USD increases strongly again; Hoa Phat and Viet Duc Steel prices increase

USD rises strongly again

USD exchange rate today December 12, 2023, USD VCB reversed and increased slightly by 10 VND in both buying and selling directions. World USD increased strongly again.

The central VND/USD exchange rate announced by the State Bank is adjusted to 23,932 VND/USD, down 19 VND compared to the closing price of the trading session on December 11.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,078 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank Exchange from 23,400 to 25,078 VND/USD.

The USD exchange rate at banks and foreign exchange rates this morning recorded a series of upward adjustments at banks. Specifically, Vietcombank has a buying price of 24,030 and a selling price of 24,400, an increase of 10 VND compared to the trading session on December 11. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.

Hoa Phat and Viet Duc Steel prices increase

Steel prices today, December 12, 2023, increased and decreased in opposite directions on the trading floors, domestic market Hoa Phat and Viet Duc steel prices increased.

Today's steel price for May 2024 delivery on the Shanghai Futures Exchange fell 20 yuan to 4,015 yuan/ton.

In contrast, iron ore futures for May delivery on China’s Dalian Commodity Exchange (DCE) closed 2.4% higher at 958.5 yuan ($133.86) a tonne. The benchmark contract has gained 3.8% this week, its best week in five.

On the Singapore Exchange (SGX), the benchmark SZZFU3 iron ore for January delivery rose 0.9% to $133.9 a tonne.

Regarding the domestic steel market, last weekend, some brands announced price increases of 100 - 300 VND/kg for galvanized steel pipes and boxes.

Earlier this week, Viet Duc Steel Corporation also announced an increase in construction steel prices, including a 150 VND/kg increase in rebar prices for all types; D10 steel in particular increased by 250 VND/kg. The scope applies to the entire Northern and Central markets.

Hoa Phat Hung Yen Steel Company Limited also announced an increase in construction steel prices. Of which, steel bars of all types except D12 increased by 150,000 VND/ton; steel bars of D10 increased by 250,000 VND/ton.

Gasoline prices continue to increase

In the world market, gasoline prices today continued to increase from the previous two sessions.

According to data from Oilprice, at 8:18 p.m. on December 11 (Vietnam time), Brent oil price was trading at 75.97 USD/barrel, up 0.13 USD, equivalent to 0.17% compared to the previous session. Meanwhile, WTI oil price was at 71.32 USD/barrel, up 0.09 USD, equivalent to 0.13% compared to the previous session.

World oil prices continued to rise after the US Department of Energy said it would take advantage of lower oil prices to begin replenishing the country's strategic reserves.

The recent decline in oil prices has attracted demand from the United States, which plans to buy up to 3 million barrels of crude for delivery in March 2024 for its strategic petroleum reserve. The U.S. Department of Energy plans to hold monthly auctions to add oil to the country’s reserves through May 2024.

Investors are watching interest rate policy from meetings of five major central banks, including the US Federal Reserve, taking place this week, which will impact the oil market.

In the domestic market, the selling price of gasoline and oil today, December 12, is applied according to the price of the operating session on the afternoon of December 7.

Accordingly, gasoline prices were adjusted down, in which RON 95 gasoline continued to decrease for the fourth consecutive time. Specifically, the price of E5 gasoline decreased to 21,290 VND/liter. The price of RON 95 gasoline decreased to 22,320 VND/liter. The price of diesel oil decreased to 19,720 VND/liter. The price of kerosene decreased to 20,920 VND/liter.

Gold continues its decline

At the time of survey at 5:00 a.m. on December 12, 2023, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 72.60 million VND/tael for buying and 73.90 million VND/tael for selling.

At Mi Hong Jewelry Company, at the time of survey, the listed price of SJC gold was at 72.80 - 73.50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 72.75 - 73.65 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 72.75 - 73.97 million VND/tael (buy - sell).