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Market Movers Asia, Nov. 28-Dec. 2: COVID-19 lockdowns hit steel demand in China

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Ver: Market Movers Asia, Nov. 28-Dec. 2: COVID-19 lockdowns hit steel demand in China

  • Colaboradores/as
  • Remya Nair
  • Materia prima
  • Agricultura Energía Carbón Petróleo Metales
  • Duración
  • 01:49

On this week's S&P Global Commodity Insights' Market Movers Asia with Remya Nair, Digital Content Editor:

*Asian refiners hunt for more Kazakhstan CPC Blend crude cargoes

*Steel demand in China hit by COVID-19 lockdowns

*Thermal coal demand in Asia is likely to pick up as winter peaks

*More corn shipments from Brazil are expected to head to China

Transcripción completa

This week, major refiners in South Korea, India, Japan, and Malaysia who purchase crude oil loaded from the Black Sea are expected to hunt for more Kazakhstan CPC Blend crude cargoes.

The US clarified recently that any crude oil that transits through Russia for seaborne terminal access would not be defined as Russia-origin oil and will not face G7 price cap restrictions.

This provides a relief to Asian refiners as light sweet Kazakhstan CPC Blend crude is one of the staple refinery feedstock grades for many of them.

China is set to release the manufacturing PMI for November this week.

Manufacturing activity, an important indicator of steel demand, is expected to slow further as a new wave of the pandemic puts more regions in China under lockdown.

While China's steel production has not been hit so far, demand has been impacted due to the lockdown restrictions.

Thermal coal buyers in India and China will likely stick to hand-to-mouth procurement amid uncertainty in demand from end-users.

Market participants expect demand to pick up as winter peaks, while weather disruptions in Indonesia and Australia are expected to keep supplies tight.

In agriculture, Brazilian corn shipments to China are expected to pick up pace over the next couple of weeks.

The first ship carrying 67,000 mt of Brazilian corn to China sailed recently.

China's arrival in the Brazilian corn market is expected to create hurdles for other Asian buyers, such as South Korea.

I'm Remya Nair.Thanks for kicking off your Monday with S&P Global Commodity Insights.