バイオ燃料と原料
概要
アーガスのバイオ燃料ソリューションは、原燃料から最終燃料まで、世界の再生可能燃料サプライチェーン全体にわたる詳細な価格と市場分析を提供し、地域のバイオディーゼル、エタノール、原燃料市場などに関する価格と重要な洞察を提供します。
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India exports more ethanol to Africa to manage surplus
India exports more ethanol to Africa to manage surplus
Mumbai, 20 July (Argus) — Indian ethanol producers are targeting alternative markets including domestic and African industrial buyers to draw down surplus stock after national oil companies bought less than expected for gasoline blending. India's ethanol surplus has worsened because private distillers increased production capacity on expectations of a more rapid rise in India's ethanol blending mandate. Many built dedicated ethanol plants, distilleries, storage facilities and logistics networks to meet India's blending targets. Public sector banks have financed nearly 1 trillion rupees/yr ($10bn/yr) of investments in ethanol production and associated infrastructure, according to the oil ministry. National oil companies have maintained their national ethanol procurement levels, but the build out has caused the number of bids in tenders issued by oil marketing companies (OMCs) to exceed national fuel requirements, so oil companies have significantly reduced quotas from individual facilities. For individual distilleries, this has resulted in losses after significant investment in ethanol plant expansions, a Delhi-based ethanol producer said. VINP Distilleries and Sugars, a dedicated ethanol plant in Karnataka that which sells fuel ethanol exclusively to state-run OMCs under contract, filed a lawsuit in late 2025 after its ethanol production quota was reduced by 58pc from its bid of 93mn litres to 39mn litres after OMCs issued a tender for 10.5bn litres for Ethanol Supply Year (ESY) of 2025–26. The Karnataka High Court on 16 June ruled in favour of VINP Distilleries and ordered OMCs to honour their contractual agreements. But the Supreme Court of India has stayed this order after an appeal by state-run Bharat Petroleum (BPCL). Producers are now relying on sales in the spot market. This includes targeting domestic industrial-grade buyers who had bought less US imports than usual because of higher prices. Argus assessed delivered ethanol cfr Mumbai prices at close to a two-year high of $830/t in early May, while US prices also rose sharply on the back of the announcement of record-high domestic blend targets . Increased freight costs due to the outbreak of the US-Iran war also supported higher prices on a cfr basis. But prices have cooled recently, mirroring declines in US ethanol prices. Argus -assessed Mumbai CFR was last priced at $720/t. Indian ethanol producers are left with limited avenues to sell their surplus product overseas. The government forbids the export of fuel ethanol produced from food crops, while Indian exports of undenatured bulk industrial ethanol remain uncompetitive in global markets due to the use of resource-intensive feedstocks such as sugarcane and maize. Turning to Africa African nations such as Ghana and the Ivory Coast are emerging destinations for Indian ethanol. The continent requires extra-neutral alcohol (ENA)-grade ethanol to sustain its beverage industry, as well as its cosmetics and pharmaceutical sectors. Flows from India this year have increased significantly from minimal volumes in previous years, a Karachi-based Pakistani trader said. These volumes are competing with Pakistani supply. Pakistani volumes to Africa increased since the European Commission suspended tariff-free access to Pakistan's ethanol exports to the 27-nation bloc on 20 June 2025. Traders have since also shifted their focus building new export markets in Asia such as South Korea and Japan. Shipments to Africa are sent in drums rather than bulk tanks because of limited opportunities to find return cargoes. Drums, once emptied, can be reused at the destination and are more economical. Offers for Indian ENA in ISO tanks delivered to the African coast are currently as low as $0.62/litre including the drum cost, a Ghana-based Indian ethanol trader said. Similar Pakistani ENA ISO tanks are priced around $0.80/litre. Karachi's ethanol shipments to Africa have been affected by the Middle East war, Pakistan's ethanol manufacturer Hunza Sugar Mills' head of trade Rizwan Hussain said, attributing higher drum rates to increased delivered ethanol prices. Pakistan has been unable to lower its prices to compete with Indian drums because it does not have an established polymers manufacturing industry and relies primarily on raw materials from the Middle East to produce drums. Supplies of these raw materials have been severely affected by the conflict in the Middle East. But cheaper Indian prices could be seasonal. OMCs are expected to issue their next major ethanol procurement tender in September. This, together with tightening supplies as the market moves into the off-season production period, is likely to support prices and divert supplies towards meeting domestic demand. This may make Pakistani ethanol more competitive, although the cyclical nature of pricing between India and Pakistan will repeat over time, Hussain said. Other Pakistani participants were also sceptical on whether this was a temporary phase or a lasting shift. India has been preparing to raise its fuel blending mandate through several policy developments. A potential higher mandate would enable better utilisation of domestic capacity and support ethanol prices for local producers. By Nikhil Sharma Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Thailand's Bangchak supplies SAF to Thai Airways
Thailand's Bangchak supplies SAF to Thai Airways
Singapore, 17 July (Argus) — Thailand's Bangchak supplied blended sustainable aviation fuel (SAF) to Thai Airways, used on a Bangkok-Singapore flight on 16 July. This also marked Bangchak's first SAF sale to an airline. The SAF was produced from Bangchak's Phra Khanong refinery, which came on line in mid-May with a 1mn litre/d (277,400t/yr) production capacity. The plant consumes used cooking oil (UCO) as its primary feedstock, and its production and supply system are certified under internationally-recognised International Sustainability and Carbon Certification (ISCC) Corsia and ISCC EU standards, Bangchak said on 16 July. The SAF was supplied via the pipeline system operated by Bangkok Fuel Pipeline and Logistics (BPT) to Thailand's Suvarnabhumi Airport. It was then delivered to the aviation fuel depot operated by Bangkok Aviation Fuel Services Public Company Limited (BAFS) at the airport, before entering the aircraft refuelling system under the same standards applied to conventional aviation fuel. Bangchak declined to reveal publicly the volumes supplied and the pricing basis which the deal was concluded against. Its refinery had previously shipped out its first SAF cargo in May to a term buyer in Europe, sold on an Argus -linked formula price. Around 9,500t of was SAF exported from Thailand in June, and possibly 10,000t in July, vessel-tracking data from Kpler show. No hydrotreated vegetable oil (HVO) exports have been recorded yet, as Thailand currently restricts HVO exports from the country. Thailand has a voluntary target of 0.5-1pc SAF usage on international routes this year, to rise in stages to 8pc in 2036. By Sarah Giam Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil soybean oil exports may exceed forecasts
Brazil soybean oil exports may exceed forecasts
Sao Paulo, 16 July (Argus) — Brazil's soybean oil exports may surpass projections made at the beginning of 2026, driven higher by rising international demand, a trend likely to bolster prices and inflate biodiesel production costs. Soybean oil shipments could total 2mn metric tonnes (t) in 2026, according to grain processing companies. That's above the 1.6mn t projection from Brazil's association of vegetable oil industries Abiove at the beginning of the year. Soybean oil dispatches in the first half of the year totaled 1mn t, according to data from trade ministry Mdic. Even with the prospect of higher than expected exports, the supply of soybean oil in Brazil's domestic market is expected to remain sufficient to meet requirements of its biodiesel and food sectors. But increased competition for the product is likely to reduce its availability and drive up prices. Soybean oil's profitability is fueling interest in exports. For vertically integrated companies — those that operate across different stages of the supply chain, from feedstock production to fuel manufacturing — it has been more advantageous to sell the oil on the international market than to use it for biodiesel production. Argus indicators highlight the price disparity. Last week, soybean oil traded, on average, at R5,958 ($1,170)/t at the port of Paranagua, while the average price of biodiesel contracts in the Parana–Santa Catarina region stood at R5,628/t. The same trend took place in Mato Grosso state, where soybean oil averaged R5,725/t, compared with biodiesel contracts of R5,405/t in the state's north and R5,551/t in the south. Soybean crushers are also struggling to negotiate soybean oil prices with biodiesel producers that are not vertically integrated or lack the capacity to fully meet their demand for the input. According to the sector, these plants are pushing for lower prices in their counter offers to purchase soybean oil, given the narrower margins on their bi-monthly biofuel supply contracts. Despite biodiesel plants' resistance to higher soybean oil prices, the sector remains the largest market for crushers. In 2025, approximately 6.7mn t — around 56pc of national soybean oil production — were used for biodiesel production, according to Argus estimates. Exports, meanwhile, totaled 1.3mn t during the same period, accounting for nearly 11pc of production, according to data from Abiove. International demand The increased international demand for Brazilian soybean oil comes amid a rise in the mandatory biodiesel blending in diesel in Indonesia and Malaysia, putting Brazil on the radar of vegetable oil buyers. In Indonesia, the biofuel blend in fossil fuel has increased to 50pc from 40pc, a measure likely to boost domestic palm oil consumption and reduce the product's supply on the international market. The increase in the blending mandate comes as Indonesian palm oil production is expected to begin a downward trend. Among the main challenges are aging trees, an insufficient replanting rate and declining yields. Malaysia, another major palm oil producer, is also considering raising the mandatory biodiesel blend in diesel to 50pc. The country is working toward the goal of gradually increasing the share of biofuel to 30pc by 2030 in land transportation. The mandatory blend now sits at 10pc nationwide, but some regions have already adopted a 20pc blend. By Natalia Dalle Cort Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
CMA CGM ends ethanol bunkering trials in Santos
CMA CGM ends ethanol bunkering trials in Santos
Sao Paulo, 14 July (Argus) — French shipping firm CMA CGM has completed a trial bunkering operation of 500t of ethanol at the port of Santos, marking the first ethanol bunkering of a containership in Brazil. The fuel was supplied by Brazilian sugar and ethanol producer Copersucar and used sugarcane as feedstock. It was delivered by the bunker supplier Bunker One to the 13,000 TEU CMA CGM Iron . The vessel will now test the fuel in its Everllence dual-fuel methanol-ethanol engine during a voyage calling at Paranaguá before continuing to Colombo, Sri Lanka. The companies have not set a timeline for additional ethanol bunkering operations in Santos or for repeating the trial. CMA CGM said it intends to continue expanding its renewable bunkering activities in Brazil. The shipping group expects to operate around 200 container vessels capable of running on low-carbon fuels, including methanol and ethanol, by 2031 as part of its decarbonization strategy. The Port Authority of Santos and terminal operator Santos Brasil, which is controlled by the CMA CGM Group, said they will continue efforts to expand the availability of renewable marine fuels at the port. The companies aim to strengthen Santos' position as a regional hub for maritime decarbonization and renewable bunkering in South America. By Gabriel Tassi Lara Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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