European crude glycerine values lower on lengthy supply

28 November 2013 10:25 Source:ICIS News

LONDON (ICIS)--European spot crude glycerine values decreased this week, amid lengthy supply, according to sources late on Wednesday.

Prices were assessed at €220-320/tonne ($297-432/tonne) FD (free delivered) NWE (northwest Europe), down by €5-30/tonne from the previous week.

“People are under pressure to sell – there’s a lot of pressure on the market,” one source said.

“Demand for crude is quite low – everyone’s covered,” the source added.

“Everyone knows biodiesel is running well at the moment so buyers are holding out for lower prices...There is a large amount of crude on the market,” another source said.

Sources said that crude glycerine from Argentina is being exported to China, instead of Europe, as higher prices are achievable there, and suggested that Europe could also start exporting crude glycerine there in future.

($1 = €0.74)

By Sarah Trinder