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European HVO Class IV-II spread at an all-time high
European HVO Class IV-II spread at an all-time high
London, 22 April (Argus) — The northwest European HVO Class IV–II spread reached a record high of around $450/t on Tuesday, 21 April, up from $250/t a month prior, driven by scarce Class IV offers and growing expectations of compliance-driven demand. Hydrotreated vegetable oil (HVO) Class II is produced from used cooking oil (UCO), while Class IV is made from palm oil mill effluent (Pome). Under the EU Renewable Energy Directive (RED), the contribution of Class II — along with other biofuels made from Annex IX B feedstocks — is capped in meeting the transport renewable energy target, whereas Class IV is incentivised alongside biofuels made from Annex IX A feedstocks. Biofuels made from Annex IX feedstocks are double-counted toward mandate compliance in many member states. In practical terms, the spread widened because the Class IV premium to gasoil traded higher by $95/m³ on Tuesday's Argus Open Markets (AOM), while Class II only traded higher by $20/m³. Class IV firmed because of supply-side behaviour linked to regulatory expectations, with market participants attributing the move mainly to a scarcity of Class IV offers in the Amsterdam-Rotterdam-Antwerp (ARA) hub. Expectations that the Netherlands and Germany will abolish double-counting of Annex IX feedstocks from 2026 are likely to significantly boost HVO demand this year. As higher absolute amounts of biofuel would be required to meet greenhouse gas (GHG) reduction quotas, demand for drop-in fuels such as HVO is likely to rise. Those expectations strengthened following legislative developments in Germany and the Netherlands on Tuesday. The countries are among Europe's largest biofuels consumers. In Germany, implementation of the updated Renewable Energy Directive (RED III) has been added to the parliamentary agenda on Thursday , while in the Netherlands legislation amending the Environmental Management Act and the Excise Duty Act has been ratified . Both countries — along with France, Italy and Spain — missed the 21 May 2025 RED III implementation deadline . This had raised questions about whether higher RED III targets and the removal of double-counting would apply retroactively from 1 January 2026. Most market participants now expect the changes to proceed. In parallel, use of Pome in Germany had been under question, but it is now likely to be allowed for quota generation this year, with a ban anticipated from 2027. With UCO-based HVO capped, traders said demand could increasingly shift toward advanced grades such as Class IV, leaving scope for further widening in the Class IV–II spread. Beyond physical fundamentals, market structure may also be contributing to the spread widening. The Class IV increase follows last week's first trade in the Class IV paper contract. Historically, Class IV exposure has often been hedged using the Class II contract, according to participants, but traders said the newly-launched Class IV paper instrument could allow Class IV values to decouple more clearly from the Class II benchmark, supporting a wider spread. The third quarter Class IV/Class II spread traded at +$350/t ($2,060/t, $1,710/t) on 17 April, with post trade interest described as wide. Ice launched the Argus -settled contract on 7 April. Participants can trade the contract as an outright and as a differential to front-month gasoil. Additional support for Class IV could be coming from Indonesia, where the government said on Tuesday that fuel blenders will be required to submit plans for implementing a 50pc biodiesel–fossil diesel (B50) blending mandate from 1 July. Indonesia exports refined Pome oil to Europe and Asia-Pacific, although crude Pome exports have been restricted since January 2025 . The Argus Pome oil cif ARA price rose after the news, as Indonesia may re-direct more of its Pome supply toward its biodiesel production. By Evelina Lungu HVO Class IV-II spread $/t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Malaysia to raise biodiesel blend target to 15pc
Malaysia to raise biodiesel blend target to 15pc
Singapore, 17 April (Argus) — Malaysia will raise its biodiesel-fossil diesel blending target up to 15pc (B15) from the current B10, the country's economic affairs minister Akmal Nasir said this week. The country will first start with a B12 blend, which will use existing blending infrastructure without requiring additional investments, Nasir said. Malaysia's biodiesel production capacity for 2025 stands at 2.36mn t, while actual production for the year was less than half at 975,200t, he said. No timeline was laid out for a move towards the higher B15 blending target. The higher B12 blend ratio should start next month, a biodiesel producer said, adding that they were awaiting further details from blenders. Another already received a request to deliver higher volumes of biodiesel. Nasir visited PS Pipeline — a joint venture between Petronas Dagangan Berhad and Shell Malaysia Trading — at the Klang Valley Distribution Terminal earlier this week to ascertain the infrastructure's capability to store and distribute biodiesel blends. The government will also hold meetings with the oil industry technical committee to ensure implementation runs smoothly, Nasir said. Malaysia previously highlighted plans to upgrade depots in phases to supply biodiesel blends up to B20-30, under the 13th Malaysia plan released in July 2025, along with preparations for a B30 mandate for the commercial and public transport sectors. The Malaysian Biodiesel Association earlier this month urged the government to speed up rolling out higher biodiesel blends to strengthen energy security, in light of supply disruptions and price volatility for conventional fuels due to the ongoing war in the Middle East. By Malcolm Goh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil soy demand for biodiesel may rise by 72pc
Brazil soy demand for biodiesel may rise by 72pc
Sao Paulo, 16 April (Argus) — Demand for soybeans used to produce biodiesel in Brazil may increase by 72pc to 74mn metric tonnes (t) by 2035 on the back of slated gains in the country's biodiesel blending mandate, according to the soybean and corn producers' association of Mato Grosso state, Aprosoja-MT. Aprosoja-MT forecasts Brazil's biodiesel output will rise to 18mn t in 2035 from 10mn t in 2026, in large part due to the planned increase of the biodiesel blending mandate in the fuel of the future law to 24pc by 2035 from the current 15pc. Considering soybean oil represents around 70pc of the feedstocks used for biodiesel production in Brazil, according to hydrocarbons regulator ANP, demand for soy oil in 2035 would reach 12.3mn t. That means it would be necessary to crush 74mn t of soybeans to produce around 12.3mn t of oil by 2035 from 7.2mn t in 2025. Aprosoja-MT estimates Brazil's consumption of diesel, including biodiesel, of 1.4mn b/d in the 2026-35 period. In 2025, Brazil consumed an average 1.2mn b/d of diesel. The fuel of the future law establishes targets for the increase in biofuels blending in Brazil. It sets that the biodiesel blending mandate should grow by 1 percentage point/yr until 2030, which could be extended until 2035. But the increase of the blending mandate to 15pc from 14pc was delayed by six months in 2025, and the increase to 16pc — scheduled for March 2026 — has not been implemented yet because the government is still running the necessary feasibility tests . According to mines and energy ministry MME, the final report covering blends of 16-20pc is expected to be approved by late March 2027 if tests confirm these levels are feasible. That means the increase of the blending mandate to 16pc will have to wait at least until April 2027. Brazil's biodiesel demand is expected to reach 365,000 b/d in 2035, according to the association of vegetable oil industries Abiove. That would be more than double from 170,000 b/d in 2025, which reflected a 14.2pc average blending rate, according to ANP. Brazil's industrial sector would have to invest R52.2bn ($10.4bn) in new soybean crushers and biodiesel plants to be able to meet that demand, according to Abiove. By João Marinho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina inflation eases to 32.6pc in March
Argentina inflation eases to 32.6pc in March
Buenos Aires, 14 April (Argus) — Argentina's inflation continues stubbornly high, posting an annual rate of 32.6pc in March, although president Javier Milei's government maintains it will soon turn a corner. The consumer price index (CPI) was down from the 33.1pc recorded the previous month, according to the statistics institute, Indec, but still running well above the government forecast of 10.1pc for the year. It hit a cyclical low of 31.3pc in October 2025, falling from a high of an annual 292pc in April 2024 following a sharp devaluation of the peso currency in December 2023 that went hand in hand with shock fiscal reforms. Economy and finance minister Luis Caputo said Tuesday that inflation had peaked in March and would start declining quickly. He told a business summit hosted by the American Chamber of Commerce in Buenos Aires that the coming 18 months would be the best in Argentina's modern history. Annualized inflation was impacted by a 45.5pc increase in housing/utilities, 41pc in the hotels/restaurant category, 38.9pc in education, 36.6pc in communication and 36.2pc in transportation costs. Consumer prices rose by 3.4pc in March from the prior month, the highest for a single month since one year ago, when it was 3.7pc. Education was up 12.1pc for the month, while transportation was up by 4.1pc, housing/utilities by 3.7pc and recreation/culture up by 3.6pc. Inflation has been creeping up since falling to a monthly low of 1.5pc in May 2025. -By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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