After the end of the Covid restrictions there, demand for domestic wine has picked up again in China, but the Chinese have not yet re-emerged as buyers on the world market.
The southern hemisphere has probably completed a largely below-average harvest. In Argentina, yields are expected to be 40-45% below the long-term average. The bulk wine market here is now officially on pause until the vintage change in June. From Australia it is said that many producers have cut red wine grapes on the ground instead of harvesting them.