstered sentiment in a market that needs to see smaller stockpiles and more demand.

In the domestic market, retail gas prices have slightly increased since May 1 after two consecutive months of sharp decline.

Despite last week’s smaller-than-expected build, the latest inventory build brought the total amount of gas held underground in the U.S. to 2.24 trillion cubic feet (tcf). That’s 30.3% higher than the year-ago level of 1.719 tcf and 17.9% higher than the five-year average of 1.9 tcf.

Meanwhile, in the domestic market, retail gas prices have slightly increased since May 1st after 2 consecutive months of sharp decline. Thus, since the beginning of the year, domestic gas prices have decreased 3 times (January, March, April) and increased 2 times in February and May.

Specifically, the retail price of Petrolimex gas cylinders (including VAT) in May 2023 in the Hanoi market is 406,600 VND/12 kg household cylinder; 1,626,300 VND/48 kg industrial cylinder, respectively increasing by 1,360 VND/12 kg cylinder and 5,340 VND/48 kg cylinder (including VAT).

Southern Vietnam LPG Trading Joint Stock Company increased by 167 VND/kg (including VAT), equivalent to 2,000 VND/12 kg cylinder and 7,500 VND/45 kg cylinder compared to last month. The maximum retail gas price is 420,000 VND/12 kg cylinder, about 1,575,000 VND/45 kg cylinder, applied from May 1.

Similarly, Saigon Petro Company (SP gas) also increased the price by VND2,000/12 kg cylinder but the maximum retail price is VND401,000/cylinder.

The reason for the slight increase in domestic gas prices is that the average world gas price contract for May 2023 was at 555 USD/ton, an increase of 5 USD/ton compared to April, so domestic enterprises made adjustments according to the corresponding increase.

* Quang Ninh buys electricity from China

After signing the contract, the entire Mong Cai city and Hai Ha district (Quang Ninh) will use electricity supplied by China in the months of May, June and July.

Mong Cai City People's Committee said that on May 22, in Dongxing City (Guangxi, China), the working delegation of the Northern Power Corporation had a working session with Guangxi Power Grid Company (China) to negotiate the power purchase contract between Vietnam Electricity Group (EVN) and Guangxi Power Grid Company.

Accordingly, Guangxi Power Grid Company (China) agreed with the plan to buy and sell electricity via the 110 kV Shen Gou - Mong Cai line proposed by the Vietnamese side. At the same time, it affirmed that it would immediately deploy infrastructure preparation and technical operations to ensure electricity supply to the Vietnamese side after the leaders of the two sides signed the power purchase contract.

Mong Cai City cut off power to connect the 110 kV Mong Cai - Dong Hung line. Photo: Quang Ninh Newspaper

Accordingly, in May, June and July, electricity received from China will be supplied to the 110 kV Mong Cai station (Mong Cai city) and 110 kV Quang Ha (Hai Ha district). Thus, after signing the contract, the entire Mong Cai city and Hai Ha district will use electricity supplied by China.

After negotiating and agreeing on the agreements, on May 23, the two sides will sign a power purchase contract and it is expected that at 0:00 on May 24, the power will be officially connected from Shenzhou (China) to Vietnam via the 110 kV Shenzhou - Mong Cai line.

* Highest coffee price since the beginning of the year

Today's domestic coffee price (May 23) fluctuated from 59,500 - 60,000 VND/kg, reaching a record level in recent years; in the Central Highlands provinces, it increased by 300 VND/kg compared to yesterday.

Specifically, the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province increased by 300 VND/kg, in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at a price of 59,400 - 59,500 VND/kg.

Coffee prices in Gia Lai and Kon Tum provinces stood at 59,900 VND/kg.

In Dak Nong province, coffee was purchased at a record high price of 60,000 VND/kg, an increase of 300 VND/kg.

Today's coffee price in Dak Lak province increased by 300 VND/kg, in Cu M'gar district the coffee price is currently at 59,900 VND/kg. In Ea H'leo district, Buon Ho town, the price is 60,000 VND/kg.

Compared to the same period last week, the price of coffee in the domestic market increased sharply by more than 5,000 VND/kg. This is also a record price for Robusta coffee in many years (after calculating inflation).

Regarding world coffee prices, coffee prices on the two exchanges London (UK) and New York (USA) both show "green".

Robusta coffee prices on the London Stock Exchange (UK) in the latest trading session ranged from 2,455 - 2,593 USD/ton depending on the delivery term. Of which, coffee with the nearest delivery term in July 2023 was traded at 2,593 USD/ton. The remaining terms were priced at 2,535 USD/ton for September 2023, 2,490 USD/ton for November 2023 and 2,455 USD/ton for January 2024.

Arabica coffee prices on the New York Stock Exchange (USA) in the latest trading session ranged from 188.15 to 193.2 cents/lb. Of which, coffee for delivery in July 2023 reached 193.2 cents/lb; delivery in September 2023 reached 189.3 cents/lb; coffee for delivery in December 2023 reached 187.3 cents/lb and coffee for delivery in March 2024 matched the price of 188.15 cents/lb.

Cumulative coffee exports from the beginning of the year to May 15 in Vietnam are at nearly 779,000 tons.

On the sidelines, cumulative coffee exports from the beginning of the year to May 15 in Vietnam were at 778,986 tons, lower than 795,814 tons in the same period in 2022, reflecting the limited sales to the market by farmers.

* Rice prices are stable, the market is quite quiet

Accordingly, at An Giang warehouse, An Giang sticky rice price is being purchased by traders at 8,200 - 8,400 VND/kg, the same as yesterday's price.

OM 5451 rice price is 6,400 - 6,500 VND/kg; Nang Hoa 8 is at 6,600 - 6,800 VND/kg; Dai Thom 8 rice price is being purchased by traders at 6,800 - 7,000 VND/kg; OM 18 fluctuates around 6,600 - 6,800 VND; IR 504 rice is being purchased by traders at 6,200 - 6,400 VND/kg; Japanese rice is 7,800 - 8,000 VND/kg; Long An dried sticky rice is 8,600 - 8,800 VND/kg, and IR 504 dried rice remains at 6,500 VND/kg.

Rice prices today, May 23, in the Mekong Delta region remain stable compared to yesterday, May 22.

Regarding rice, the price of raw rice and finished rice products remained stable. Specifically, the price of raw rice stood at 9,800 VND/kg; finished rice was 11,100 VND/kg.

In Can Tho, the price of dry rice and fresh rice remains quite stable. Jasmine fresh rice is the only product that increased slightly by VND100 today (May 23) to VND6,700/kg. OM 4218 fresh rice remains at VND6,500/kg.

A survey of rice purchase prices by traders in Soc Trang today shows that the rice market in Soc Trang is very stable. Currently, many rice varieties in Soc Trang are out of season, while those that are still "on sale" are purchased by traders at high and stable prices. The price of fresh Dai Thom 8 rice is 6,850 VND/kg; fresh OM 5451 rice is 6,800 VND/kg; fresh RVT rice is 7,000 VND/kg.

In the export market, according to the Vietnam Food Association, the export price of 5% broken rice from Vietnam is at 488 USD/ton; 25% broken rice is at 468 USD/ton; and Jasmine rice is at 553-557 USD/ton. Many businesses said that domestic supply is running out, while demand remains high. Output from other rice-producing countries, including Myanmar and Pakistan, will be lower this year.

In the Mekong Delta region, farmers in some provinces have begun sowing summer-autumn crops.

Viet Phuong (According to Congthuong.vn/Zing.vn)