New Price Assessment for UCO and UCOME Imported from China to EuropeThursday, March 1, 2018
UK-headquartered commodity news and price reporting agency Argus launched new price assessments on February 2 for used cooking oil (UCO) and UCO methyl ester (UCOME) imported from China to Europe, according to ofimagazine.com. The launch came as a response to growing imports of relatively cheap Chinese UCO and UCOME to feed Europe’s biodiesel industry, which was increasingly moving towards producing second generation biodiesel derived from waste materials, Argus said.
The new assessments reflected the market prices of UCO and UCOME shipped to Europe from Shanghai, Suzhou and Huangpu in China and were calculated using a “market-appropriate methodology” that complied with Iosco Principles for Price Reporting Agencies, Argus added.
European imports of UCO grew 500% to 42,000 MT between January and October 2017 from the 7,000 MT a year earlier. Likewise, UCOME imports had grown from 8,000 MT in 2015 to 36,000 MT in 2016 and finally 150,000 MT by October 2017, marking a 1,775% increase in only 2 years.