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Watch: Market Movers Asia, April 3-7 : China’s crude throughput to fall, risks to India’s wheat output in focus

  • Featuring
  • Preeti Bhagat
  • Commodity
  • Agriculture Energy Coal Oil Metals Shipping
  • Length
  • 01:29
In this week's Market Movers Asia with Preeti Bhagat:
• China's crude throughput to fall
• Low demand to weigh on Asian thermal coal prices
• India's wheat crop forecast may be cut
• India container rates to remain rangebound

View Full Transcript

This week, the focus will be on China's crude throughput, which is set to fall further in April as refineries enter maintenance season.

In April, a combined 680,000 b/d of capacity at state-owned refineries will be offline for scheduled maintenance, continuing a similar trend from March, S&P Global Commodity Insights data showed.

In thermal coal, lower-than-expected demand in Asia will likely keep prices rangebound.

Seeing high stockpiles in Europe, many cargoes from South Africa and the US are looking for potential buyers in Asia.

In Agriculture, global grain markets are keeping an eye on India's wheat output as recent rains are likely to have damaged the crop, which could lead to a reduction of 1 million - 2 million mt from the previous output estimate.

India's soybean oil imports are expected to fall in the coming days as traders hold onto stocks amid low domestic and international prices.

Over in shipping, Indian container rates to the US East Coast are expected to remain rangebound during the first half of April after carriers implemented the General Rate Increase on March 29.

Shippers are split on whether prior increases will stick in April, with the year-end demand surge now over.

I'm Preeti Bhagat, thank you for kicking off your Monday with S&P Global Commodity Insights.