- South Korea aims to boost oil supply security
- China's PMI could indicate improved steel demand
- Supply tightness grips thermal coal market
- Australian wheat under pressure after Black Sea deal
South Korea is set to receive another 2 million barrels of crude from the UAE in the coming days, following the launch of ADNOC and Korea National Oil Corporation's joint storage and reserve project.
South Korea is building stronger oil ties with the UAE amid fragile global economic conditions, which could drag oil prices lower and prompt OPEC to cut output.
Feedstock managers said weakening crude prices could further drive Seoul's restocking activity.
China's manufacturing Purchasing Manager's Index, due for release this week, is expected to indicate a slight improvement in steel demand.
Manufacturing activity is expected to remain in expansion for the third straight month, with infrastructure contributing the most to the upward momentum.
Indonesian thermal coal output is expected to be constrained with Ramadan underway.
High demand from smelters in Indonesia could keep some cargoes away from the seaborne spot market despite high demand from power plants in India and China.
In agriculture, Australia harvested a bumper wheat crop in the 2022-2023 marketing year, but trade indications have so far been soft as cheaper Black Sea wheat offers have been emerging.
Australian suppliers may start offering wheat at a discount to remain competitive.
I'm Barbara Lorenzo Caluag, thank you for kicking off your Monday with S&P Global Commodity Insights!