In this week's Market Movers Asia with Divya Shah:
- Indian buyers may look for alternatives to Urals’ crude
- China’s steel trade data in focus
- Japan awaits launch of GX-ETS
- Rainfall likely to weigh on Asian thermal coal demand
- Malaysian palm oil output expected to rise
This week, Indian refiners may start looking to increase their spot purchases of ESPO Blend crude oil from the Far East, as Russia’s voluntary output cut of 500,000 b/d this month may hit supplies of India’s most preferred Urals crude.
China will release its key steel trade data for July, where exports are expected to decline slightly from June’s level. The downtrend in exports is expected to continue in August as well.
Japan’s carbon market players will be preparing for some trading platforms, which are set to be launched soon, launched soon, including Japan's national carbon marketplace, GX-ETX.
In Asian thermal coal, severe rainfall across some parts of the region are likely to weigh on demand as power consumption is expected to ease. This is expected to keep coal prices rangebound.
Malaysia, the second largest producer of palm oil in the world, may report an uptick of 8-10% in production in July leading to an increase in ending stocks for the month, according to an survey by S&P Global Commodity Insights.
Australian barley exporters will be in high spirits following China's announcement of scrapping the 80% import tariff from Sunday. The news is likely to support barley prices in the coming days.
I’m Divya Shah, thank you for kicking off your Monday with S&P Global Commodity Insights!