Gas prices continue to rise in August; Shrimp prices are at their lowest level since early 2023

August gas prices continue to rise again

Gas price today, August 8, in the early morning (Vietnam time), gas price increased by 0.48% to 2.73 USD/mmBTU for natural gas contract for delivery in September 2023.

Global gas flows are reversing as demand from Asia increases due to heatwaves. Asian demand for liquefied natural gas (LNG) rose to a six-month high in July, while European demand fell. This trend contrasts with a period when European gas prices soared on fears of an energy crisis caused by the conflict between Russia and Ukraine.

produced at Nghe An Gas Services Company Limited.JPG — In August, gas prices continued to increase again after two consecutive months of decline. Photo: Viet Phuong

In the domestic market, gas prices in August increased again after 2 consecutive months of decrease. Specifically, the retail price of Petrolimex gas cylinders (including VAT) in August 2023 in the Hanoi market is 380,160 VND/12 kg household cylinder; 1,520,640 VND/48 kg industrial cylinder, respectively increasing by 26,360 VND/12 kg cylinder and 105,640 VND/48 kg cylinder (including VAT).

As for the products of Saigon Petro Company Limited (Saigon Petro), from August 1, a new price has also been set, the selling price of Saigon Petro gas increased by VND 2,208/kg (including VAT), equivalent to an increase of VND 26,500/12kg cylinder. With this increase, each 12kg Saigon Petro gas cylinder will be sold at VND 373,500/12kg cylinder.

Thus, after 3 consecutive months of peaking, each 12 kg gas cylinder increased by 72,000 VND, then in June 2022, it suddenly turned around and decreased sharply by 31,000 VND and continued to decrease by 18,500 VND in July. However, in August, gas prices continued to increase again after two consecutive months of decrease.

Domestic gas prices depend on world developments because domestic supply can only proactively meet about 60% of consumption.

World gold price slightly decreased to 1,933.5 USD/oz

Gold price today August 8, world spot gold price on Kitco floor listed at 1,933.5 USD/oz, down 0.5 USD/oz compared to the end of trading session August 7.

Early morning of August 8 (Vietnam time), the world spot gold price on Kitco floor was listed at 1,933.5 USD/oz, down 0.5 USD/oz compared to the end of the trading session on August 7.

Converting world gold price according to foreign exchange rate at Vietcombank : 1 USD = 23,890 VND, world gold price is equivalent to 55.65 million VND/tael, 11.75 million VND/tael lower than SJC gold selling price at the end of August 7.

At the end of the trading session on August 7, Saigon Jewelry Company listed the gold buying price at VND66.80 million/tael; the selling price was VND67.40 million/tael, both up VND100,000/tael for buying and selling prices compared to the opening time of the morning session of the same day. The difference in the selling price of gold is still VND600,000/tael higher than the buying price.

Also after the trading session on August 7, DOJI Group listed the buying and selling price of gold at 66.60 - 67.35 million VND/tael. Compared to the beginning of the morning session, the buying and selling price of gold at DOJI increased by 50,000 VND/tael. The difference between the buying and selling price of gold at DOJI is maintained at 750,000 VND/tael.

Raw shrimp prices are at their lowest since early 2023

Raw shrimp prices in the Mekong Delta continued to decrease in August 2023 and are currently at their lowest level since the beginning of the year.

In Bac Lieu, the average price of large iced black tiger shrimp, size 20 pieces/kg, decreased by VND 19,300/kg compared to June 2023 to VND 187,000/kg; size 30 pieces/kg was at VND 150,000/kg (-VND 22,000/kg), size 40 pieces/kg remained at VND 130,000.

The price of frozen whiteleg shrimp, size 40 pieces/kg, decreased by VND 3,000/kg compared to June 2023 to VND 95,000/kg; size 60 pieces/kg decreased by VND 2,000/kg to VND 73,300/kg, size 100 pieces/kg VND 67,000/kg (decreased by VND 1,400/kg).

Shrimp prices have continuously decreased due to the current main shrimp farming season, not only in Vietnam but also in other shrimp farming countries such as Ecuador, India and Indonesia, while exports have stagnated.

Pepper price turns down 500 VND/kg in Southeast region

Pepper prices today, August 8, in the domestic market fluctuated in opposite directions, remaining stable in the Central Highlands region, while decreasing in the Southeast region.

Accordingly, pepper prices in the Central Highlands fluctuate around 71,000 - 72,000 VND/kg.

Pepper price today decreased by 500 VND/kg.

In the Southeast region, pepper prices today decreased by 500 VND/kg. Specifically, in Ba Ria Vung Tau, pepper prices today are at 74,000 VND/kg, down 500 VND/kg. Dong Nai pepper prices are at 72,500 VND/kg, down 500 VND/kg. Binh Phuoc pepper prices are at 73,000 VND/kg, down 500 VND/kg.

Thus, after a week of hot increase, today's pepper price in the domestic market suddenly decreased by 500 VND/kg in many localities.

Forecasting the pepper market in the third quarter, many experts said that pepper prices will continue to have a positive trend this week, but it will be difficult to have a 6-day consecutive increase like the first week of August 2023.

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