China exports of UCO to all destinations from Jan-May increased by +85% Vs 2023 driven mostly by subsidy rich US Renewable demand. Proportions have not changed much except overall quantities. Singapore destination obfuscate fact that it really is a US plant generating RINs and therefore it should be considered a US destination. US and Singapore as a destination are now importing in total 200Kt per month of UCO or a 2.4 Mil MT yearly pace. This export trend from China hides a significant decrease in exports of Chinese Biodiesel product to Europe. Exports to Europe of Biodiesel (UCOME) have decreased 43% freeing up the equivalent quantity in UCO feedstock to go to US. The increased demand in Singapore for Chinese Biodiesel is driven by marine bunker demand.
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