Imported hot-rolled steel prices cool down; Domestic coffee prices continue to increase

Imported hot rolled steel prices cool down

Today's steel price on February 22, 2024 decreased by 3 yuan/ton on the Shanghai Stock Exchange, domestic steel prices remained stable.

Today, steel for May 2024 delivery on the Shanghai Futures Exchange fell 3 yuan to 3,764 yuan/t.

Benchmark steel prices on the Shanghai Futures Exchange were mostly down. Rebar SRBcv1 fell 2.14%, hot-rolled coil SHHCcv1 fell 2.29%, rebar SWRcv1 fell 0.17%, and stainless steel SHSScv1 fell 0.22%.

Imported hot rolled steel prices cool down.

Iron ore futures fell to their lowest in more than three months on growing concerns about the demand outlook in top consumer China, despite the latest move to revive the property market.

Import prices of hot-rolled coil (HRC) steel into Vietnam fell this week, mainly due to price cuts by HRC producers in China, according to market research firm Kallanish. HRC prices in China’s domestic market are under downward pressure due to weak demand.

Accordingly, the price of imported HRC to Vietnam, HRC Q235, 3-12 mm thick, and HRC Q195, 3 mm thick, originating from China, is being offered at 550-555 USD/ton CFR.

SAE 1006 HRC grade 2mm and above from China is currently offered at USD 585-590/mt CFR Vietnam, significantly lower than the level above USD 600/mt in early February 2024.

USD decreased slightly across the board

Today, the VCB USD exchange rate reversed and decreased slightly by 20 VND in both buying and selling directions, while the world USD continued to decrease.

The central VND/USD exchange rate announced by the State Bank today is adjusted to 23,993 VND/USD, up 5 VND compared to the trading session on February 21.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,142 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 25,142 VND/USD.

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 24,310 and a selling price of 24,680, down 20 VND compared to the trading session on February 21. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.

In the world market, the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 104.02 points - down 0.06% compared to the transaction on February 21.

Domestic coffee prices continue to increase

Updated at 4:12 a.m. on February 22, 2024, coffee prices still maintained an increase compared to the previous trading session; the increase was about 300 - 400 VND/kg. Currently, the average price is 82,100 VND/kg in the Central Highlands provinces, the highest purchase price in Dak Nong province is 82,500 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 82,200 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 82,500 VND/kg.

Green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, are purchased at 81,600 VND/kg.

In Cu M'gar district, Dak Lak province, coffee is purchased at 82,100 VND/kg, while in Ea H'leo district, Buon Ho town, it is purchased at the same price of 82,200 VND/kg.

Recent Brazilian export data shows that China has taken the third place among important importers of Brazilian coffee, behind the United States and Japan.

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