China: UCO Export Tax Rebate Terminated
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On November 15, the People’s Republic of China (PRC) Ministry of Finance and the State Administration of Taxation announced that, effective December 1, the 13 percent export tax rebate for used cooking oil (UCO) under HS code 151800 would be eliminated. Consequently, FOB China UCO offers were withdrawn, and returned offers were priced at least $150/MT higher. This policy shift aims to redirect the bio-based diesel (BBD) industry from an export-focused model to a more domestic-oriented industry. Additionally, this change could create PRC export opportunities for sustainable aviation fuel (SAF), as the EU provisionally excluded SAF from proposed antidumping duties on July 19, 2024.
