보기: Market Movers, Apr 24-28: OPEC, non-OPEC cuts appear more likely

Video Transcript

Welcome to Platts Market Movers, your three-minute look at what the week ahead holds for Asian commodity markets.

This week: an extension to oil production cuts appears more likely, and no end in sight to Japan's coal supply talks more than three weeks past deadline.

First, in oil, OPEC ministers meet Thursday in Paris for further talks on extending output cuts beyond June. Prospects received a major boost last week when Saudi Arabia and Russia indicated they would support an extension.

So, the big questions this week is: Do you think OPEC and non-OPEC producers will agree to extend oil output cuts beyond June? Send us your views on Twitter with #PlattsMarketMovers.

In shipping, a conference in Singapore this week will likely provide fresh leads on the outlook for freight markets, and on how owners are responding to the surge in newbuild ships.

Also in shipping, the VLCC market is expected to remain bullish this week. The key Persian Gulf-Japan rate is moving closer to the 80 Worldscale point level due to limited vessel supply and steady chartering activity.

In LNG, tender results are expected this week from South Korea’s Kogas, which is seeking cargoes for delivery in June and July.

Moving to coal -- and all eyes this week are on the Japan-Australia supply contract for the new fiscal year. Talks are already three weeks over deadline, with no agreement in sight. Traders are also keeping an eye on Indian buyers, who could soon start restocking ahead of the monsoon season.

In agriculture, sugar prices will be under pressure this week as buyers in Myanmar return from holiday. In addition, almost 300 floating and unsold containers from Central and South America and India could see sellers slashing prices to avoid demurrage fees.

Over in China, the aluminum industry is monitoring how prices will respond to almost 2 million mt of capacity cuts at smelters in Xinjiang.

In steel, a key industry event in Singapore will discuss the state of play in steel and raw material markets this week as we head towards peak steel production season in China. So, with slipping steel margins and a supply overhang, when will seaborne iron ore prices finally find balance? And how long will the supply recovery take after Cyclone Debbie?

Lastly, S&P Global Platts is hosting the Delhi and Mumbai Commodity Market Insights forums this week. You can also get Platts insights into multiple commodities market in the fast growing economy in our India white paper.

Thanks for kicking off your Monday with us and have a great week ahead.