European Renewable Diesel prices were steady in the week to May 16, as the market still awaited the announcement of the anti-dumping investigation.
Platts, part of S&P Commodity Insights, assessed FOB ARA RD-A premium to ULSD at $832/mt, and the FOB ARA RD-B premium at $860/mt.
"The market is flat. Everybody is waiting on the anti-dumping investigation," a trader said.
An EU anti-dumping investigation into Chinese biodiesel and renewable diesel products has been underway, with no set timeline announced for a result. Trade liquidity thinned considerably due to the investigation, as rumors of retroactive tariffs being applied circulated in the market.
In broader biofuel news, crude oil refiner and renewable diesel producer Neste revised downwards its 2024 comparable sales margin guidance for Renewable Products.
The revised margin guidance is $480-$650/mt, cut from $600-$800/mt. This was due to declining diesel prices, as well as decreasing US ticket and credit pricing.
With Chinese imports hampered by anti-dumping probes, US conditions are likely to impact the renewable diesel market within Europe.
"100% of the HVO product into UK and Norway is from US," a trader said.
Upstream in the UCO market, prices also remained stable on the week, although sources indicated there was strong potential for future falls as supplies remained long in the European market.
Platts is part of S&P Global Commodity Insights.
~~Platts RD: RD-A: Spot, FOB ARA, 1kt, min 85% GHG savings, premium to ULSD, $832/mt corroborated 14:40:06.071 GMT
~~Platts RD: Spread between RD-A and RD-B heard close to parity 14:17:30.301 GMT
~~Platts RD: RD-B: Spot, FOB ARA, 1kt, min 85% GHG savings, premium to ICE Gasoil, offer at $635/cu m 14:16:58.053 GMT
~~Platts R.Diesel: RD-A: Spot, FOB ARA, 2.5kt, min 85% GHG savings, -15 CFPP, premium to ICE Gasoil, offer at $650/cbm 13:09:04.947 GMT
~~Platts RD: RD-A: Spot, FOB ARA, 1kt, min 85% GHG savings, premium to ICE Gasoil, traded at $650/cbm 14:39:25.158 GMT
~~Platts R.Diesel: RD-B: Spot, FOB ARA, 1kt, min 85% GHG savings, premium to ULSD, Ind. Value $870/mt 14:54:59.972 GMT
~~Platts R.Diesel: RD-A: Spot, FOB ARA, 1kt, min 85% GHG savings, premium to ULSD, Ind. Value $805/mt 14:54:55.640 GMT
~~ Platts RD: Correction: UCOME: June paper, 10 lots seen traded at $455/mt over ICE gasoil, via ICE blocks 10:58:06.818 GMT
~~ Platts RD: RD-B: Spot, FOB ARA, 1kt, min 85% GHG savings, premium to ICE Gasoil, Ind. Value $680-700/cbm 10:36:24.171 GMT
~~ Platts RD: RD-A: Spot, FOB ARA, 1kt, min 85% GHG savings, premium to ICE Gasoil, Ind. Value $630/cbm 10:36:17.394 GMT