This week, the focus will be on the outlook for Russian oil product flows, the tug-of-war between Europe and Asia for Middle Eastern crudes, and the emerging opportunities for alternate and cleaner fuels, as ministers, CEOs and policy makers attend the India Energy Week starting today.
In the three-day conference in the southern Indian city of Bengaluru, delegates will look for answers on the displaced Russian oil product volumes a day after the European ban became effective and discuss how Asian refiners can take advantage of the imminent European supply squeeze that could reap lofty margins.
In steel, major Japanese steelmakers are expected to release their production forecasts for 2023 this week.
With Chinese migrant workers returning to work from Feb. 5 after the Lunar New Year break, the focus will be on the construction sector activity that's crucial for determining steel demand.
New home construction in China may remain under pressure this spring until fresh government stimulus is announced.
In commodities, India is expected to release 3 million mt wheat from government inventories over the next two months to rein in rising domestic prices.
India banned wheat exports in May '22. A bumper harvest this year may prompt the government to consider lifting the ban.
In thermal coal, China is expected to pick up procurement activity this week after holidays, however, the gap between buyer and seller expectations remains wide following steep price increases last year.
The market will monitor Indian power plants' appetite for summer stockpiling as Asian seaborne coal prices cool off.
I'm Ashna Mishra.
Thanks for kicking off your Monday with S&P Global Commodity Insights.