Domestic steel price drops again; August gas price increases again after 2 consecutive months of decline

Domestic steel price drops again

Steel price today August 24, 2023: Some domestic steel brands have the deepest decrease from 100,000 - 810,000 VND/ton to 13.5-15 million VND/ton.

Thus, this is the 18th consecutive price reduction since the beginning of 2023. In this adjustment, the Vina Kyoei steel brand has the strongest decrease. In the Southern region, Vina Kyoei simultaneously reduced 810,000 VND/ton for CB240 coil steel and D10 CB300 steel, down to 14.82 million VND/ton and 15 million VND/ton, respectively.

Domestic steel prices continued to decrease for the 18th time with a deep decrease from VND100,000/ton to VND810,000/ton depending on brand and type.

In the Southern region, Vina Kyoei steel simultaneously reduced 810,000 VND/ton for CB240 rolled steel and D10 CB300 steel.

Hoa Phat Steel reduced the prices of CB240 rolled steel and CB300 D10 ribbed bars by VND410,000/ton and VND300,000/ton in the North. Currently, the prices of the two steel lines are VND13.53 million/ton and VND13.74 million/ton, respectively.

In the Central region, Hoa Phat CB240 rolled steel was adjusted down by VND210,000/ton, currently at VND13.53 million/ton; D10 CB300 ribbed steel is now VND13.74 million/ton after a decrease of VND150,000/ton.

In the South, Hoa Phat adjusted down 510,000 VND/ton for CB240 rolled steel, down to 13.53 million VND/ton; D10 CB300 ribbed steel decreased 200,000 VND/ton, priced at 13.79 million VND/ton.

Viet Y Steel is the unit with the lowest price reduction: 100,000 VND/ton reduction for D10 CB300 ribbed steel bar to 13.69 million VND/ton; CB240 steel remains at 13.64 million VND/ton.

In the face of the recent consecutive price drops in domestic steel, the Vietnam Steel Association (VSA) believes that construction steel prices are likely to continue to fall in the coming time. The reason is that the real estate market has not shown any positive signs of recovery, and some social housing projects have just been implemented. Public investment projects have not yet flourished. In addition, the seventh lunar month is also the "ghost month" - considered a "nightmare" for the construction industry when almost no new projects break ground this month. Meanwhile, Chinese steel inventories are high, prices have dropped sharply, affecting the domestic steel market.

SJC gold approaches 68 million VND/tael

Gold price today August 24, SJC gold price increased by 200,000 VND/tael, currently listed at 67.30 - 67.90 million VND/tael (buy - sell). SJC gold selling price is currently 12.75 million VND/tael higher than world gold price.

At the close of trading on August 23, Saigon Jewelry Company (SJC) listed the buying price of gold at VND67.30 million/tael; the selling price was VND67.90 million/tael, an increase of VND200,000/tael in both buying and selling prices compared to the opening price of the morning trading session of the same day. The difference between the buying and selling prices of SJC gold remained at VND600,000/tael.

gold price 11-8.jpeg — SJC gold approaches 68 million VND/tael.

At the same time, DOJI Group listed the buying and selling price of gold at 67.10 - 67.90 million VND/tael. Compared to the opening of the trading session on the morning of August 23, the gold price at DOJI increased by 200,000 VND/tael in both buying and selling prices, so the difference between the buying price and selling price is still 800,000 VND/tael.

Late afternoon of August 23 (Vietnam time), the world gold price reversed and decreased slightly. Currently, the spot gold price on Kitco is 1,902 USD/oz, down 2.7 USD/oz compared to early morning of the same day. 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 55.15 million VND/tael, 12.75 million VND/tael lower than the SJC gold selling price at the end of August 23.

Gas prices in August increased again after 2 consecutive months of decrease

Opening the morning trading session on August 24, today's gas price in the world market decreased slightly by 0.08% to 2.48 USD/mmBTU for natural gas contracts for delivery in September 2023.

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).

Domestic gas prices in August increased again after two consecutive months of decline.

According to Petrolimex representative, the reason for the increase in retail gas price in August is because the average world gas price contract in August was at 465 USD/ton, an increase of 77.5 USD/ton compared to July, so the company made adjustments according to the corresponding increase.

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.

Similarly, the gas price of Pacific Petroleum Trading Joint Stock Company increased by VND26,000/12kg cylinder and VND108,000/50kg cylinder. The Southern branch of Vietnam LPG Trading Joint Stock Company, from August 1, increased the gas price of this brand by VND26,000/12kg cylinder and VND97,515/45kg 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 cover about 60% of consumption.

Domestic coffee prices increased slightly to 64,700 VND/kg

Domestic coffee prices on August 24, 2023 increased slightly, reaching an average price of 64,200 VND/kg.

Specifically, coffee prices in Gia Lai and Kon Tum provinces stood at VND63,900/kg, down VND500/kg compared to the previous session. In Dak Nong province, coffee was purchased at the highest price of VND64,700/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 63,800 VND/kg.

Coffee price in Dak Lak province today in Cu M'gar district is currently at 64,500 VND/kg. In Ea H'leo district, Buon Ho town is purchased at the same price of 63,500 VND/kg.

World coffee prices, at the end of the trading session, Robusta coffee prices on the ICE Europe - London exchange continued to recover. The November spot futures increased by 8 USD, to 2,574 USD/ton and the January 2024 futures increased by 4 USD, to 2,305 USD/ton, both slight increases. Trading volume remained above average.

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