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Commodities Focus

S&P Global Energy

S&P Global Energy analysis of key news and pricing issues from across the global shipping, natural gas, power, petrochemicals, agriculture and coal markets.

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Yesterday · 20 min
El Niño and agriculture: Shrimp markets face uncertainty over crop quality, feed prices
The ongoing El Niño is reshaping global seafood markets by warming Pacific waters and disrupting rainfall, currents, and nutrient flows. Shrimp producers face disease risks, salinity fluctuations, flooding, drought, and elevated feed costs, which pressure output and margins. In Peru, warmer seas can push anchovy stocks deeper or farther offshore, curbing catches and fishmeal production. Reduced fishmeal availability raises feed prices, affecting shrimp supply, trade flows, and profitability worldwide. In the second episode of a four-part podcast series on El Niño and its impact on key agricultural commodities, host Asim Anand is joined by Platts price reporters Elvis John and Mariana Farhat, alongside news editor Sayona Anna John. Together, they discuss how El Niño is affecting shrimp trade and pricing, and how markets are adjusting to the weather disruptions.
Thursday · 22 min
Why food inflation is no longer just about supply and demand
The next phase of food inflation may be determined as much by energy policy and geopolitics as by crop yields. In this episode of Platts Commodities Focus podcast, the S&P Global Energy news team explores the structural forces reshaping agricultural markets, from tightening global beef supplies and rising biofuel demand to trade tensions between Washington and Beijing and the growing threat of El Niño. Join Aditya Kondalamahanty, senior editor, agriculture and food, Sampad Nandy, editor, grains and oilseeds, Sayona anna John, editor, protein markets, and Samyak Pandey, senior editor, oilseeds and biofuels markets, as they discuss the intersection of energy policy, weather volatility, and geopolitical conflict with food supply chains, and the implications for consumers, traders and policymakers in the coming year.
July 24 · 22 min
El Nino and agriculture: How are Asian rice markets navigating the weather risks?
The National Oceanic and Atmospheric Administration has forecast high chances of El Nino developing in 2026, potentially disrupting weather patterns worldwide. Renewed weather volatility driven by a strong El Nino is spotlighting supply security, price trends, and export flows across Asian rice markets. As demand for rice stays resilient, market participants are closely monitoring the risks from erratic monsoons, reduced water availability, and rising input costs in major producing countries. In the inaugural episode of a four-part podcast series on El Nino and its impact on key agricultural commodities, host Asim Anand is joined by Platts price reporters Ayushi Baloni and Muskan Aggarwal, alongside CERA Analyst Dipanshi Agarwal. Together, they discuss how El Nino is reshaping rice production, exports, and pricing across Asia.
July 20 · 15 min
Asian LNG under pressure: what comes next for prices amid the Middle East conflict?
Asian LNG markets are facing renewed pressure as the US–Iran conflict raises concerns over supply security and shipping through the Strait of Hormuz. With the initial price shock now absorbed, the focus is shifting to the next phase of the crisis: how the supply-demand balance is evolving and which market signals will drive price direction. Join Jaime Wong, commodity associate, APAC LNG pricing, Cindy Yeo, price reporter, Suyash Pande, senior price reporter, and James Taverner, executive director, global gas and LNG research, as they examine the market's initial response, the outlook for Asian LNG demand and supply, and what the evolving risk landscape could mean for spot and forward prices.
July 14 · 17 min
From Hormuz to Gulf ports: tracing a logistics shock through the poultry trade
The Middle East imports the majority of the chicken it consumes, with Brazil the dominant origin and most cargo routed through the Strait of Hormuz to Gulf ports. When that route was effectively disrupted in early March 2026, the Platts CIF Middle East chicken breast assessment moved from $2,320 a tonne in early February to a peak of $3,150 by mid-April — a 36% increase over eight weeks, driven by freight and routing costs rather than any change in supply or demand. This episode traces how that shock travelled through the container freight market, through the poultry benchmark itself, and into a slower-moving story around Brazilian feed and fertilizer costs that could feed back into Middle East import prices in the seasons ahead. Karan Dadure, associate price reporter covering Middle East poultry markets at S&P Global Energy, joins Arif Islam, Platts price reporter covering shipping freight across the Europe, Middle East, Africa region, and Magdalena Michalik, principal analyst for European proteins at S&P Global Energy, to discuss how the disruption about the Strait of Hormuz repriced Middle East chicken imports, the freight cost dynamics that drove it, and the slower-moving feed and fertilizer story that could shape Brazilian poultry export prices into the 2026-27 season.
July 13 · 18 min
India's carbon market: from design to implementation
India's emerging compliance carbon market under the Carbon Credit Trading Scheme (CCTS) is moving into its early implementation phase, with an intensity-based design that sets operational-level obligations for emission-intensive sectors. The scheme is expected to influence industrial planning, capital allocation, and trade competitiveness. The stakeholders need clarity on how the market will work in practice, what signals it will send on carbon pricing, and how credible emissions accounting will support trust and investment. Vipul Garg, Platts senior price reporter, environmental markets at S&P Global Energy, joins Prabhoda Acharya, Chief Sustainability Officer at JSW Group, one of India's largest industrial conglomerates, with its major entities -- JSW Steel and JSW Cement -- expected to participate in India's emerging carbon market framework and Anirudh Iyer, Platts senior carbon price reporter to discuss the role of strong Monitoring, Reporting and Verification (MRV) and liquidity for market functioning, near-term implementation challenges, genuine emissions reduction through Europe's Carbon Border Adjustment Mechanism (CBAM) and Article 6 mechanisms.
June 17 · 16 min
India's corporate renewable sourcing: Are IRECs losing ground to VPPAs amid growing demand?
India's corporate renewable energy market is entering a new phase. While International Renewable Energy Certificates still lead the way for buyers seeking flexibility, simplicity, and cost-effective compliance, larger corporates are increasingly exploring Virtual Power Purchase Agreements, financial contracts that allow procurement of renewable energy attributes without taking physical delivery of the power. In a structurally oversupplied Indian I-REC market, rising issuance, cyclical demand, and price sensitivity continue to shape procurement strategies. Vipul Garg, Platts senior price reporter, environmental markets at S&P Global Energy, joins Utsab Sil Roy, head of operations at Climate Cred, an environmental solutions company that helps businesses measure, report and offset their greenhouse gas emissions, and Ahmad Afiq, Platts senior I-RECs price reporter, to discuss pricing trends, growing corporate demand, India's energy procurement mix and government policies.
May 27 · 29 min
India's renewable hydrogen projects face cost, delay risks from global conflicts
India has established a strong foothold in the emerging clean fuels industry, leveraging its low-cost renewable energy resources to position itself as a competitively priced producer of renewable hydrogen and ammonia for both domestic industrial use and large-scale exports to buyers seeking to secure future supplies of low-carbon fuels. However, recent geopolitical tensions, particularly in the Middle East, have disrupted supply chains and pushed up costs, posing risks to project timelines and cost estimates. Despite these near-term challenges, India's long-term outlook remains robust, supported by the global shift from conventional fuels, an emphasis on energy security, and net-zero targets across major economies that are expected to drive future trade in renewable fuels. Ruchira Singh, Editor—Energy Transition at S&P Global Energy joins Nishaanth Balashanmugam, CEO and Director of GH2 India--a trade body focused on accelerating renewable hydrogen in the country--and Vipul Garg, Senior Hydrogen Price Reporter at S&P Global Energy, to discuss the factors shaping the sector, including the evolving business environment, regulatory landscape, and emerging markets for renewable hydrogen.
May 19 · 16 min
Global wheat markets on edge as war, weather, and fertilizer shocks drive new rally
Global wheat prices have been rising since the Middle East war began in late February. Geopolitical tensions, higher fertilizer costs, and mounting weather risks in North America, and a potential El Niño in Australia are all in focus. At the same time, Black Sea new-crop wheat is competing with Australian origin in Asia, while strong crop prospects in the Middle East and North Africa are reshaping expectations for trade flows and demand. Join Maham Quadri, associate price reporter, North America, Vivien Tang, senior price reporter covering APAC, and Vivian Iroanya, senior price reporter for Europe, Middle East & Africa, as they talk to Pierre Cera-Huelva, global wheat analyst and head of EU crops research, to discuss how demand and trade flows will adjust in the months ahead.
May 15 · 18 min
Copper markets react to high sulfuric acid prices, Middle East conflict
Copper TC/RCs have plunged 89% since January, hitting record lows as concentrate supply tightens and demand stays firm. At the same time, the Middle East war has driven sulfuric acid prices – an important by-product for copper production - up 156% since mid-March, supporting copper smelters to maintain production, and exposing copper's growing vulnerability to geopolitical shocks. Join Ruilin Wang, associate director of nonferrous market, Yuya Pan, senior principal analyst of sulphur & phosphate raw materials at S&P Global CERA, Lu Han, senior editor of nonferrous, and Mok YuenCheng, senior manager at S&P Global Energy, in a discussion on the evolving copper and sulphur markets.
April 16 · 12 min
Mounting risks for global beef prices: what's driving market uncertainty?
Global beef prices are rising, with multiple record highs recorded for beef from Australia and Brazil, as well as in the US lean trimmings import market during the first quarter. Although strong US demand has supported the market, the global beef industry is facing challenges related to quotas and geopolitical risks. In this podcast, we will shed light on the increasing risks affecting the beef trade. Join S&P Global Energy's Edward Low and Chow Yuh Nien, price reporters for agriculture and food pricing, along with Jack Mullumby, senior principal analyst for APAC proteins, as they discuss the robust global beef prices and the emerging risks to international trade.
April 15 · 12 min
India's solar market faces export hurdles, pivots to domestic power
The Indian solar market has grown considerably over the past decade as the country continues to invest in its module and cell manufacturing capacities. However, the recent imposition of additional duties by the country's largest export market – the US – has restricted India's export opportunities. In response, the Indian solar industry is increasingly redirecting their efforts towards the domestic market, while simultaneously exploring new international prospects. Join Lena Dias Martins, associate price reporter at S&P Global Energy, price reporter Srija Basu Roy, associate price reporter Aditya Saroha and Jessica Jin principal analyst of clean technologies and supply chains at S&P Global Horizons in a discussion on the evolving Indian solar market.
April 6 · 25 min
In the fast-growing Brazilian I-RECs market, what challenges and opportunities lie ahead?
With one of the world's largest shares of renewables in its energy generation mix, Brazil offers opportunities for companies in the country seeking to reduce their emissions. In this episode, we discuss how the country has developed a large supply of International Renewable Energy Certificates, or I-RECs, and which challenges came with it. Join Felipe Peroni, associate price reporter at S&P Global Energy, Fernando Lopes, director of Totum Institute, and Vittoria Morini, Americas Renewables Manager at S&P Global Energy, in a discussion about the Brazilian energy transition.
March 24 · 11 min
Unpacking the global poultry price flip: Why are chicken legs now pricier than breast meat?
For the first time since Platts began tracking these markets, frozen boneless chicken legs shipped to North Asia are priced higher than skinless boneless breast meat destined for the Middle East. This shift highlights changing demand and supply dynamics in the global poultry market. The podcast explores the impact of bird flu, supply chain disruptions, and how producers like Brazil are adapting to consumer preferences. Join S&P Global Energy's Graham Style, price reporter for agriculture and food (EMEA), Rubashiny Veeramohan, associate price reporter for agriculture and food (APAC), and Jessie Khor, principal analyst for Proteins, as they discuss how global events and shifting demand are reshaping the poultry landscape.
March 18 · 32 min
Decarbonizing India's industrial, power sectors: challenges and roadmaps
India's greenhouse gas emissions in the hard-to-abate and power sectors are expected to rise in the decades to come, necessitating an examination of strategies deployed for energy transition in these crucial segments. Though steps have been initiated to help reduce emissions, a bespoke, sector-specific decarbonization roadmap over a multi-year timeframe can help guide this journey. Join Amit Sharma, managing director & chief executive officer at Tata Consulting Engineers, Ashish Singla, director for South Asia power and renewables research at S&P Global Energy and Ruchira Singh, editor, energy transition at S&P Global Energy, in a discussion about the requirements for India's industrial decarbonization.
March 17 · 15 min
Asian MTBE arbitrage flows wrecked by Middle East conflict
Asian flows of MTBE to arbitrage markets in Europe and Latin America have come to an abrupt halt after the start of the US-Iran war. Through early 2026, Chinese MTBE producers were able to overcome muted blending demand around Singapore by pushing their production to hungry buyers in Europe as well as Latin America. With the European summer driving season on the horizon, Asian MTBE producers were eyeing growing demand over the next few months. The podcast dissects and discusses how the initial flows have stalled and what lies ahead for producers in China and Southeast Asia as well as buyers in Europe and Latin America. Join S&P Global Energy's Pankaj Rao, senior price reporter, chemicals, Baran Serdaroglu, price reporter, chemicals Europe, Leo Engels, price reporter Americas and Felipe Perez, lead Latin American fuels and refining, in a discussion about the impact of the ongoing conflict on product flows and on retail prices for gasoline.
February 13 · 12 min
US aluminum market digests tariff-induced volatility at Platts Symposium
In this episode of the Commodities Focus Podcast by S&P Global Energy, host Tina Allagh, lead specialist for nonferrous metals pricing, is joined by senior nonferrous price reporter Colleen Ferguson, metals news reporter Anthony Rizkala and principal aluminum analyst Karen Norton to review the key industry and pricing takeaways from the Miami symposium Feb. 1-3. How has the current macroeconomic backdrop, with 50% import duties in place since June, impacted sentiment within the domestic aluminum industry? What does the demand environment look like after the removal of electric vehicle incentives and the rise of data center construction? Within the physical aluminum market, what does spot activity look like as existing stocks continue to dwindle? From current market drivers to the year's forecasted supply and demand balance globally, this episode explores the numerous uncertainties weighing on US aluminum trade. Related link: Specification Guide: Global Nonferrous Metals: global_nonferrous.pdf
Dec 24, 2025 · 26 min
How are global shrimp exporters navigating the US import tariffs?
The US import tariffs for shrimp are redefining cost structures and market access for major suppliers. As the American buyers restructure and rebalance their origin portfolio, major suppliers, India and Ecuador, are dealing with the domino effect. The podcast discusses how the tariff frictions could reorder global trade flows and influence farmgate pricing and stocking decisions in India and Ecuador. Join S&P Global Energy's Asim Anand, manager, agriculture & food pricing, Max Bouratoglou, principal analyst, Proteins, Elvis John and Felipe Peroni, price reporters for agriculture & food, in a discussion about the intricacies of the global shrimp trade amid these tariffs.
Nov 13, 2025 · 24 min
India, Pakistan jostle over exclusive rights for basmati rice
The global demand for basmati rice has been rising, especially in the Middle East and the EU. As a result, the competition to sell this long-grain variety has intensified in recent years. The world's biggest Basmati suppliers -- India and Pakistan -- claim proprietary ownership over this long-grain Asian indica rice. In this podcast, we will shine some light on the fundamental issues in the basmati trade and the way forward for the two South Asian countries. Join S&P Global Commodity Insights' Asim Anand, manager, agriculture & food pricing, Dipanshi Agarwal, principal analyst, APAC crops, Ayushi Baloni and Namarita Kathait, associate price reporters for agriculture & food, in a discussion about the intricacies of the global basmati trade and why it has become a source of disagreement between India and Pakistan.
Nov 5, 2025 · 22 min
Asia's coal transition dilemma amid renewable energy push
The energy landscape in Asia has been evolving in recent years. With a global push towards renewable energy, the longstanding dependence of many Asian countries on coal comes into the limelight. The discussions surround critical questions about whether these nations will be able to transition from primarily fossil fuel-based to a more clean-powered energy, especially at a time when major coal consumers India and China are trying to increase their self-reliance on coal. Join Andre Lambine, associate director, lead APAC short-term power and renewables research, Tanya Jain, associate price reporter for thermal coal and Anirudh Iyer, senior price reporter for energy transition as they speak to Vaibhav Chakraborty, senior price reporter for thermal coal about the ups and downs of achieving energy stability in Asian countries.

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