China is the largest net importer of crude glycerine, and buyers there are dependent on the availability from the rest of the world. Although biodiesel production is relatively good on other continents, imports are currently very limited. From Brazil, most of the glycerine volumes are retained to put pressure on buyers and seek higher prices. From SEA, the palm complex is under pressure and margins for biodiesel remain limited, therefore the idea of B40 seems currently far fetched. From Europe, despite strong EUR vs USD, the current Chinese price level is making sense again compared to the local market, especially because local demand from refiners is quite depreciated. Therefore, this excess could help in a price stabilization for the coming weeks. Globally, crude glycerine imports for Jan-June 2020 are down 13% compared to 2019 (545.91 kt vs 630.94 kt).

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