These flows may have been booked in advance, as sources in Asia continue to report a poor export market. When asked about lack of spot activity, a source said 'a lot of big imports direct from China,' primarily of UCOME, which a second source agreed with. The use of UCO is incentivized by the 2018 Renewable Energy Directive, as UCO is included as an Annex IX B feedstock, which allows member states to consider biofuels made from UCO for double counting towards mandates.Įuropean market participants also identified imports of UCOME and feedstocks from Asia en route as contributing to low current demand. UCO is a feedstock for several bio-products in Europe, including the biodiesel UCOME, HVO or renewable diesel, sustainable aviation fuel, and bio-propane. 'With prices still going down, even when I show offers below the market, buyers are not interested.' Recently, sources have noted a very quiet UCO market amid buying weakness. While hydrogen was assessed at $2,655.25/mt March 23, up around $74.14/mt on the previous day and lower by $43.72/mt from the previous week.

Platts assessed used cooking oil (UCO) at $1,114/mt March 23, which has been stable since March 14 where it fell from $1,145/mt on March 13. While ICE LSGO front-month prices have closed the month near flat, biodiesel prices fell, narrowing premiums over gasoil for FAME 0 FOB ARA by $293.25/mt to $245.25/mt on the month to March 23, RME by $336.25/mt to $296.50/mt, and UCOME by $332.25/mt to $430.75/mt.Įuropean biodiesel volatility has been linked to low diesel demand throughout the winter, as well as responses to macroeconomic uncertainty after the collapse of SVB bank in the US.įeedstock prices have not reacted as quickly to weaker biofuel demand, but poor demand may start to sink through as traders and brokers have reported weak demand for UCO since the beginning of the year. The wide premium to conventional propane was a disincentive to demand, sources said. This was up from $2,583.25/mt or a $2,066/mt premium from the previous day but down from a $2,087/mt premium from the previous week. Platts, a part of S&P Global Commodity Insights assessed the bio-propane market at $2,610.50/mt or a $2,082/mt premium to the conventional CIF NWE large cargo assessment on March 23. Receive daily email alerts, subscriber notes & personalize your experience.

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