Indonesian biodiesel exports continued rising in September, hitting their highest levels since August 2019.
Biodiesel sales rose to 86,000t in September, edging out August's three-year record high by 3,000t after feedstock palm oil's discount to gasoil dropped to nearly $250/t, its lowest level since Argus records began in March 2010.
January-September exports of 315,000t are more than double that of volumes in the year-earlier period. It also marked the highest level since 2019 when 1.04mn t was shipped before the EU imposed 8-18pc anti-subsidy duties.
China was the biggest buyer in the first three quarters this year, taking 173,000t. This was followed by the Netherlands with 69,000t and the Philippines with 24,000t.
High palm stock levels entering the peak harvest season have weighed on prices. But biodiesel has also been one of the only vegetable oil-based products that have been exempt from suffocating export restrictions this year, so many vertically-integrated producers have been offloading stocks at cheap prices to generate cashflow.
But used cooking oil sales have been subject to stringent requirements and are consequently down by 40pc on the year for the first nine months of this year at nearly 155,000t.
Malaysia and the Netherlands have been the main destinations, buying 57,000t and 16,000t, respectively.
| Indonesia biofuels, feedstocks exports | (t) | |||||||
| Sep '22 | Aug '22 | % ± m-o-m | Sep '21 | % ±y-o-y | Jan-Sep 22 | Jan-Sep 21 | % ± y-o-y | |
| Exports | ||||||||
| Biodiesel | 85,822 | 83,021 | 3.37 | 11,000 | 680.20 | 314,707 | 140,829 | 123.47 |
| UCO | 26,447 | 16,100 | 64.27 | 26,651 | -0.77 | 154,495 | 256,213 | -39.70 |
| Source: GTT | ||||||||
