Europe biodiesel soars again after CBOT recovery

16 April 2008 16:49  [Source: ICIS news]

LONDON (ICIS news)--European biodiesel values have soared $150/tonne (€95/tonne) during the past two weeks on rising costs, buyers and sellers said on Wednesday, following a sharp slump in the wake of losses on the Chicago Board of Trade (CBOT).

Main grade FAME (fatty acid methyl ester) 0 led the the rebound with expectations that numbers would continue to firm.

Prices had fallen at least $50/tonne in late March, taking levels to the low $1,200s/tonne FOB (free on board) Rotterdam.

However, rising feedstock costs as well as a recovery across CBOT resulted in values being able to claw back to about $1,375-1,385/tonne FOB Rdam, according to global chemical market intelligence service ICIS pricing.

Sellers viewed the recent loss as a momentary blip and were confident that values would soon breach $1,400/tonne FOB Rdam.

($1 = €0.63)

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By: Fiona Bond
+44 20 8652 3214

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