Rice market slows down before holiday; Many big steel companies 'evaporate' profits

Rice prices today (April 28): Market slows down before the holiday

Rice prices in the Mekong Delta remained unchanged today (April 28). The market has slowed down before the holiday.

Accordingly, at An Giang warehouse, OM 18 rice is being purchased by traders at 6,500 - 6,600 VND/kg; An Giang fresh sticky rice is 6,000 - 6,200 VND/kg; Long An fresh sticky rice is 6,600 - 6,800 VND/kg; Dai Thom 8 is being purchased by traders at 6,800 - 7,000 VND/kg; IR 504 rice is being purchased by traders in the field at 6,200 - 6,400 VND/kg; Nang Hoa 9 is at 6,400 - 6,600 VND/kg; OM 5451 remains at 6,400 - 6,500 VND/kg; OM 18 rice is at 6,600 - 6,800 VND/kg; Long An dried sticky rice is 9,000 - 9,200 VND/kg, An Giang dried sticky rice fluctuates at 8,400 - 8,600 VND/kg and IR 504 dried rice remains at 6,500 VND/kg.

Rice market slows down before the holiday. Photo: Viet Phuong

Regarding rice, the price of raw rice and finished rice products did not fluctuate. Accordingly, the price of raw rice was at 9,700 VND/kg. Similarly, the price of finished rice products also remained stable at 10,800 - 10,900 VND/kg.

Regarding by-products, the price of IR 504 sheet remained stable at 9,300 VND/kg; dry bran increased and fluctuated around 7,350 - 7,450 VND/kg.

According to traders, today the amount of raw rice imported is low, rice prices are stable. Near the holiday, the rice market is quiet, transactions slow down, rice prices are stable.

According to the Vietnam Food Association, the export price of 5% broken rice from Vietnam on April 22, 2023 fluctuated around 483-487 USD/ton; Jasmine rice was at 553-557 USD/ton.

Pig price increased - decreased by 1,000 VND/kg

Today's live pig price increased - decreased inconsistently by 1,000 VND/kg in the Northern, Central - Central Highlands regions and remained unchanged in the Southern region.

In the Northern region, the price of live pigs today decreased by VND 1,000/kg compared to yesterday and fluctuated between VND 51,000 - 53,000/kg. Specifically, after adjusting down one price, in Hung Yen province, traders are purchasing live pigs at VND 52,000/kg. This price was also recorded in Bac Giang, Nam Dinh, Thai Nguyen, Phu Tho, Ha Nam and Ninh Binh. Other localities did not record price fluctuations, in which, the lowest price in the region of VND 51,000/kg was recorded in Yen Bai, Lao Cai and Tuyen Quang. The remaining provinces and cities including Thai Binh, Vinh Phuc, and Hanoi recorded the highest price of live pigs in the region of VND 53,000/kg.

Today's live pig price increased - decreased inconsistently by 1,000 VND/kg in different regions.

In the Central Highlands region, the price of live pigs today was adjusted up and down in opposite directions and fluctuated between 52,000 - 53,000 VND/kg. Accordingly, after decreasing by 1,000 VND/kg, the price of live pigs in Lam Dong province is being purchased at 53,000 VND/kg. This is also the price recorded in Thanh Hoa province after increasing by 1,000 VND/kg. Binh Thuan province slightly increased the price to 52,000 VND/kg. Other localities did not record any price fluctuations.

In the Southern region, the price of live pigs today is flat across the board and fluctuates between 51,000 - 54,000 VND/kg. In particular, the price of live pigs in Ho Chi Minh City and Vinh Long is still at 51,000 VND/kg, the lowest in the region. On the contrary, the highest price in the region is 54,000 VND/kg, continuing to be recorded in Vung Tau and Dong Thap. The remaining provinces and cities maintain stable purchase of live pigs in the range of 52,000 - 53,000 VND/kg.

Many large steel enterprises "evaporate" profits

Steel prices today (April 28) recorded a rebound in steel prices on the trading floor. Many large domestic steel enterprises “evaporated” profits.

Today's steel futures price for October 2023 delivery on the Shanghai Futures Exchange rose 43 yuan to 3,745 yuan/ton. Steel futures price for January 2024 delivery rose 39 yuan to 3,673 yuan/ton.

Viet Duc Steel Pipe Joint Stock Company VG PIPE (VGS) has just announced its consolidated financial report for the first quarter of 2023 with net revenue reaching VND 2,122 billion, down 15% year-on-year. Similarly, the cost of goods sold decreased by 15%, causing the remaining gross profit to be VND 42 billion, down 38% year-on-year. Viet Duc Steel Pipe's gross profit margin narrowed to just 2%.

Domestic steel prices fell for the third consecutive session, many domestic steel enterprises suffered large profit declines.

Although financial revenue increased sharply in relative value, it was only recorded at half a billion VND. Meanwhile, financial expenses increased by 47% to more than 9 billion VND, all of which was interest on loans.

After deducting other expenses, VGS reported a profit after tax of VND 14 billion, down sharply by 66% compared to the first quarter of 2023.

Tien Len Steel Group Corporation recorded a 93% decrease in profit in the first quarter of 2023 as the steel industry has not recovered strongly. In addition, the Company's stock portfolio suffered a heavy loss of 55%. In the first 3 months of the year, it recorded net revenue of VND 1,432 billion and net profit of VND 6 billion, down 20% and 94% respectively compared to the same period.

Profits “evaporated” mainly due to a sharp decrease in profit margins and an 80% increase in interest expenses; at the end of the first quarter, the Company had only achieved 6.3% of the annual profit plan.

Today's steel prices recorded many brands announcing price reductions for construction steel with reductions ranging from 130,000 - 1.12 million VND/ton.

This is the third consecutive decline since April 8, after domestic steel has had many consecutive increases since the beginning of the year.

SJC gold remains unchanged, holding steady at 67.15 million VND

Gold price today (April 28), domestic gold price is stable, with SJC gold price currently at 67.15 million VND/tael (selling). Meanwhile, world gold price continues to decrease slightly, to 1987 USD.

At the time of survey at 5:00 a.m. on April 28, on the trading floor of Saigon Jewelry Company SJC, SJC gold was 66.55 million VND/tael for buying and 67.15 million VND/tael for selling.

At Phu Quy Jewelry Company, at the time of survey, the listed price of SJC gold was at 66.60 - 67.20 million VND/tael (buy - sell).

DOJI listed the price of 9999 gold at 66.50 million VND/tael for buying and 67.10 million VND/tael for selling.

SJC gold price is currently at 67.15 million VND/tael (selling price), while world gold price continues to decrease slightly, reaching 1987 USD.

Vietinbank Gold price is listed at 66.40 million VND/tael for buying and 67.02 million VND/tael for selling.

The price of SJC gold at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 66.62 - 67.18 million VND/tael (buy - sell). The price of 24K Rong Thang Long gold of Bao Tin Minh Chau is listed at 55.96 - 56.86 million VND/tael in two directions.

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,987.165 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 56.34 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 10.81 million VND/tael higher than the international gold price. Meanwhile, the US gold futures price decreased by 0.2%, to 1,999.20 USD.

Gold reversed course and fell on Thursday, as the dollar rose after weaker U.S. economic data failed to meet expectations for another Federal Reserve interest rate hike next week amid persistent inflation, according to Kitco.

New data showed U.S. gross domestic product grew more slowly than expected last quarter. That sent investors flying into the dollar, making gold more expensive for holders of other currencies.