Export rice and coffee prices increase sharply; steel prices decrease for the 15th time
(Baonghean.vn) - Coffee prices increased by 1,200 - 1,300 VND/kg, rice export prices increased by 20 USD/ton after a week, while steel prices decreased for the 15th time since the beginning of the year... are the prominent market information on July 23.
Steel price reduction for the 15th time
July 22,steelD10 CB300 rebars of domestic steel brands have all decreased by 100-110 VND/kg. This is the 15th consecutive price reduction session of the domestic steel market. Faced with a sharp drop in steel prices but still sluggish consumption, domestic steel enterprises are facing a serious decline in profits.
According to the Vietnam Steel Association (VSA), the steel market is unlikely to recover from now until the end of the year. The steel industry still expects to boost consumption thanks to public investment and a warming real estate market. However, both of these factors are expected to remain unchanged this year.
After 15 sessions of decrease, today's steel prices are as follows: Hoa Phat Steel, with CB240 coil steel line at 13,840 VND/kg; D10 CB300 ribbed steel bar decreased by 100 VND from 14,090 VND/kg to 13,990 VND/kg.
Viet Duc Steel, currently CB240 rolled steel is at 14,140 VND/kg; D10 CB300 ribbed steel decreased by 100 VND, priced at 14,340 VND/kg.
Coffee prices increase sharply
PricecoffeeOn July 23, 2023, in the Central Highlands provinces, prices returned to an increase of 1,200 - 1,300 VND/kg, the highest at 66,900 VND/kg.
According to experts, Vietnamese coffee prices are returning to a strong upward trend due to concerns about a shortage of Robusta supply in the world market.
Currently, domestic and international coffee prices are at a high level compared to recent years, creating an opportunity for Vietnam to maintain a coffee export turnover of over 4 billion USD, a record set in 2022.
In addition to support from scarce supply, the advantage of cheaper price compared to Arabica coffee opens up a competitive advantage for Robusta coffee in the context of increasing concerns about economic recession in the world. This is also an important factor creating the premise to boost coffee exports in Vietnam.
The situation of exporting raw coffee with low added value is always a problem that Vietnam needs to solve for the long-term development of the coffee industry. To solve this problem, coffee producers need to invest in production, aiming to export processed coffee with high value, while at the same time shifting processing and roasting methods to better suit the tastes of American and European consumers.
Currently, Vietnamese coffee enterprises export 1.6 - 1.7 million tons of coffee to Europe each year. The EU is the largest import market for Vietnamese coffee, accounting for 45% of total coffee exports.
Export rice price increased by 20 USD/ton/week
During the past week,rice priceDomestic prices increased. Domestic rice transactions were active. Rice prices mostly recorded an upward trend compared to last week.
In the export market, rice export prices have slowed down after an upward adjustment session. Specifically, 5% broken rice is traded at 533 USD/ton; 25% broken rice is at 513 USD/ton.
Last week, Vietnam's rice export price increased sharply by 20 USD/ton - the strongest increase since the beginning of the year.
Global food supplies are declining sharply, while Vietnam's rice acreage and output are relatively stable, which will be an opportunity to maintain sustainable rice exports. Therefore, farmers should maintain stable rice growing areas, not only to ensure food security but also to serve exports.