Japanese Yen exchange rate increases sharply; Gold continues to set new historical peaks

Japanese Yen exchange rate reverses and increases sharply

Japanese Yen exchange rate surveyed on the morning of March 7, 2024 at specific banks is as follows:

At Vietcombank , the buying rate is 159.95 VND/JPY and the selling rate is 169.30 VND/JPY, an increase of 0.93 VND in the buying direction and an increase of 0.98 VND in the selling direction.

At Vietinbank , the Yen exchange rate increased by 0.47 VND in both buying and selling directions, equivalent to 160.89 VND/JPY and 170.59 VND/JPY.

Today, the Japanese Yen exchange rate reversed and increased sharply.

At BIDV , the buying rate increased by 0.72 VND and the selling rate increased by 0.78 VND, reaching 160.97 VND/JPY and 169.48 VND/JPY, respectively.

At Agribank, the buying and selling rates are 160.70 VND/JPY and 168.89 VND/JPY - up 0.48 VND in buying and up 0.63 VND in selling.

At Eximbank, the buying price increased by 0.75 VND and the selling price increased by 0.78 VND, respectively at 162.35 VND/JPY and 167.1 VND/JPY.

At Techcombank, the Japanese Yen exchange rate increased by 0.58 VND at buying and increased by 0.68 VND at selling with prices of 158.07 VND/JPY and 170.6 VND/JPY respectively.

At Sacombank, the buying price increased by 0.85 VND and the selling price increased by 0.82 VND, corresponding to the prices of 162.85 VND/JPY and 167.9 VND/JPY.

According to the survey, today Sacombank is the bank with the highest buying rate of Japanese Yen and Eximbank is the bank with the lowest selling rate among the banks.

Gold continues to skyrocket, setting a new historical peak

Today, SJC gold increased by 200,000 VND/tael in both buying and selling prices, bringing the gold price to 81 million VND/tael. World gold prices skyrocketed and set a new peak.

At the time of survey at 5:00 a.m. on March 7, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 78.95 million VND/tael for buying and 80.85 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 79.05 - 80.90 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 79.05 - 81.10 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,147.560 USD/ounce, a difference of 17,995 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 63.189 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 15.811 million VND/tael higher than the international gold price.

Domestic coffee prices continue to increase at a high level.

Domestic coffee prices updated at 4:12 a.m. on March 7, 2024 have continued to increase and set new peaks. Currently, the average purchase price in the Central Highlands provinces is 87,400 VND/kg, the highest purchase price in Dak Nong province is 87,600 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 87,400 VND/kg; In Dak Nong province, the highest purchase price is 87,600 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 87,000 VND/kg.

In Cu M'gar district, Dak Lak province, coffee is purchased at 87,400 VND/kg, while in Ea H'leo district, Buon Ho town, it is purchased at the same price of 87,500 VND/kg.

Hoa Phat's steel consumption increased by 32%

Steel prices on the exchange today decreased by 33 yuan/ton. Hoa Phat's steel consumption increased by 32%.

The price of steel for May 2024 delivery on the Shanghai Futures Exchange fell 33 yuan to 3,652 yuan/ton.

The May iron ore contract on China's Dalian Commodity Exchange (DCE) closed 0.69% higher at 879.5 yuan ($122.17) a tonne. The benchmark SZZFJ4 iron ore contract for April delivery on the Singapore Exchange (SGX) fell 1.23% to $114.20 a tonne.

Domestically, construction steel is expected to become a bright spot for the steel industry's recovery in the context that two industries that account for a large proportion of the usage structure, civil construction (accounting for 66% of construction steel demand) and public investment (accounting for 14%), are recording positive recovery signals since the end of 2023.

For example, with Hoa Phat Group, in the first two months of 2024, the group produced 1.38 million tons of crude steel, an increase of 71% over the same period in 2023. Sales of HRC steel products, construction steel, high-quality steel, and steel billets reached 1.15 million tons, an increase of 32% over the same period.

Steel prices in the North
Today's Hoa Phat steel price for CB240 coil steel is at 14,340 VND/kg; D10 CB300 ribbed steel is stable at 14,530 VND/kg.
Viet Y steel price, with CB240 coil steel line at 14,340 VND/kg; D10 CB300 ribbed steel bar at 14,640 VND/kg.
Viet Duc steel price for CB240 coil steel is at 14,240 VND/kg, D10 CB300 ribbed steel is stable at 14,640 VND/kg.
The price of Viet Nhat Steel (VJS), with CB240 steel line stable at 14,210 VND/kg, with D10 CB300 steel line maintained at 14,310 VND/kg.
The price of Viet My Steel (VAS), with CB240 coil steel line at 14,110 VND/kg, with D10 CB300 ribbed steel line is stable at 14,210 VND/kg.

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