China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State Administration of Taxation said in an announcement on Friday November 15.
“Prices [are] going up, a lot of noise, Chinese [exporters] panic and want to load ships faster,” a Europe-based broker told Fastmarkets.
Market sources estimate a $100-150 per tonne price increase for Chinese UCO, which was last indicated in a range of $910-970 per tonne FOB depending on the quality specification.
Optional origin cargoes delivered to Europe on the CIF Amsterdam, Rotterdam, Antwerp (ARA) basis have followed the sentiment and firmed to $1,020 per tonne CIF ARA for South American UCO, while some sources reported offers surpassing the $1,200 per tonne levels.
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