Rebar price increased by 50 yuan/ton
Today (December 25), on the Shanghai Stock Exchange, the price of rebar for delivery in May 2024 increased by 50 yuan/ton to 4,004 yuan/ton.
On the Dalian Commodity Exchange (DCE), the price of ore for delivery in May 2024 increased by 3% to 977 yuan/ton ($136.72/ton).
On the Singapore Commodity Exchange (SGX), iron ore for January 2024 delivery increased 0.54% to $138.25/ton.
In the raw materials market, iron ore prices continued to increase for the fourth consecutive session and reached a two-month high when a series of major banks in China cut interest rates.
Since the beginning of 2023, the domestic construction steel market in Vietnam has had about 34 official listed price adjustments, of which 21 price adjustments have been made with a total reduction of 2.15 - 2.35 million VND/ton for coil steel and 1.9 - 2 million VND/ton for rebar steel. The price reduction in the Southern market is greater than in the Northern market.
The remaining 13 official price increases with a total increase to date of VND1.8 million/ton for rolled steel and from VND1.55 - 1.95 million/ton for rebar.
Thus, the price of construction steel in 2023 tends to decrease, and the average price of construction steel in the domestic market in 2023 will decrease by 9.6 - 10.4% compared to 2022.
On the other hand, the current construction season also causes domestic demand to increase, pushing steel prices to continuously increase. In the coming time, the Vietnam Steel Association believes that steel prices may continue to increase with a slight margin, about 100,000 - 150,000 VND/ton for each price increase period.
Gold is expected to continue its upward trend next week.
At the time of survey at 5:00 a.m. on December 25, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 75.70 million VND/tael for buying and 77.00 million VND/tael for selling.
At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 75.80 - 76.70 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 75.85 - 76.95 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 75.60 - 77.20 million VND/tael (buy - sell).
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,053,200 USD/ounce. Converted according to the current exchange rate at Vietcombank , the world gold price is about 59,279 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 16,421 million VND/tael higher than the international gold price.
Gold prices are currently anchored at a high of $2,053.2/ounce, with gold futures for February 2024 up $15.9 to $2,069.1/ounce.
In a recent forecast, Wall Street economists said there is a 50% chance that gold will trade in the range of $1,950 - $2,200/ounce next year and a 30% chance that prices will fluctuate between $2,200 - $2,400/ounce.
In 2024, gold will be driven by geopolitical concerns, increased demand from some markets, and additional gold demand from central banks.
In the short term, gold prices are expected to be volatile as markets will be closed on Monday for Christmas and some will be open on Tuesday.
USD continues to slide
The USD exchange rate today (December 25) decreased in both buying and selling directions. The world USD continued to slide during the Christmas holiday.
The central VND/USD exchange rate was announced by the State Bank (adjusted to 23,915 VND/USD, down 5 VND compared to the closing price of the trading session on December 22.
Currently, the permitted exchange rate of commercial banks fluctuates from 23,400 - 25,060 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range of 23,400 to 25,060 VND/USD by the State Bank of Vietnam.
The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of downward adjustments at banks. Specifically, Vietcombank has a buying price of 24,030 and a selling price of 24,400, down 100 VND compared to the trading session on December 22. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.
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