04 July 2013 10:43 [Source: ICIS news]
LONDON (ICIS)--Spot European crude glycerine values have increased on tight supply, according to ICIS data late on Wednesday.
Prices were assessed up on the lower end of the range by €50/tonne, to €350-400/tonne ($455-519/tonne) FD (free delivered) NWE (northwest Europe).
Fewer volumes of kosher genetically modified (GMO) crude glycerine are entering the European market from Argentina following the European Commission’s introduction of anti-dumping duties on biodiesel from the country, which has resulted in reduced domestic biodiesel production.
Furthermore, although rapeseed methyl ester (RME) demand in Europe has improved, sources said operating rates have not been high enough to significantly increase the supply of byproduct kosher non-GMO crude glycerine.
“There’s definitely tightness out there and refiners are buying, increasing the pressure on supply,” one source said.($1 = €0.77)
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