World gold price increases to 1904.7 USD/oz; Chinese steel inventory increases, affecting domestic market

World gold increased to 1904.7 USD/oz

Early morning of August 23 (Vietnam time), the world gold price increased slightly, currently the spot gold price on Kitco floor is 1904.7 USD/oz, up 2.1 USD/oz compared to the previous trading session. Converting the world gold price according to the foreign exchange rate at Vietcombank: 1 USD = 24,070 VND, the world gold price is equivalent to 55.23 million VND/tael, 12.42 million VND/tael lower than the SJC gold selling price on the morning of August 23, 2023.

At the end of the trading session on August 22, Saigon Jewelry Company (SJC) listed the buying price of gold at VND67.05 million/tael; the selling price was VND67.65 million/tael, an increase of VND100,000/tael for both buying and selling compared to the opening time of the morning session of the same day. The difference between the buying and selling price of SJC gold remained at VND600,000/tael.

At the same time, DOJI Group listed the buying and selling price of gold at 66.9 - 67.7 million VND/tael. Compared to early this morning, gold at DOJI increased by 50,000 VND/tael in both buying and selling prices, so the difference between the buying price and selling price is still 800,000 VND/tael.

Meanwhile, at the end of August 22 (Vietnam time), the gold price traded on Kitco floor was at 1,902.6 USD/oz, up 2.9 USD/oz compared to the morning session of the same day.

Chinese steel inventories increase, prices drop sharply

Steel price today (August 23): Down 5 Yuan/ton on the exchange. Chinese steel inventory increases, prices drop sharply.

Today's steel price for May 2024 delivery on the Shanghai Futures Exchange (SHFE) decreased by 5 yuan to 3,617 yuan/ton.

China's large steel inventories and continuous reductions in selling prices and export prices have directly impacted the domestic steel market. In recent weeks, domestic steel has had many price reductions to compete with cheap steel from China. However, experts say that with the current gloomy steel consumption situation, the pressure to reduce prices will continue to weigh on domestic steel from now until the end of the year.

According to Steel Online, some domestic steel manufacturers have reduced the price of CB240 rolled steel products by VND100,000/ton to VND13.5 - 14.04 million/ton. The price of D10 CB300 rebar remains unchanged.

Domestic steel is under great pressure from cheap Chinese steel, and is expected to continue to have price adjustments from now until the end of the year.

Specifically, on August 17, the brands Hoa Phat, Viet - Y, Viet - Duc and Viet - Sing all reduced their prices by 100,000 VND/ton. Only Viet - Nhat steel remained unchanged.

The Central region recorded a decrease of 100 VND/kg in CB240 coil steel price at two brands including Hoa Phat and Viet-Duc. Meanwhile, the Pomina brand kept the old transaction price.

In the South, the price of CB240 rolled steel decreased by 100 VND/kg at Hoa Phat brand. The two brands Pomina and Southern Steel have no new changes.

Domestic coffee prices increased slightly

Domestic coffee prices on August 23 in the Central Highlands provinces slightly increased after a period of steady decline, increasing by 100 - 200 VND/kg. Currently, coffee prices fluctuate from 63,700 VND/kg - 64,600 VND/kg, the highest purchase price in Dak Nong province is 64,600 VND/kg.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at 63,800 VND/kg (up 100 VND/kg). In Dak Nong province, coffee was purchased at the highest price of 64,600 VND/kg (up 200 VND/kg).

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at a low price, at 63,700 VND/kg.

In Dak Lak province today, in Cu M'gar district, coffee price is currently at 64,300 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 64,400 VND/kg.

World coffee prices, on the world exchange, Robusta coffee prices on the London (UK) exchange in the two short-term trading sessions of September and November 2023 increased slightly (from 0.13% to 0.55%); on the contrary, the two trading sessions of January and March 2024 tended to decrease insignificantly (0.09%).

In Vietnam (the world's No. 1 Robusta exporter), coffee exports are being limited due to depleted supplies. Meanwhile, farmers in Brazil (the world's second largest exporter) are actively boosting exports, with the amount of Robusta shipped abroad since the beginning of August doubling compared to the same period last month.