On this week's S&P Global Commodity Insights' Market Movers Asia with Shikha Singh, Editor, Agriculture News:
*Easing COVID-19 restrictions in China could see revival of domestic oil demand
*Spotlight is on China's steel trade data
*Return of seaborne demand from China is likely to lend support to Indonesian thermal coal prices
*Focus remains on Australia's wheat harvest, easing prices
This week, global energy markets will be closely watching if easing COVID-19 restrictions in China could result in a revival of domestic demand.
Authorities in Guangzhou, the capital of Guangdong province, have announced a scaling back of most movement controls. This could signal that China -- Asia's biggest oil consumer – is preparing for a full reopening.
S&P Global Commodity Insights revised down its estimate for China's Q4 oil, gasoil and gasoline demand in November. Earlier indications that a further downward revision could be made in December are now on hold.
In metals, China will release key steel trade data this week, giving insights into how the country's exports and imports fared at a time of weak global and domestic demand.
Finished steel exports are expected to have remained low in November -- a trend which could continue into the first quarter of 2023.
In thermal coal, the return of seaborne demand from China after a two-week lull is likely to lend support to Indonesian thermal coal prices.
In agriculture, markets are awaiting the release of the USDA's World Agricultural Supply and Demand Estimates report due later this week.
Focus remains on Australia's wheat harvest, which is expected to gather pace over the next two weeks. Any improved prospect in the harvest could ease global wheat supply tightness and prices.
Platts-assessed Australian wheat prices are already under pressure as better-than-expected protein levels signal more availability of milling wheat.
I'm Shikha Singh. Thanks for kicking off your Monday with S&P Global Commodity Insights.