Commodities Focus

As election fever grips the UK, this Commodities Focus podcast looks at the country's oil refineries as they grapple with the fast-changing process of energy transition, including shifting government targets, shrinking diesel demand, the rise of sustainable aviation fuel, and unrelenting competitive pressure from giant refiners around the world. In this new instalment of the Commodities Focus podc...

The expansion in the Indian steel manufacturing capacity comes at an opportune moment for the industry as the country has witnessed massive infrastructure projects like construction of national highways over the past few years. Now, with the general elections underway in the country and if the incumbent government comes back to power, the thrust on infrastructure would likely receive continued boo...

The rice markets in Asia have seen new trends emerging with Indonesia importing rice, and India putting restrictions on their rice exports. Ripple effects have been felt in other major growing rice growing countries such as Pakistan and Thailand. In this Commodities Focus episode, Elizabeth Thang , Managing Editor for Food and Agriculture is joined by three rice experts from S&P Global Commodity I...

As a UK general election looms, energy security and the transition to net-zero are high on the agenda. In this episode of the Commodities Focus podcast, our experts sift through the policy options, from windfall taxes to licensing bans, and discuss why they matter, not just for the UK, but for Europe and beyond. Nick Coleman, senior editor for oil news, is joined by Gethin Baker, senior technical...

Pressured by sub-$2/MMBtu prices, many US producers have decided to cut spending on gas-directed drilling and completion activity and to scale back production in 2024. But there are signs of price improvement along the futures curve in late 2024 and thereafter, due in part to the arrival of new LNG facilities, giving operators reason for optimism. In this episode, Jeremy Beaman, natural gas news e...

Red sea crisis has forced carriers and shippers alike to adjust strategies. Container freight rates not only reached yearly high after receding throughout 2023 but carriers also seized a profit making opportunity they were looking for after the post pandemic lull. The change in this dynamic has forced shippers to again look for alternatives in the hopes of making their supply chain more agile. S&P...

Lithium producers are pushing timelines out for project development in North America as global lithium prices sit near a three-year low after plunging from record levels in 2022. The change in sentiment has cooled off a red-hot market and cast doubt on the future of domestic lithium supply for North America's electric vehicles and other energy transition applications. S&P Global Commodity Insights...

Wheat prices have been on a largely downward trend since the start of 2024 despite lower production in key exporters, Canada and Australia, and continued logistics concerns due to the wars in the Black Sea and the Red Sea. Does this imply the weight of a larger global supply in the year ahead and that the markets have adapted to a new normal amidst geopolitical tensions? Or are there choppier wave...

The Asian copper market saw CIF China copper concentrate TC/RC fall by 65% in just three months' time, while smelters were still not able to find enough feedstocks to meet their production needs. As copper concentrate market changed from surplus to deficit and copper price is still hovering at $8100-$8500/mt level, our experts discuss what happened behind the price, share the outlook for copper co...

Following on from heavy winter storms in recent years that disrupted power supply across US regions, power markets managed a mid-January 2024 winter storm with elevated prices and a few demand records, but no large-scale power outages. S&P Global Commodity Insights reporters Mark Watson, Jared Anderson, Kassia Micek and Tom Tiernan discuss how grid operators are applying lessons learned from past...

Over the past 20 years, Brazil's growth in the production of feedstuffs like soybeans and corn has been remarkable. In the process, it has become a powerhouse exporter. To accomplish this, it took the convergence of Brazil modernizing its agricultural production and transportation systems along with the equally meteoric demand growth of a willing buyer, China.  S&P Global Commodity Insights' chief...

Asian aluminum markets continue to see lackluster demand and ample stocks pressuring premiums, though the sporadic reopening of the Chinese import arbitrage window is providing support across the region. Further upstream in the alumina markets, flat demand remains a drag on prices globally, but cost pressures and output curtailments are keeping significant declines at bay.   As the market looks at...

Chinese copper markets are showing signs of recovering from the slump that hit the industry in the second quarter pf this year. The clean concentrate spot TCs are declining on increased demand for cargoes and cathode import interest are improving on tighter spot supplies. As the market heads into negotiation season, YuenCheng Mok, Senior Managing Editor of nonferrous metals at S&P global Commodity...

With bearish fundamentals characterizing the global LNG market, what role will US exporters play for Europe this winter? Following the Russian invasion of Ukraine in early 2022 and subsequent decoupling between LNG and natural gas in Europe, the US has played an even larger role in the region's energy security.  Global LNG markets have changed dramatically over the past year, with the record price...

High density polyethylene product consumption and market behavior are key indicators for consumer spending. The US and major export outlet Asia are climbing out of a price slump created by HDPE oversupply, attractive cost margins and slow-to-recover demand. With about 1.5 million mt/year of North American ethane-advantaged capacity starting between September and Q1 2024, run rate discipline will b...

Draft reduction at the Neopanamax locks and limitations on daily transits at the Panamax lock system have resulted in longer wait times to transit the Panama Canal. Shipowners have been raising freight costs to seek reimbursement for higher transit and demurrage fees; lightering ships by offloading cargo before crossing; or rerouting ships via alternative but longer routes.  S&P Global Commodity I...

A sluggish start to the peak summer demand season has disrupted the global recycled PET markets, with subpar demand from beverage bottling in North America, squeezed margins, stiff competition from virgin resin and pessimism running rampant.   S&P Global Commodity Insights' Heng Hui, global market lead for sustainable chemicals, Lee Joon lei, associate editor for petrochemicals, Charlie Wright als...

US Henry Hub natural gas prices have averaged just $2.43/MMBtu this year, pushing many producers close to, or even below, their breakeven price. Mild weather and weak gas demand this past winter were largely to blame, triggering a selloff that dropped gas prices from historic highs. US gas producers were slow to respond to the selloff, however, and only recently cut rigs, slowed new well starts an...

It's been a rough couple of years for US corn and soybeans. 2022 brought drought, record-low Mississippi River water levels, and ultimately sky-high grains and oilseeds prices. The 2023 planting season was initially met with dry weather, causing concern of low yields come harvest time, but have conditions turned around since then and if not, what would that mean for prices and for domestic and exp...

A year after a historic short squeeze sent LME nickel metal prices soaring above $100,000/mt, industry players remain divided over their pricing preferences in the nickel market with some still referencing the LME, while Chinese market participants have largely moved to other alternatives such as sulfate-basis pricing and SHFE nickel.  Following the Indonesian government's announcement of its plan...

Up to two-thirds of North America is at an elevated risk of electricity shortfalls this summer in extreme conditions with a high load and high outages, according to the North American Electric Reliability Corporation. Conventional plants are retiring faster than the needed transmission and generation can be built, and there are questions about whether the natural gas system is up to the task of su...

China was among the last to lift COVID restrictions at the close of 2022, but its polymer exports remain elevated amid continued sluggish domestic demand, creating more global competition for limited pockets of demand. India has been a bright spot in the region given its demand, but not enough to fill the gap left by China. Those global flows continue to force US sellers and prices to compete as a...

Australia, one of the world's leading wheat exporters, has produced three bumper wheat harvests in a row, and with the prospect of an extension of the Black Sea grain corridor deal fading by the day, the country is emerging as a reliable wheat supplier to Asian markets. In this episode of the Commodities Focus podcast, S&P Global Commodity Insights agriculture news senior editor Asim Anand discuss...

From a dramatic shift in oil trade flows to a series of clean fuel policy reforms, India's energy sector has  been in the spotlight recently. With the country poised for massive growth in energy consumption, lawmakers and corporates are preparing for an energy future that will aim to strike a balance between traditional oil and gas businesses, while making greater inroads into hydrogen, biofuels a...

The issues impacting US power markets seem to be widespread and far-reaching lately. Since the Inflation Reduction Act was passed in August, it's really taken over discussions at energy conferences due to its far-reaching impacts. But US power markets are also facing reliability concerns from extreme weather events, transmission permitting and the interconnection queue backlog, and massive growth...