Indonesia and Malaysia shipped 71,100 mt of PME to Europe in the period July 1-25, nearly treble the 24,000 mt shipped out during June 1-25, cargo surveyor ITS showed said Tuesday.
Of the total, 51,100 mt loaded at the Malaysian ports of Port Klang and Pasir Gudang, all of it bound for Europe. The remaining 20,000 mt loaded in Indonesia and was also destined for Europe.
Indonesian PME is usually blended in bonded tanks in Spain and re-exported, sources say, and officially does not enter Europe. Indonesian PME cannot enter Europe without paying stiff anti-dumping duties.
Malaysia exported 135,049 mt of PME in the first half of the year, Malaysian Palm Oil Board data show. In 2016, the country exported only 83,581 mt of PME.
PME shipments out of Southeast Asia have been on the rise during 2017, especially from Malaysia, after RED PME prices started to come down from highs of $840s/mt FOB Southeast Asia, according to S&P Global Platts assessments, in November and December.
As CPO production has rebounded this year, after a severe El Nino hit Southeast Asian palm oil production in 2016, PME prices have been falling and have attracted regular attention from European buyers.
