Gold is expected to continue to increase rapidly.
Today, SJC gold is stable at 82.02 million VND/tael, while world gold is forecast to continue to increase rapidly this week.
At the time of survey at 5:00 a.m. on March 11, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 79.45 million VND/tael for buying and 81.95 million VND/tael for selling.
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 79.70 - 81.90 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 79.65 - 82.10 million VND/tael (buy - sell).
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,179.105 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 64.065 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 15.435 million VND/tael higher than the international gold price.
Will the USD recover this week?
Today, the VND/USD exchange rate and USD VCB both decreased. Will the world USD recover this week?
The central VND/USD exchange rate announced by the State Bank today is adjusted to 23,996 VND/USD, down 21 VND compared to the trading session on March 8.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,145 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 25,145 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 24,470 and a selling price of 24,840, down 30 VND compared to the trading session on March 8. 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 102.74 points - down 0.08% compared to the transaction on March 8.
Expected steel consumption output and steel prices to improve
Today, the domestic market remains stable. Hoa Phat Group's HRC steel consumption doubled compared to the same period last year.
According to data from Trading Economics, after a slight recovery in the second half of 2023, from November 21, 2023 to February 28, 2024, world steel prices fell 5.9%, from 4,019 CNY/ton to 3,781 CNY/ton. Compared to the peak of 5,925 CNY/ton on October 8, 2021, current steel prices are 36.2% lower.
Weak demand in the Chinese steel market in the context of the country's slowing economic growth, the real estate market has not recovered, and the electric vehicle and consumer goods manufacturing sectors show signs of oversupply, causing Chinese steel products to continue to be exported at low prices to reduce inventory.
Domestically, in February 2024, Hoa Phat Group (stock code: HPG) produced 690,000 tons of crude steel, equivalent to the previous month. Sales volume of hot-rolled coil (HRC), construction steel, high-quality steel and steel billets supplied to the market reached 518,000 tons, down 19% compared to the first month of the year but up 9% compared to the same period last year.
In the past 2 months, Hoa Phat Group produced 1.38 million tons of crude steel, up 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, up 32% over the same period.
According to the Vietnam Steel Association report, Hoa Phat holds the No. 1 market share in Vietnam for construction steel and steel pipes with 36% and 25.27% respectively, at the end of January 2024.
Lowest price of live pigs is 54,000 VND/kg
Pig price today, March 11, 2024, remained unchanged from the first day of the week and recorded the lowest level of 54,000 VND/kg.
In the Central Highlands region, the price of live pigs today is stable across the board and fluctuates between 54,000 - 57,000 VND/kg.
Accordingly, the highest price in the region of 57,000 VND/kg was recorded in Lam Dong and Binh Thuan.
On the contrary, the lowest price in the region of 54,000 VND/kg was recorded in Quang Binh.
Except for Ninh Thuan, traders are purchasing live pigs at 56,000 VND/kg.
Other localities in the region including Thanh Hoa, Nghe An, Ha Tinh, Quang Tri, Thua Thien Hue, Quang Nam, Quang Ngai, Binh Dinh, Khanh Hoa, and Dak Lak are also purchasing live pigs at a price of VND55,000/kg.
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