USD slides to 2-week low; HRC steel import prices increase

USD slides to 2-week low

Today (April 24), VCB USD continued to increase by 3 VND in both buying and selling directions, while the world USD fell sharply, losing the 106 point mark.

The central VND/USD exchange rate announced by the State Bank today is adjusted to 24,275 VND/USD, an increase of 3 VND compared to the trading session on April 23.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,450 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 25,450 VND/USD.

The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of upward adjustments at banks. Specifically, Vietcombank has a buying price of 25,148 and a selling price of 25,488, an increase of 3 VND compared to the trading session on April 23. The current USD buying and selling prices are in the range of 24,000 - 25,500 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 105.69 points - down 0.36% compared to the transaction on April 23.

Domestic gold fluctuates in opposite directions, world gold continues to decrease slightly

Today, SJC gold fluctuated, bringing the price to 83.3 million VND/tael, while world gold prices continued to decline.

At the time of survey at 5:00 a.m. on April 24, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 80.00 million VND/tael for buying and 82.50 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 81.30 - 83.00 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 81.05 - 83.50 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,321.56 USD/ounce, down 4.54 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 70.142 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still higher than the international gold price of 9.858 million VND/tael.

HRC steel import price increased

Steel prices today in the domestic market remain stable; HRC steel prices imported into Vietnam have been increasing in the past 2 weeks.

Steel prices for September 2024 delivery on the Shanghai Futures Exchange fell 9 yuan to 3,585 yuan/t.

Iron ore futures fell on Monday, weighed down by hopes of easing stimulus in top consumer China, high port inventories and risks of government intervention after last week’s surge, Reuters reported.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) closed 0.06% lower at 866.5 yuan ($119.63) a tonne, after rising more than 5% last week.

Domestically, the domestic construction steel market did not record any new changes on April 24. Meanwhile, the HRC import market into Vietnam was quiet last week due to a sharp increase in supply from China. According to some steel importers, the offer price increased too quickly, causing Vietnamese buyers to consider because the gap between the purchase price and the offer price is very large.

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