Today's market: Rice price increased by 500 VND/kg; Vietnam has a trade deficit in cashew nuts
(Baonghean.vn) - Rice prices increased by 500 VND/kg; India considered banning rice exports; Domestic coffee prices decreased by 900 VND/kg; Vietnam spent 1.73 billion USD to buy 1.36 million tons of cashew nuts; Steel prices expected to "revive" at the end of the year... are market information today.
Rice price increased by 500 VND/kg; India considers banning rice exports
Today's rice price (July 14) in the domestic market increased by 50 - 500 VND/kg. High demand for rice, prices increased.
Specifically, at An Giang warehouse, IR 504 rice is being purchased by traders at 6,600 - 6,800 VND/kg, an increase of 100 VND/kg. For the remaining rice varieties, prices are stable.
For by-products, the price of IR 504 rice bran is at 9,600 - 9,700 VND/kg; dry bran is 7,400 - 7,500 VND/kg, down 50 VND/kg.
According to traders, the current rice supply is stable, the price is stable, and demand is high. New rice transactions have slowed down, and traders are buying more slowly. The demand for rice is high, and the price of rice has increased again.
At retail markets, the price of regular rice increased by VND500/kg to VND11,500 - 12,500/kg. The prices of the remaining rice varieties remained stable. Jasmine rice is priced at VND19,000/kg; Regular white rice is priced at VND14,500/kg; Nang Hoa rice is priced at VND18,500/kg; Soc rice is usually priced at VND14,000 - 15,000/kg. Taiwanese fragrant rice is priced at VND20,000/kg; Japanese rice is priced at VND22,000/kg and bran remains at VND8,500 - 9,000/kg.
In the export market, export rice prices remained stable compared to the previous session. Specifically, 5% broken rice traded at 513 USD/ton; 25% broken rice at 493 USD/ton and Jasmine rice was stable at 578 USD/ton.
Recently, India - the world's largest rice exporter is considering banning exports of most rice products. Many businesses predict that Vietnam's rice prices may remain high thanks to demand from markets and information about India's rice export ban. In the first 6 months of 2023, the country's rice export volume reached nearly 4.24 million tons, equivalent to nearly 2.26 billion USD, up 21.3% in volume, up 32.2% in turnover compared to the first 6 months of 2022, the average price reached 532.6 USD/ton, up 9%.
Domestic coffee prices drop to 900 VND/kg
Domestic coffee prices today (July 14), in the Central Highlands provinces decreased from 600 - 900 VND/kg, the highest coffee price was at 65,400 VND/kg.
Specifically, the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province decreased by 900 VND/kg. In districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at a price of 64,600 - 64,700 VND/kg.
Coffee prices in Gia Lai and Kon Tum provinces stood at VND65,100/kg, down VND600/kg.
Today's coffee price in Dak Lak province decreased by 700 VND/kg, in Cu M'gar district, the coffee price is currently at 65,200 VND/kg. In Ea H'leo district, Buon Ho town, the price is 65,300 VND/kg.
World coffee prices on July 14, 2023 on the two exchanges recovered.
Preliminary statistics from the General Department of Vietnam Customs show that coffee exports in June 2023 reached 140,607 tons, lower than the 150,000 tons initially estimated by some industry experts. Good news for Vietnamese coffee, recently, King Coffee products - a major Vietnamese coffee brand - were sold directly to the Costco Wholesale system - the largest wholesale chain in the United States.
Since 2021, with the enthusiastic support of the Vietnam Trade Office in Houston, King Coffee has approached many associations and businesses in the industry to promote product images, to enhance brand value and create opportunities to approach many representatives of large supply chains and US businesses. Including Associations and Chambers of Commerce in the Southern United States; including Associations and Chambers of Commerce such as: Texas Restaurant Association-TRA, Asian Chamber of Commerce ACC... Houston City.
Vietnam spends 1.73 billion USD to buy 1.36 million tons of cashew nuts
Preliminary statistics from the General Department of Customs show that in the first half of this year, Vietnam exported about 279,400 tons of cashew nuts, earning nearly 1.64 million USD, up 11.9% in volume and 8.8% in value over the same period last year.
On the other hand, our country spent nearly 1.73 billion USD to buy 1.36 million tons of cashew nuts, an increase of 16.4% in volume and 0.4% in value over the same period in 2022. In June alone, the amount of imported cashews reached nearly 313 thousand tons, with a value of 351.6 million USD, a sharp increase of 20.2% in volume and 8.8% in value compared to June 2022.
Thus, in the first half of this year, if Vietnam's cashew export value reached 1.64 million USD, we would have to spend a large amount of money to import raw cashews, up to 1.73 billion USD.
Accordingly, the Vietnamese cashew industry has continued to record a trade deficit since the beginning of the year. Previously, the cashew industry officially switched from trade surplus to trade deficit in 2021 (the first year Vietnam recorded a record trade deficit after more than 3 decades of maintaining a trade surplus).
In recent years, the Vietnamese cashew industry has relied too much on imported raw cashew materials, without focusing on developing domestic raw material areas.
In fact, the cashew acreage in our country tends to decrease steadily. From 440,000 hectares in 2007, by the 2019-2020 crop year, the cashew acreage nationwide is only 302,500 hectares, with an output of about 339,800 tons. In 2022, according to the production plan, the total cashew acreage nationwide will remain stable at 305,000 hectares. The average yield is 1.25 tons/hectare, and the output of raw cashew nuts (dry nuts) is estimated at 370,000 tons.
Vietnam is the world's leading cashew exporter, but increased imports of raw cashews make it difficult for cashew farmers to sell their products, and the domestic purchase price of fresh cashews decreases.
PriceSteel expected to "revive" at the end of the year
Steel price today (July 14): Continued increase of 23 Yuan/ton on the exchange.
According to the Vietnam Commodity Exchange (MXV), iron ore prices increased 3% to 108.93 USD/ton on July 12. However, iron prices are still nearly 16% lower than the most recent peak set since March.
In Vietnam, despite facing many challenges, our economy still has its own bright spots. Specifically, to support businesses and people in accessing capital for production and business, the State Bank has lowered interest rates for the fourth consecutive time.
Especially in the public investment sector. In the first 6 months of 2023, the disbursement of public investment capital is estimated at VND 215,578.9 billion, equivalent to 30.49% of the plan assigned by the Prime Minister. The Director of the MXV News Center commented that iron and steel are important raw materials for construction projects and highway projects. Therefore, maintaining iron prices at a reasonable price range as present will help reduce cost pressure on businesses. In addition, the growth of public investment and infrastructure activities will also contribute to solving the output problem and creating favorable conditions for the domestic iron and steel industry to grow.
Furthermore, the expectation that the real estate market will gradually recover by the end of 2023 is also considered a favorable foundation for construction materials businesses.
Expectations for public investment could be the driving force to help the steel industry improve later this year.
