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Watch: Market Movers Asia, Sept. 19-23: Asian refiners await impact of G7’s price cap on Russian crude

On this week's S&P Global Commodity Insights' Market Movers Asia with Samyak Pandey, Editor, Agriculture News:

*Asian refiners are keeping a close eye on the impact of the G7's price cap on Russian crude

*Discount for methane collection and renewable energy carbon credits in China's voluntary carbon market increases

*Festival demand, low prices set to drive India's soybean oil imports

*China's aluminum smelters continue to face disruption

Related blog: Fuel for Thought: G7 price cap on Russian oil hangs on Asia's ability to squeeze Russia

View Full Transcript

This week, Asian refiners are keeping a close eye on the impact of the G7's price cap on Russian crude.

Refiners surveyed by S&P Global Commodity Insights anticipate the cap to be set at around $48/b-$55/b.

China's independent refiners remain receptive to any potential opportunity to buy Russian crude at lower prices as long-haul shipments have been costly, and Russian crude price differentials to Dubai crude have been trending higher.

The discount for methane collection and renewable energy carbon credits in China's voluntary carbon market has become more pronounced over the last few weeks, touching $2/mtCO2e for Chinese credits.

In agriculture, festival demand and lower global prices are expected to drive India's soybean oil imports in the coming months.

Soybean oil will compete with palm oil for the Indian market as Indonesia has further lowered its export tax on palm oil until end-September.

In China, upcoming mandatory winter output cuts are being closely watched by steel markets. Initial estimates are for no large-scale cuts that could potentially lead to oversupply.

Aluminum markets in China continue to face disruptions as leading smelters are forced to reduce output due to hydropower shortages. Production cuts could slow alumina demand and weigh on prices.

I'm Samyak Pandey. Thanks for kicking off your Monday with S&P Global Commodity Insights.