China`s August biodiesel imports fall 29% on month to 82,595 mt
Source: www.chinamining.org Citation: Platts Date: September 25, 2014
China`s imports of biodiesel fell 29% month on month to 82,595 mt in August, latest Chinese Customs data released Wednesday showed. Imports from main supplier Indonesia fell 32% over the same period to 77,559 mt, while imports from smaller supplier Hong Kong rose 152% to 5,035 mt, the data showed.
Biodiesel market participants including traders in China and Southeast Asia and producers in Indonesia attributed the drop in Indonesian exports to the difficulty Chinese importers faced in securing letters of credit.
"It`s possible that vessels were at the port but the cargoes were not discharged," said a biodiesel trader, who added that a vessel he had fixed had moored at a port in South China for 10 days before the buyer was able to secure financing and offload the cargo.
A 10,000 mt palm methyl ester cargo that had been fixed to arrive in Guangzhou in early September was heard to have defaulted due to financing issues, a Chinese source close to the matter said.
"The independent importer failed to borrow cash to complete the deal due to the tightened risk management for commodities trading by [China`s] domestic banks," the source said.
China imported 590,777 mt of biodiesel over January-August, 95% or 562,608 mt of which was of Indonesian origin, the data showed.
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