Domestic steel warned of trade defense measures; SJC gold plummets below 80 million VND/tael

Domestic steel warned of trade defense measures

Steel prices today (March 26) on the Shanghai Stock Exchange fell 27 yuan/ton; domestic steel is at risk of being subject to trade defense measures.

Today, the price of steel for May 2024 delivery on the Shanghai Futures Exchange fell 27 yuan/ton. Iron ore prices rose weekly thanks to the prospect of improving demand in the Chinese market.

In the Vietnamese market, Chinese steel is imported massively. According to the General Department of Customs, in the first two months of 2024, the amount of iron and steel imported into Vietnam was nearly 2.65 million tons, nearly 2 times higher than the same period last year. Of which, steel imported from China accounted for 1.8 million tons, 3 times higher in volume and 2.4 times higher in value.

Domestic steel warned of being subject to trade defense measures.

Regarding hot-rolled steel (HRC) products alone, in the first two months of 2024, Vietnam imported 1.89 million tons, with an import value of over 1 billion USD. Of which, steel from China was 1.4 million tons, accounting for 74.2% of the total HRC imported in the two months. This shows that the increasing momentum of steel imported into Vietnam has not stopped.

In addition to facing strong competition from steel products imported from China, steel products are also warned to be at risk of being investigated and having trade defense measures applied in some markets.

Domestic and world USD reverse to decrease slightly

Today, VCB USD adjusted down 20 VND in both buying and selling directions, along with that, the world USD also decreased slightly.

The central VND/USD exchange rate announced by the State Bank is adjusted to 24,015 VND/USD, an increase of 12 VND compared to the trading session on March 25.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,165 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 25,165 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 24,560 and a selling price of 24,930, down 20 VND compared to the trading session on March 25. 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 104.21 points - up 0.20% compared to trading on March 25.

SJC gold plummets to below 80 million VND/tael, world gold price increases slightly

Today, SJC gold prices fell across the board, slipping below 80 million VND/tael, while world gold prices increased slightly.

At the time of survey at 5:00 a.m. on March 26, the gold price on the trading floors of some companies was as follows:

Today's 9999 gold price is listed by DOJI at 77.75 million VND/tael for buying and 79.75 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 77.85 - 79.65 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 77.85 - 79.85 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,171.20 USD/ounce, a difference of 5.89 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 64.067 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 13.833 million VND/tael higher than the international gold price.

Domestic coffee prices hit peak

At 5:24 a.m. on March 26, domestic coffee prices increased to 800 VND/kg and are at a very high level. Currently, the average purchase price in the Central Highlands provinces is 95,900 VND/kg, the highest purchase price in Dak Nong province is 96,000 VND/kg.

Specifically, coffee is purchased in Gia Lai and Kon Tum provinces at a fairly high price, at 95,800 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 96,000 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 95,500 VND/kg.

In Cu M'gar district, Dak Lak province, coffee is purchased at about 95,800 VND/kg, while in Ea H'leo district, Buon Ho town, it is purchased at the same price of 95,900 VND/kg.

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