Domestic and world USD simultaneously fall
Today, VCB's USD selling price reversed and decreased by 40 VND in both buying and selling directions, at the same time the world USD continued to decrease.
The central VND/USD exchange rate announced by the State Bank is adjusted to 24,014 VND/USD, up 18 VND compared to the trading session on February 27.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,164 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 25,164 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 24,430 and a selling price of 24,800, down 40 VND compared to the trading session on February 27. 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 key currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 103.82 points - down 0.01% compared to trading on February 27.
Domestic gold fluctuates in opposite directions
Today, SJC gold increased by 100,000 VND/tael for buying and decreased by 100,000 VND/tael for selling, currently the gold price has slipped below 79 million VND/tael.
At the time of survey at 5:00 a.m. on February 28, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 76.85 million VND/tael for buying and 78.85 million VND/tael for selling.
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 77.20 - 78.85 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 76.85 - 79.05 million VND/tael (buy - sell).
According to Kitco, the world gold price recorded at 5am today, Vietnam time, was at 2,030.145 USD/ounce, down 3.08 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59.588 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 17.312 million VND/tael higher than the international gold price.
Steel prices on the stock exchange increased again, domestic prices remained stable.
Steel prices today: Domestic market continues to move sideways; iron ore prices have fallen to a 4-month low.
On the exchange, the price of steel for delivery in May 2024 on the Shanghai Futures Exchange increased by 21 yuan to 3,759 yuan/ton.
Iron ore futures fell on Monday to a four-month low as higher inventories in China, the main buyer, and slowing construction activity due to unfavourable weather raised concerns about demand, Reuters reported.
Iron ore futures for May delivery on China's Dalian Commodity Exchange (DCE) closed 3.21% lower at 875 yuan ($121.57) a tonne, their lowest since Oct. 27, 2023, after falling more than 6% over the past week.
Benchmark iron ore for March delivery on the Singapore Exchange (SGX) fell 3.41% to $115.95 a tonne, also the lowest since October 27.
Domestically, it is expected that in 2024, steel consumption will increase by about 6.4%, export output will increase to nearly 13 million tons. World steel demand is forecast to recover strongly in 2024, increasing by 1.9%, reaching 1.8 billion tons in 2024, so Vietnam's steel production will have many opportunities, expected to increase by about 10% in 2024. Finished steel production in 2024 and 2025 is estimated to reach about 28 million - 30 million tons, domestic steel consumption demand is about 22 million - 23 million tons.
2024 is considered an important pivotal year for the steel industry, with expectations that steel prices will continue to recover in the coming time. In particular, the Land Law (amended) recently passed by the 15th National Assembly is expected to have positive impacts on the real estate market, creating an opportunity for the steel industry to boost growth.
Source
Comment (0)