- Platts cited Intertek as saying that Indonesia’s biodiesel exports fell by 49.5% to 29,602 tonnes in the 25 days of November compared with the same period in October. All of Indonesia’s biodiesel products were exported to China.

- In contrast, Malaysia’s biodiesel exports rose 20.7% to 28,300 tonnes in the 25 days of November compared with the same period in October. All of the cargoes were exported to the European Union.

- Bloomberg quoted an official from India’s Solvent Extractors’ Association a saying that India will probably decide on the revisions to the import duty on vegetable oils during the budget in February 2015.

- There is a possibility that India may raise the import duties on crude and refined palm oil products and cut the import duty on oilseeds to encourage buying of products such as rapeseed and sunflower seeds.

- Currently, India imposes a 2.5% import duty on crude vegetable oils and 10% import duty on refined vegetable oils.

- According to the executive director of Indonesian Palm Oil Association, consumption of biodiesel in the country may reach 1.8mil kilolitres (635,664 tonnes) this year.

- This is expected to be below the target of 3.3mil kilolitres (1.17mil tonnes) due to low crude oil prices and pricing issues. Biodiesel usage was 900,000 kilolitres (317,832 tonnes) in 2013.

- The executive director said that the Indonesia Government must set reference price to ensure that the producers can sell biodiesel above the production costs.

- Total domestic consumption of palm oil is estimated at 9.2mil tonnes this year while exports are forecasted at 21mil tonnes.

- In response to the above statement, the secretary general of Indonesia’s Agriculture Ministry said that the Government is committed towards the promotion of renewable energy like biodiesel. The target is to reach a 20% blending rate.

- Indonesia’s National Energy Council is discussing ways to support biodiesel demand. Options include a mandate for state-owned companies and creation of a captive market.  

Source: AmeSecurities