Domestic gold price remains high, world gold price continues to decrease; Vietnamese rice price remains high, Thai rice price decreases sharply

Domestic gold remains high, world gold continues to fall

Today, domestic gold is still anchored at a high level of approximately 79 million VND/tael at the end of the Lunar New Year holiday, while world gold continues to decrease slightly.

At the time of survey at 5:00 a.m. on February 15, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 76.55 million VND/tael for buying and 78.85 million VND/tael for selling.

SJC gold bar price is still 18,817 million VND/tael higher than international gold price.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 76.70 - 78.85 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 76.75 - 78.90 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,990.775 USD/ounce, down 2.43 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 57.883 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 18.817 million VND/tael higher than the international gold price.

Has domestic steel price passed the "bottom"?

Steel prices rose today on the Shanghai exchange; domestic steel is expected to have passed the “bottom” zone.

Steel prices for May 2024 delivery on the Shanghai Futures Exchange increased by 17 yuan to 3,901 yuan/ton.

Iron ore futures in China rose to near a one-week high on Thursday (Feb 8), on hopes of better demand from the property market as China signaled support for the struggling sector, Reuters reported.

The May iron ore contract on China's Dalian Commodity Exchange (DCE) closed up 2.4 percent at 963.50 yuan ($133.90) a tonne. Earlier in the session, iron ore hit 967.50 yuan, its highest since Feb. 2.

The most-traded iron ore contract for March delivery on the Singapore Exchange (SGX) rose 2.4% to $128 a tonne.

According to the Vietnam Steel Association, 2024 will be an important pivotal year for the steel industry, because steel prices are at the bottom of the downward cycle, and it is likely that steel prices will continue to recover in the coming time.

However, steel enterprises are advised not to be too optimistic but need to proactively research and closely follow market demand developments carefully before this trend is shaped and firmly established in 2024. At the same time, it is necessary to improve capacity and financial resources, quickly change production methods, change technology, focus on green transformation and green production to reduce carbon emissions.

From there, it is possible to expand export markets in accordance with the EU's border carbon adjustment mechanism, which has just been piloted for a transitional period from October 1, 2023 and fully implemented from 2026. It is necessary to be more transparent in governance and have an accounting system according to international standards to minimize the risk of countries opening investigations and applying trade defense measures in the current global trade context.

Vietnamese rice prices remain high during Tet, Thai rice prices drop sharply

The rice export market during the Tet holiday this year had strange developments when the price of Thai rice suddenly dropped sharply to 24 USD/ton, while Vietnamese rice remained unchanged.

Updated information from the Thai Rice Exporters Association (TREA) shows that the price of Thailand's 5% broken rice is currently at 615 USD/ton, down 24 USD/ton compared to last week. This price is down 40 USD/ton compared to the end of January 2024 (at the end of January 2024, Thailand's 5% broken rice was at 655 USD/ton).

During the recent Tet holiday, domestic rice prices continued to remain high.

Meanwhile, the price of Vietnamese rice of the same grade remains unchanged at 637 USD/ton due to the Tet holiday. This is considered a strange development compared to many previous years because in previous years at this time, Thai rice prices often increased due to Vietnam's Tet holiday.

On the Vietnamese side, according to the Vietnam Food Association (VFA), the fact that businesses won large contracts from Indonesia will be a new boost for the domestic rice market, helping to stabilize prices as they prepare to enter the peak winter-spring rice harvest right after Tet.

In fact, during the recent Tet holidays, domestic rice prices continued to remain high. Accordingly, for rice, at market rice warehouses in the rice granary of the Mekong Delta such as An Cu, Cai Be (Tien Giang), the price of OM 18 and Dai Thom 8 raw rice was at 13,600 - 13,800 VND/kg; OM 5451 raw rice fluctuated around 13,300 - 13,500 VND/kg. In Sa Dec (Dong Thap), fragrant rice was at 13,000 - 12,300 VND/kg; beautiful fragrant 13,400 - 13,600 VND/kg; OM 5451 rice was 13,100 - 13,300 VND/kg.

Regarding rice, the price of Dai Thom 8 rice is at 9,300 - 9,500 VND/kg; IR 504 rice is at 8,800 - 9,200 VND/kg; OM 18 rice is at 9,200 - 9,400 VND/kg; OM 5451 rice is at 9,200 - 9,400 VND/kg; Nang Hoa 9 remains stable at 9,400 - 9,600 VND/kg; OM 380 rice fluctuates around 8,600 - 8,800 VND/kg.

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