Japanese Yen exchange rate fluctuates in opposite directions; High inventories, steel enterprises hope for support
(Baonghean.vn) - Today's market information: High inventory, steel enterprises hope for support; Japanese Yen exchange rate fluctuates in opposite directions at banks; USD continues to increase, approaching 105; Gold continues to increase rapidly...
High inventories, steel businesses hope for support
Today's steel price on April 2, 2024, on the Shanghai Stock Exchange increased by 57 yuan/ton; high inventories, domestic steel enterprises hope for support.
Steel prices for May 2024 delivery on the Shanghai Futures Exchange rose 57 yuan to 3,421 yuan/t.
The DCIOcv1 iron ore contract for May delivery on the DCE closed 1.9% lower at 797 yuan ($110.27) a tonne. However, the benchmark SZZFJ4 iron ore contract for April delivery on the Singapore Exchange (SGX) rose 0.4% to $101.70 a tonne.
Iron ore prices have been under pressure this year due to a number of factors, including a slow start to the construction season in China, high Brazilian iron ore exports to China from non-traditional suppliers amid higher ore prices in late 2023, Citi analysts said. However, they forecast iron ore prices to recover in the second quarter of 2024 to an average of $120/t.
Domestically, since the beginning of March 2024, a number of domestic steel mills have had to announce price reductions to expand or maintain market share. Currently, domestic mills are facing many difficulties due to high inventory prices, low selling prices, and increased financial costs.
According to Dragon Capital Securities Company (VDSC), in 2024, the Vietnamese steel market will be negatively affected by the Chinese market (especially construction steel). Vietnamese steel enterprises will have to compete fiercely with Chinese steel enterprises, and Vietnamese steel prices will be affected by fluctuations in Chinese steel prices.
Japanese Yen exchange rate fluctuates in opposite directions at banks
Japanese Yen exchange rate surveyed on the morning of April 2, 2024 at specific banks is as follows:
At Vietcombank, the buying rate is 158.94 VND/JPY and the selling rate is 168.23 VND/JPY, an increase of 0.01 VND in both buying and selling rates.
At Vietinbank, the Yen exchange rate decreased by 0.33 VND in buying and 0.56 VND in selling, equivalent to 159.31 VND/JPY and 169.01 VND/JPY.
At BIDV, the Japanese Yen exchange rate decreased by 0.04 VND in buying and decreased by 0.02 VND in selling, reaching 159.6 VND/JPY and 168.13 VND/JPY, respectively.
At Eximbank, the buying and selling prices decreased by 0.18 VND, respectively at 161.19 VND/JPY and 165.89 VND/JPY.
At Techcombank, the Japanese Yen exchange rate decreased by 0.09 VND in buying and decreased by 0.12 VND in selling with prices of 157.18 VND/JPY and 169.57 VND/JPY, respectively.
At Sacombank, the Japanese Yen exchange rate decreased by 0.12 VND in buying and decreased by 0.14 VND in selling, corresponding to the prices of 161.8 VND/JPY and 166.81 VND/JPY.
According to the survey, today Sacombank is the bank with the highest buying rate of Japanese Yen and Eximbank is the bank with the lowest selling rate among the banks.
USD continues to rise, approaching 105
Today's USD exchange rate, VCB USD continues to be at parity, while the world USD continues to increase strongly, approaching 105 points.
The central VND/USD exchange rate announced by the State Bank is adjusted to 24,004 VND/USD, up 1 VND compared to the trading session on April 1.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,154 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 25,154 VND/USD.
The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of upward adjustments at banks. Specifically, Vietcombank has a buying price of 24,600 and a selling price of 24,970, an increase of 20 VND compared to the trading session on April 1. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.
In the world market, the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 104.97 points - up 0.40% compared to the transaction on April 1.
Gold continues to soar
Gold price today April 2, 2024: SJC gold increased by the most 300,000 VND per tael, bringing the price back to 81 million VND, world gold still increased strongly at a record high.
At the time of survey at 5:00 a.m. on April 2, 2024, the gold price on the trading floors of some companies was as follows:
Today's 9999 gold price is listed by DOJI at 78.30 million VND/tael for buying and 80.80 million VND/tael for selling.
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 78.50 - 80.70 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 78.50 - 80.90 million VND/tael (buy - sell).
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,250.30 USD/ounce, a difference of 16.82 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 66.509 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 12.091 million VND/tael higher than the international gold price.
