보기: Marker Movers Asia, March 28-April 1: COVID-19 lockdowns in China weigh on Asia's commodity markets

This week: Chinese steel makers are set to cut output due to COVID-19 lockdowns, China's car manufacturers are raising alarm over rising prices of nickel and lithium, Asian consumers will track USDA's planting intentions report for key grain and oilseed crops and spotlight is on S&P Global Commodity Insights' Asia Energy Transition Conference.

But first, oil markets are closely watching for any signs of further COVID-19 related lockdowns in top Asian oil consuming nations like China and South Korea. New clusters of COVID-19 infections in China, South Korea, Vietnam, and Hong Kong may set back the recent resurgence in oil demand. However, industry sources said the possibility of a sharp pull back in consumption appears remote.

Except for China, none of the other countries have announced any new restrictions to personal mobility or economic activity.

In its latest projections for Asia, S&P Global lowered its 2022 Asian oil demand growth to 1.1 million barrels per day.

In metals, more blast furnaces are likely to halt operations in China's Tangshan city this week. City-wide lockdown to contain the COVID-19 pandemic has disrupted delivery of raw materials to local steel mills.

However, traders in eastern Shanghai and southern Guangdong said that steel demand has fallen faster than production. Steel sales are currently around 50%-60% of the levels seen last year.

China's lithium carbonate prices may also see a correction. The prices had hit a record high of Yuan 510,000 per metric ton earlier this month amid strong demand and supply tightness. More than 20 energy manufacturers have raised their sale price due to the rally in costs of lithium and nickel. China's car makers and some government agencies have raised alarm over the surge in prices of power battery raw materials as it will adversely impact China's electric vehicle industry.

That brings us to our social media question for the week: Will the rally in lithium and nickel prices hurt China's EV industry? Share your thoughts on Twitter and LinkedIn.

Staying with the theme of energy transition, the first edition of the Asia Energy Transition Conference will be held on March 30 and 31. The virtual conference will see top industry experts in the region discuss pathways to a low carbon future and the opportunities and challenges of greening Asia's energy systems.

International carbon markets, the role of carbon capture and storage technologies, maritime decarbonization and the emergence of hydrogen as a fuel of the future will be some of the topics of discussion.

In agriculture, Asian buyers will track US Department of Agriculture's quarterly stocks report.

It will provide insights on the supply of wheat, corn and soybeans in the US. US is a major exporter of grains to many Asian countries including Japan, South Korea, and China. The US will also release its annual prospective plantings report this week. The report will give an idea of the farmers' planting intentions for key crops for the upcoming marketing year. With food supplies from Black Sea region stuck due to the war in Ukraine, the survey will give an indication of grain and oilseeds supply in the year.

And finally, in Asian thermal coal markets, buyers from China are expected to return to the market to replenish inventories ahead of the summer. Amid a supply crunch in the market, world's largest exporter Indonesia is likely to hold on to bullish offer levels. Tight supply is expected to support Australian high-ash coal prices as well. However, trade sources expect buying interest to wane due to steep price increases.

Thank you for kicking off your Monday with us and have a great week ahead!