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In biodiesel, uncertainty about mandates can stall the market, with market participants questioning the future of double counting allowances for waste-based feedstocks and limits on the use of food-and-feed crops as feedstocks. 'The conversation around bio has died in the current climate, with everyone focused on costs instead,' a producer said. While interest by big brands to incorporate more sustainable feedstocks in their products has been on the rise, higher energy costs and inflation in recent months has curbed demand for relatively expensive bio-propylene. RTFCs provide subsidies for the UK transportation industry, for bio-propane's use as an autogas, however, its main use for heating across Europe has gained little traction across its main markets, including France or Germany, sources said.ĭemand for bio-propylene in Europe has been weighed down by its premium price slow demand for downstream bio-chemicals or bio-polymers. While producers may 'stand their ground' and await the petrochemical industry to pay such high premiums, downstream customers have seen little incentive to pay these high prices. The lack of subsidies across Europe has also deterred customers from paying the large premiums on bio-propane. With only a handful of bio-propane producers, and the large premiums against the propane complex, sources expect demand to remain subdued for the next several years. LPG distributors said stronger EU policies are needed to bolster bio-propane growth and increased incentivizes for producers in order to boost supply levels. Though recent volatility in the related feedstocks has been pushing and pulling the bio-propane premium, sources pointed to limited supply and lack of policies across Europe to disincentivize demand from conventional LPG players. 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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