In the face of fluctuations in raw metal materials in the world, especially the recovery of iron and steel prices from the end of last year until now, domestic construction material manufacturers will also face many challenges. awake.
Public investment is expected to be a bright spot to support the demand for construction materials and help improve competitiveness among domestic enterprises.
With the construction materials industry, especially the basic manufacturing enterprises such as cement, iron and steel... are in oversupply situation, facing net losses leading to narrowing of production activities. According to the Commodity Exchange of Vietnam (MXV), in order for this industry to overcome difficulties, public investment and trade promotion in new markets are the driving force for these enterprises to improve their production capacity.
In 2023, public investment capital from the budget according to the plan assigned by the National Assembly is more than VND 711,000 billion, up 25% compared to the plan in 2022. In addition, there is an additional VND 147,000 billion from the Recovery and Development Program. socio-economic development. In total, Government spending is expected to be expanded to more than VND 850,000 billion in the form of public investment this year. This is expected to be a bright spot to support the demand for construction materials and help improve competitiveness among domestic enterprises.
Energy price list ends on 6/3.
Supply concerns help oil prices continue the upward trend
The crude oil market continued to experience strong volatility in the first session of the week, with WTI crude oil prices up 0.98% to $80.46 per barrel, and Brent crude up 0.43% to $86.20. /bin. Both crude oil prices are at their highest levels in nearly a month.
Selling pressure appeared at the beginning of the session when investors were concerned about the prospect of Chinese consumption. During the recent National Assembly session, the authorities of this country set a GDP growth target of 5%. Notably, this growth was more modest than market expectations. The news dimmed expectations for growth in Chinese demand and sent oil prices down.
However, entering the evening session, oil price gradually regained its upward momentum when a series of positive news appeared and supported the price. At the CERAWeek energy conference in Houston, leaders of many large manufacturing companies had optimistic statements that Chinese demand will recover by the end of the year, however, supply risks remain high. due to the effects of the European Union (EU) sanctions against Russia.
The world's leading crude oil exporter, Saudi Arabia, has raised the price of oil for Asia. This move reflects the optimism as well as the expectation that the import demand of Asia will increase.
As for Russian supplies, the country's oil exports fell 14% in the week to March 3 to 3.1 million bpd. Analysts attributed the drop to logistical difficulties and not to Russia's announced 500,000-barrel production cut.
These news helped the oil market reverse its decline and maintain the green for the fifth consecutive session.
Natural gas prices plunge more than 14% as forecasts show milder weather and lower heating demand. At the same time, the US Energy Information Administration (EIA) also said that natural gas reserves are now 19% higher than the five-year average. Supply is not worrisome while demand is lower than expected is the factor causing the price of natural gas to fall. The natural gas market is very risky because prices are constantly fluctuating very drastically according to the weather news.
Commodity Exchange of Vietnam (MXV)
