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Watch: Market Movers Europe, Mar 22-26: Steel price hike, UK hydrogen strategy in the spotlight

In this week's highlights: European steel markets reach all time-highs, green hydrogen advocates lobby UK government for better representation, and dry bulk Panamax rates surge to near pre-financial crisis levels.

Aramco investor call, European pandemic resurgence in spotlight

Steel prices rally as market gripped by shortage

UK green hydrogen draws a blank

Atlantic grain traders eye arbitrage as freight surges

Also on Market Movers this week

China oil majors' 2020 results, 5-year plans in focus

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In this week's highlights: European steel markets reach all time-highs, green hydrogen advocates lobby UK government for better representation, and dry bulk Panamax rates surge to near pre-financial crisis levels.

But first, in oil, attention will turn to Saudi Aramco's call with investors on Monday after it published 2020 results on Sunday. The expectation is for the Saudi giant to rein in spending, guided by a cautious approach to the recovery in demand.

One issue for markets is what this means for Saudi spare capacity in the years to come when demand resurfaces above pre-COVID-19 levels in 2023, according to the latest predictions from the International Energy Agency.

And that takes us to our social media question for the week: Will Aramco slash spending on international projects and refocus on domestic production? Tweet us your thoughts using the hashtag #PlattsMM.

European steel markets continue facing severe material shortages, with mills reported struggling to secure volumes and protect supply chains in current circumstances.

Shortages have led to new price records, with Europe's biggest steelmaker ArcelorMittal increasing hot-rolled coils offers to 850 Euros ex-works Ruhr on March 18, the highest offer level heard in the product's history. Platts daily assessment of hot-rolled coil ex-works Ruhr is close to its all-time high from 2008 at 800 Euros as Platts assessed 795 Eur/mt on March 19.

In power markets, after the disastrous no-show in last week's industrial decarbonization competition, UK's green hydrogen advocates will be lobbying government for better representation in a formal hydrogen strategy, due soon.

Oil and gas concerns swept the board in the latest funding round, which favoured carbon capture and storage over electrolysis.

As our Dutch assessments show, a cost-plus calculation shows natural gas plus CCS-derived hydrogen is considerably cheaper today than green hydrogen from renewables and electrolysis.

BP was emboldened to detail plans for a 1 GW hydrogen production facility on Teesside, reforming natural gas and capturing the emissions.

In agriculture and shipping, grains traders across the Atlantic basin will be keeping a close eye on the arbitrage East this week as dry bulk Panamax time charter rates surge to near pre-financial crisis levels.

Widespread delays in both the harvest and planting seasons in Brazil have disrupted the usual seasonality of the grains freight markets. The traditionally slow Q1 has instead seen the usual fourth quarter heights in both level and activity.

Freight rates on the key Santos-to-Qingdao route settled above $55/mt - the highest rate in over a decade, further pushed by increasing bunker costs. Further upside is expected throughout April, as charterers seek out scarce scrubber-fitted ships to help minimize their freight costs.

For more on all the issues affecting commodity markets from wherever you are, make sure to check out Platts LIVE at the address displayed on your screen.

Thanks for kicking off your Monday with us and have a great week ahead!