보기: Market Movers Asia, May 16-20: India's wheat export ban adds to global food security woes, Australian supplies eyed

This week: Global wheat supply is in the spotlight after India's wheat export ban, all eyes will be on US President Joe Biden's visit to South Korea and Japan and S&P Global Commodity Insights' Singapore Coking Coal Conference is in focus.

But first, crude oil traders will keep an eye on Chinese private refiners' growing urge to buy Russian crude at a heavy discount. The development comes at a time when pandemic-related restrictions are easing in China's Shandong province and there are signs of improving refining margins.

Independent refineries were willing to opt for spot crude imports from Russia, including ESPO and Urals. In April, independent refineries imported about 2.04 million metric tons of feedstock barrels from Russia that included mostly ESPO and fuel oil. However, state-owned refineries are adopting a cautious approach amid payment and shipping uncertainties due to the threat of sanctions.

In agriculture, grain markets will be closely tracking Australian wheat prices after India banned wheat exports last week to rein in domestic prices. India emerged as a major wheat exporter in marketing year 2021-22 as global supplies tightened after Russia's invasion of Ukraine. However, production concerns due to the heat wave coupled with logistics issues cast a shadow over India's export potential. With the Indian government restricting exports, traders expect export prices of Australian wheat to rise in the near term.

Staying with India, the country's coal demand is expected to remain high this week, which may support Indonesian coal prices. Market participants are looking at whether Indian buyers will continue to buy at prices higher than current levels. They also await the return of absent Chinese buyers to resume trading in full swing.

Moving on, China will release key metals and downstream output data this week. Steel production is expected to show robust growth in April. However, oversupply concerns linger as COVID-19 restrictions continue to weigh on steel demand. China's auto sales are also expected to pick up marginally in May from April, as domestic producers ramp up efforts to resume production. China's demand for battery metals will be facing challenges this month, as electric vehicle producers take time to reach full-production potential.

Meanwhile, the market is expecting South Korea's automobile data to show some weakness in April. This is due to a semiconductor chip supply shortage and a halt in China's auto parts production due to COVID-19 restrictions.

The industry will also closely watch US President Joe Biden's visit to South Korea and Japan this week. Market participants expect a multi-billion dollar investment announcement by a leading South Korean automaker for an electric vehicle plant in Georgia, US.

That brings us to our social media question for the week: By when will China's steel demand start improving? Share your thoughts on Twitter and LinkedIn.

And finally, in coking coal, the spotlight will be on the Singapore Coking Coal Conference organized by S&P Global from May 19th till the 20th. Some of the key items on the agenda includes, tightening met coal supplies in the wake of global uncertainty and strong price environment, China's demand cues and the risks associated with carbon emissions.

Thanks for kicking off your Monday with us. Have a great week ahead!