Japanese Yen and Gold Exchange Rates Continue to Soar; Steel Prices on the Exchange Recover

Japanese Yen exchange rate continues to soar

Japanese Yen exchange rates surveyed on the morning of March 8 at specific banks are as follows:

At Vietcombank, the buying rate is 161.09 VND/JPY and the selling rate is 170.50 VND/JPY, an increase of 1.14 VND in the buying direction and an increase of 1.2 VND in the selling direction.

At Vietinbank, the Yen exchange rate increased by 1.71 VND in both buying and selling directions, equivalent to 162.6 VND/JPY and 172.3 VND/JPY.

At Eximbank, the buying price increased by 1.87 VND and the selling price increased by 1.92 VND, respectively at 164.22 VND/JPY and 169.02 VND/JPY.

At Sacombank, the buying price increased by 1.94 VND and the selling price increased by 1.96 VND, corresponding to the prices of 164.79 VND/JPY and 169.86 VND/JPY.

At HSBC Bank, the Japanese Yen exchange rate increased by 1.21 VND in buying and 1.26 VND in selling, respectively at 161.78 VND/JPY and 168.91 VND/JPY.

According to the survey, today Sacombank is the bank with the highest buying rate of Japanese Yen and HSBC is the bank with the lowest selling rate among the banks.

Gold surges to all-time high

Today, SJC gold increased by 800,000 VND/tael in both directions, approaching 82 million VND/tael, world gold price increased dramatically to reach an all-time high.

At the time of survey at 5:00 a.m. on March 8, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 79.75 million VND/tael for buying and 81.75 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 79.75 - 81.65 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 79.75 - 81.65 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,158.645 USD/ounce, a difference of 11,085 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 63.541 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 16.259 million VND/tael higher than the international gold price.

World USD drops to 102 points

Today, the VCB USD exchange rate continued to increase by 10 VND in both buying and selling directions, while the world USD continued to fall deeply, sliding to 102 points.

The central VND/USD exchange rate announced by the State Bank is adjusted to 24,017 VND/USD, up 5 VND compared to the trading session on March 7.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,167 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 25,167 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 24,500 and a selling price of 24,870, an increase of 10 VND compared to the trading session on March 7. 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 102.83 points - down 0.47% compared to trading on March 7.

Pricesteel onExchange recovers after 5 consecutive days of decline

Steel prices today (March 8): Iron ore futures on the Dalian Commodity Exchange (DCE) fell on Wednesday (March 6), due to a prolonged weak steel market and a lack of major stimulus in top consumer China, according to Reuters.

The May iron ore futures contract on China's DCE closed 0.23% lower at 881.5 yuan ($122.44) a tonne.

However, the benchmark iron ore price for April delivery on the Singapore Exchange (SGX) increased 0.75% to $115.30/tonne.

Other steelmaking components on the DCE were weaker, with coking coal and coke down 2.33% and 1.99% respectively.

Benchmark steel prices on the Shanghai Futures Exchange fell amid weak demand. Rebar SRBcv1 fell 0.7%, hot-rolled coil SHHCcv1 fell 0.77%, rebar SWRcv1 fell 1.25% and stainless steel SHSScv1 fell 0.8%.

The Vietnam Steel Association (VSA) also stated that the steel industry has many opportunities to make a breakthrough in 2024 thanks to favorable factors and opportunities from export markets. In 2030, the average steel consumption will reach 290-300 kg/person, a sharp increase compared to the current level of 240 kg/person. This is also the premise for a new development and growth cycle of the Vietnamese steel industry in the coming time.

According to VSA, the steel industry will also face a number of risks related to policies of China, the EU or challenges in green transformation, emission reduction, trade defense policies, etc.