In the domestic market, after four consecutive upward adjustments since the beginning of this year, the domestic construction steel price continued to move sideways.
After 4 consecutive upward adjustments since the beginning of this year, domestic construction steel prices continued to move sideways.
Accordingly, the current price of CB240 coil steel is stable at about 15,760 VND/kg and the price of D10 CB300 rebar remains around 15,840 VND/kg.
According to statistics of the General Department of Vietnam Customs, the export of iron and steel of all kinds in January of our country reached more than 672,100 tons, bringing in a turnover of nearly 457 million USD. Compared to December 2022, exports in January decreased by 18.3% in volume and 21.8% in value. Compared to the same period last year, iron and steel exports in January this year decreased by 14.8% in volume but fell sharply by 47.6% in turnover.
As for the domestic market, according to data from the Vietnam Steel Association (VSA), the sales of finished steel products in January decreased by nearly 27% over the same period last year to about 1.8 million tons. In which, sales of metal-plated and color-coated corrugated iron dropped the most by 42% to nearly 251,000 tons. Sales of construction steel fell 20% to 844,000 tons.
WTI oil price fell 0.59% to $78.59/barrel, and Brent oil closed at $85.35/barrel after falling 0.27%.
Crude oil pressured by US inventory data
Ending the trading session on February 15, oil price continued to record a strong volatile session with mixed effects, on the one hand was pressure from macro factors as well as US inventory data last week. , on the one hand is the more positive demand expectations from the report of the US International Energy Agency (IEA). WTI oil price fell 0.59% to $78.59/barrel, and Brent oil closed at $85.35/barrel after falling 0.27%.
Selling was overwhelming at the beginning of the session when early data from the American Petroleum Institute showed that commercial crude oil inventories for the week ended February 10 increased sharply by 10.5 million barrels, with gasoline and distillate fuel inventories. also increased simultaneously.
The decline was limited only in the afternoon session, shortly after the IEA released its February report that showed a positive lens on the consumption outlook in 2023. Specifically, the agency had forecast oil demand to increase further. 200,000 bpd for this year compared to last month's report, to a record 101.9 million bpd. Of which, Chinese demand increased by 900,000 bpd from a year earlier, accounting for 45% of the overall growth. Jet/kerosene demand is expected to grow 1.1 million bpd to 7.2 million bpd, 90% of pre-pandemic levels. This has supported oil prices after the previous strong decline.
In addition, the IEA also raised its output forecast for 2023 by 200,000 bpd, boosted by non-OPEC+ producers. The agency assessed that supplies from Russia were quite stable despite the embargo, but a cut of 500,000 bpd could affect the market. Overall, the IEA sees demand slightly outstripping supply by nearly 700,000 bpd this year.
Even so, oil prices came under pressure again as a report from the US Energy Information Administration (EIA) indicated that demand remained weak in the short term.
Selling pressure completely overwhelmed precious metals yesterday. Silver fell 1.38% to $21.57 an ounce. Platinum continued to have the strongest drop of 2.28% to 917.8 USD/ounce.
Precious metal items simultaneously weakened before the rise of the USD. The Dollar Index surged to 103.92 points to a 6-week high.
The reason for this increase came from the fact that other currencies such as the British pound or the euro weakened more than the dollar.
Besides, precious metal commodities are also under pressure from the strong rise of risky investment markets such as stock market and cryptocurrency market. US retail sales in January increased 3% from December and 6.38% higher than the same period last year, both exceeding analyst forecasts, reflecting the resilience of the US economy in the past. recent interest rate hikes. This information has improved investor sentiment, causing cash flow to be allocated more to risky assets with attractive returns instead of safe assets such as gold, silver, and platinum.
The red color also overwhelms most items of the base metal group. Copper prices fell 1.58% to $4.01/lb, erasing gains from the previous two sessions.
According to MXV, compared to copper, the demand for iron ore will recover sooner, at a faster rate, so the purchasing power is still somewhat overwhelming. In fact, iron ore price is moving sideways in the range of 120-130 USD, so yesterday's increase in iron price was also modest and does not speak to the prospect that is too different from the group of basic metals in general. .
Vietnam Commodity Exchange
