◎Notice○Rim selling power tender data CD for fiscal year 2023
Rim Intelligence is selling the CD on power tender data for the fiscal year 2023 starting Jul 17. The CD willbe the year 2023 version of power tender data, which is highly regarded by the industry since the first issue
for the fiscal year 2014. The latest version is released only in Japanese and covers the tender results by public
institutions across Japan between April 2023 and March 2024. The 2023 CD elaborates on a combined 4,071
tenders (4,168 tenders in the 2022 CD) and makes year-on-year comparisons for 2,058 tenders (1,000 tenders
in the 2022 CD). For overseas customers outside of Japan, data in the CD will be emailed and payment canbe made in US dollars.
For application, please click:https://eng.rim-intelligence.co.jp/contents/info/powerDataCd2021eng.pdf○Rim to start price assessments for Japan’s domestic materials
From the May 16 issue, Rim Intelligence started price assessments of Japan’s domestic materials by six
regions including Hokkaido/Tohoku, Kanto-Koshinetsu, Hokuriku-Chubu, Kansai, Chugoku-Shikoku
and Kyushu-Okinawa. Prices for unused lumber and wood chips will be assessed.
◎RECX-22 index
The Rim Energy Composite Index 22 (RECX-22) focuses on energy products with a significant impact on
consumer prices and the economy. Please see the Market News section in the bottom part of this report tofind the historical trend of RECX-22.
------------------------------------------Introduction of Rim reports-----------------------------------------------Please access the URL below for a lineup of Rim reports. You can view sample reports as well as detailed
explanations on the contents:
https://eng.rim-intelligence.co.jp/r.eport/
Lineup:Bunker Oil

Crude/Condensate

Products

LPG

Petrochemicals

Polyolefins

Biomass (Weekly)

LNG

Power

Daily Data

Rim Data File

For inquiries on the above, please contact:
Tel: +81-3-3552-2411
Email: info@rim-intelligence.co.jp

Rim LPG
Biomass
Intelligence
WeeklyDaily
RimIntelligence☆RIM BIOMASS INTELLIGENCE WEEKLY★No.227 Sep 5 2024
Copyright(C) 2024 Rim Intelligence Co. All rights reserved.
--TOKYO, 10:00 JST Sep 5 2024<Assessment Closing Time>RIM INTELLIGENCE

BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Wood Pellets( $/mt)○FOB Southeast Asia Spot Prices for South Korea
Wood Pellets
100.00-110.00
100.00-110.00
100.00-110.00

Yen/mt14,640-16,104
14,640-16,104
14,640-16,104

Wood Pellets
FOB spot prices (Oct)120.00-130.00
FOB spot prices (Nov)120.00-130.00
FOB spot prices (Dec)
120.00-130.00○FOB North America(including southwest Canada) Spot Prices
Wood Pellets
FOB spot prices (Oct)140.00-150.00
FOB spot prices (Nov)140.00-150.00
FOB spot prices (Dec)
140.00-150.00○CFR Japan Spot Prices
Wood Pellets
CFR Japan spot prices (Oct)150.00-160.00
CFR Japan spot prices (Nov)150.00-160.00
CFR Japan spot prices (Dec)
150.00-160.00○Freight rates
Southeast Asia to North Asia
+2 27.00-32.00 +2
North America to North Asia
40.00-45.00

Yen/mt17,568-19,032
17,568-19,032
17,568-19,032

FOB spot prices (Oct)
FOB spot prices (Nov)
FOB spot prices (Dec)○FOB Southeast Asia Spot Prices for Japan

Yen/mt20,496-21,960
20,496-21,960
20,496-21,960
Yen/mt21,960-23,424
21,960-23,424
21,960-23,424

Exchange rate (TTS yen/$ as of Sep 4) 146.4◎PKS ($/mt)○FOB Indonesia Spot Prices
FOB spot prices (Oct)
FOB spot prices (Nov)
FOB spot prices (Dec)○FOB Malaysia Spot Prices
FOB spot prices (Oct)
FOB spot prices (Nov)
FOB spot prices (Dec)○CFR Japan Spot Prices
CFR Japan spot prices (Oct)
CFR Japan spot prices (Nov)
CFR Japan spot prices (Dec)○Freight rates
Southeast Asia to North Asia

PKS
75.00-84.00
75.00-84.00
75.00-84.00

Yen/mt10,980-12,298
10,980-12,298
10,980-12,298

PKS
75.00-84.00
75.00-84.00
75.00-84.00

Yen/mt10,980-12,298
10,980-12,298
10,980-12,298

PKS
100.00-110.00
100.00-110.00
100.00-110.00

Yen/mt14,640-16,104
14,640-16,104
14,640-16,104+1 30.00-35.00 +3

Exchange rate (TTS yen/$ as of Sep 4) 146.4

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RIM INTELLIGENCE

BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp◎Japan Domestic Materials(Yen/mt)○Japan Domestic price (in Yen/mt)
Hokkaido-Tohoku
Kanto-Koshinetsu
Hokuriku-Chubu
Kansai
Chugoku-Shikoku
Kyushu-Okinawa

Unused lumber
6,800-7,800
7,000-7,500
7,200-8,200
8,000-9,000
6,900-7,900
7,600-8,600

Unused wood chips
9,800-10,800
10,000-10,500
10,200-11,200
11,000-12,000
9,900-10,900
10,600-11,600

Water content of unused wood chips is around 50%◎Wood Pellets○Summary
FOB Southeast Asia prices for South Korea and Japan were steady from a week earlier. The FOB
North America and the CFR Japan markets were also stable. Freight rates between Vietnam and Japan
moved up due to perceptions of tight supply of vessels while those for North America and Japan were
flat.
○FOB Southeast Asia
FOB Southeast Asia prices for wood pellets
for October to November loading for South
Korea were unrevised from the previous week at$100.00-110.00/mt. Prices for December loadingwere assessed at $100.00-110.00/mt.
In South Vietnam, wood pellets were mainly
exported to South Korea. According to sources,
suppliers in this area had room to sell spot
cargoes. Russian wood pellets were supplied toSouth Korea for a while and the share ofVietnamese wood pellets was declining. As
reported earlier, some power plants used woodpellets for cofiring with coal, but sellingcompetitions were heightening and it seemed
difficult for the market to increase.
FOB Southeast Asia prices for wood pellets
for October to November loading for Japan wereflat from the previous week at $120.00-130.00/mt.
Prices for December loading were assessed at$120.00-130.00/mt.

sluggish demand from biomass power plants inJapan, not many sellers offered at $130/mt andabove. On the other hand, some Vietnamese
suppliers did not want to reduce their offers due
to high costs of raw materials and discussions at$120/mt and below were seen to be limited.
According to some sources, furnitureproduction was declining in Vietnam, and scrap
wood used as raw materials for wood pellets is
not plentiful. Demand from the US, a major
importer of furniture, was reportedly sluggish.
Some sources believed that the tightening supplyof raw materials might be supporting the market.
Information was heard that 30,000mt of woodpellets were exported at the end of August might
be supplied to one major North American
supplier. The company was taking wood pellets
from Southeast Asia to cover its shortage inNorth America.

Discussion levels for delivery to Japan werestill reported at $120-130/mt. Along with
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RIM INTELLIGENCE

BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp○FOB North America
FOB North America prices for wood pellets
loading from October to November were flatfrom the previous week at $140.00-150.00/mt,
and those in December were also at$140.00-150.00/mt.
End-users in Europe, one of the major
destinations of FOB North America cargoes, hadbeen reluctant to buy wood pellets on sluggish
economy in the region. Therefore, demand forelectricity power was not booming. As a result,traders were less willing to purchase FOB North
America cargoes in the spot market.
As previously reported, strikes by railway
workers in Canada were headed into aconclusion in a short period of time. A supplier
who provided term cargoes to Japan said that
there was no delay of transportations.

○CFR JapanCFR Japan prices for wood pellets for delivery
from October to November were at$150.00-160.00/mt, flat from the previous week,
while those in December also stood at$150.00-160.00/mt.
As prices for PKS had been perceived to belower than wood pellets on a calorific basis,

power plants who are able to burn both of thefuels tended to focus on purchases of PKS. On
the demand side, as reported earlier, sales ofexcessive cargoes were not observed in themarket that had been earlier witnessed whenseveral plants’ troubles took place one after
another. Thus, selling interest of suppliers
seemed not so strong.

○Freight rates
The freight rates between Vietnam and Japan wereavailable vessels in the spot market and some lenders

at $27.00-32.00/mt, up $2.00/mt from the previous

increased their offers. In addition, some players

week.

reluctantly secured a spot ship because the typhoon

Since Chinese economy was sluggish, exports such

No.10 (ShanShan) caused delays with ships.

as steel from China were increasing and it caused a

Furthermore, the typhoon No.11(Yagi) causedlack of vessels. Ships had to have long voyages andtroubles with ships which would be headed for thethere was a shortage of Chinese vessels. Japanese

southern part of China, and it was also a bullishshipping companies received some inquiries forfactor.

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RIM INTELLIGENCE

BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

The freight rates between North America to Japan$40.00-45.00/mt.

were unchanged from the previous week at◎PKS○Summary
FOB Indonesia and FOB Malaysia prices were unchanged from the previous week. In both countries,
there were suppliers that held surplus cargoes. In Indonesia, capacity of export was said to be increasing.
In the CFR Japan market, deals were concluded for September to November for a power producer in
Hokkaido.
○FOB Southeast Asia
FOB Indonesia prices for PKS loading October
to November were stable from the previous week at$75.00-84.00/mt. For December loading, prices
were also at $75.00-84.00/mt.
On an FOB Indonesia basis, the bottom of themarket was seen to be at $75/mt. But there weresellers that had room to sell and supply was
perceived to be in surplus. A major supplier heldhigh inventories and it was in a rush to sell on a
spot basis. Further, new suppliers were also
indicating offers and the market was said to beunder pressure. In trade for delivery to Japan, apower producer in Hokkaido procured PKS
loading September onwards via a buy tender. It
reportedly bought Indonesian PKS at a price of$80/mt or below on an FOB basis.

levy was $3/mt, unchanged from the previous
month. In total, duties were at $9/mt.
The Indonesian government announced on Aug
29 that reference price of crude palm oil (CPO) for
September was at $839.53/mt, up $19.42/mt from$820.11/mt for August. Export duty for PKS was
raised to $6/mt, that is imposed when reference
price of CPO is $830-880/mt.
PKS total tax ($/mt)
Tax
Jan-24
Jan 1-15th
Jan-24
Jan 16-31th
Feb-24
Feb 1-29th

Consumption of PKS at some mills bythemselves was decreasing and this was said to be areason why supply from Indonesia was increasing.
According to market sources, more mills in thewestern and northern areas of the Sumatra Island
were using empty fruit bunch (EFB) and palm
trunk as fuels by themselves. On the other hand, inthe western area of the Sumatra Island, many mills
were consuming PKS by themselves. Supply roomfrom mills was different depending on the area.
As for duties imposed on PKS exported fromIndonesia in September, export duty was at $6/mt,
up $1/mt from the previous month. Palm oil export

Mar-24
Mar 1-31th
Apr-24
Apr 1-30th
May-24
May 1-31th
Jun-24
Jun 1-30th
Jul-24
Jul 1-31th
Aug-24
Aug 1-31th
Sep-24
Sep 1-30th

Rim reports are copyrighted publications.

Levies

Total

4

3

7

4

3

7

5

3

8

5

3

8

6

3

9

6

3

9

4

3

7

5

3

8

5

3

8

6

3

9

RIM INTELLIGENCE

BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

Meanwhile, the Indonesian government relaxed
domestic market obligation (DMO) for palm oil
exporter from the middle of August. DOM is asystem that the Indonesian government permits
players to export palm oil on the condition that they
supply certain volumes to the domestic market andthe system was established at the beginning of 2022.
It was unclear how the proportion of export wouldchange in the relaxation this time.

Discussions between suppliers and trading houses
were ongoing at around $80/mt. As demand was
weak, many suppliers had high inventories ofcargoes from the Malay Peninsula. For cargoes fromthe Borneo Island, sales reportedly could be done in
the low $70’s/mt as well but this was limited tosales from some suppliers.

FOB Malaysia prices for PKS loading October toNovember were unchanged at $75.00-84.00/mt. For
December loading, prices were also at$75.00-84.00/mt.
On an FOB Malaysia basis, there were alsoavailable cargoes in the spot market. For cargoes
from the Borneo Island, deals could be done at$75/mt and above. For those from the Malay
Peninsula, deals could be done at $81-82/mt.
○CFR JapanCFR Japan prices for PKS for delivery from
October to November were unchanged from aweek earlier at $100.00-110.00/mt. Those in
December were heard at $100.00-110.00/mt, too.
A power plant in Hokkaido was moving to
buy three vessels of PKS for September toNovember. This plant is able to use PKS together
with wood pellets, but seemed to be willing to
buy PKS first amid a recently price fall in the fuel.
As of now, freight rates were generally believed
to be at $35/mt or higher, so that the deal level
could be in the $110’s/mt. Meanwhile, some
informed that the deal had already taken place inthe low $100’s/mt.
Meanwhile, it was reported that a part ofvolumes for the fiscal year of 2025 through atender conducted by a power plant in Tokai area,
Central Japan, was concluded in the high$100’s/mt. A trading house who mainly deals

with gas fuels was reportedly awarded, but
details remained to be seen.
Japan’s erex Co.,Ltd, one of the new power
producing companies, shut down the operationsof PKS-fired 20,000kW Tosa Power Plants in
Shikoku, West Japan, operated by its subsidiaryin August. erex would not buy PKS going
forward, Annual demand of 100,000mt of PKS
would disappear.
The power plant started operations as
coal-fired one in 1997, and erex acquired it in2012. The company transformed it into PKS-fired
one in February 2019. However, its profitability
had been worsening as it cost a lot to maintain its
obsolete facilities.
The plant changed its price scheme to feed-in
premium (FIP) from feed-in tariff (FIT) in
February 2023. Under the FIP system, a power
plant would receive certain amounts of

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RIM INTELLIGENCE

BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

premiums on its sales price of electricity in themarket. The company’s profitability seemed tohave improved a little, but was unable to cover
the necessary costs to maintain its operations. It
was pointed out in the market that it was hard toforecast its future profitability by using PKS ofwhich price volatility was huge after its transitionof the price scheme.

erex Co.,Ltd continued operations of the otherbiomass-fired power plants except for Tosa. It
would consider if the company was able to takeadvantage of its knowledge that had been
accumulated through the operations of the Tosa
Plant. The company would not change its plan toconstruct 300,000kW Niigata Mega-Bio Power
Plant that would use sorghum as fuels. The otherbiomass-power plants were also introducing FIP
system.

○Freight rates
The freight rates between Indonesia and Japan,
and those between Malaysia and Japan were bothup $2.00/mt from the previous week to$30.00-35.00/mt on tight supply/demand
fundamentals.
Supply/demand balances for near-ocean goingvessels were tightening. While demand forchartered vessels in the second half of this fiscal
year that would end in March next year wasincreasing, there were only few vessels available forrent. Exports of steel from China were increasing,and durations of voyages to transport goods
became longer. As a result, there were few vacantvessels. Therefore, Japanese shipping companies
received a lot of inquiries for available vessels inthe spot market and some lenders had a bullish
attitude. In addition, the typhoon No.10 (ShanShan)caused troubles with operations of ships. Therefore
market trend was much stronger.
As also mentioned in the CFR Japan section, a
power producer and a supplier reached anagreement on a spot negotiation for PKS that would
be used at a thermal power plant in Hokkaido,
North Japan, which was combusted with coal. The
freight rate for this power plant seemed to havebeen offered in the range of $35.00/mt to the highs$30’s/mt. One of the market sources estimatedthat the negotiation level would be at $40.00/mt or
higher now.

◎Market News
Following news stories were originally published on Rim Asia Energy Links, the real-time news service at
https://eng.rim-intelligence.co.jp/news/○Japan Cabinet Secretariat considers to introduce full-fledged emission trading
Japan’s Cabinet Secretariat hosted the first meeting of the task-force to consider green-transformation(GX) that is aiming to attain both decarbonization and economic growth in the society at the same time. The
task-force will consider the emission trading system that is scheduled to start in a full-swing in the fiscal
year of 2026. It will consolidate various kinds of arguments by December that will be submitted frompersons who are familiar with this system or from relevant industries.

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RIM INTELLIGENCE

BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp○Indonesia PKS exports in Jul at 350,000mt, down 29% on year

◎Statistics○Japan Wood Pellets Imports By Ports MOF Data Jul 2024
440131000

Wood pellets
Jul 2024

Port
Tokyo
SakataYokohama
Onahama
Sooma
Sendaishiogama
Ishinomaki
Kobe

Mizushima

Country
VietnamIndonesia
VietnamVietnamVietnamCanadaCanadaCanadaUS
VietnamCanadaUS
VietnamVolume(mt)Value (1,000Yen)

Unit Price (Yen/mt)

14,231
542
382,643
2,022
1,853,423
429,242724,213367,585
1,187,167
1,264
1,999
1,504,098
1,769

73,356
20,84628,82421,063
31,95640,88039,57735,00837,441
24,30840,79634,03022,679194
26
13,27596
58,00010,50018,29910,50031,70852
49
44,19978
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BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

HamadaOsaka
NagoyaToyohashi
KinuuraTagonoura
Yokkaichi
Kanda
Shimonoseki
Ube
Tokuyama

Yatsushiro
ShibushiSendaiTomakomai
Ishikari
Hachinohe
Okinawa

CanadaChina
China
Indonesia
VietnamCanadaUS
VietnamVietnamVietnamCanadaVietnam
Malaysia
CanadaVietnamVietnamIndonesia
Indonesia
Cambodia
CanadaVietnam
Malaysia
Vietnam

47,50077
4104
21,87427,50030,381
14,30046,21819,8626,300
13,855
7,973
19,03438,500
51
52
260
156
125
10,525451
26

2,286,552
6,429
331
2,515
678,818
821,002
1,308,155
398,083
1,444,052
629,324
225,348
426,176
264,436
613,527
996,408
1,575
1,158
6,994
6,720
6,135
316,473
11,437823

48,13883,49482,75024,18331,03329,85543,05827,83831,244
31,68535,77030,76033,16632,23325,88130,882
22,26926,90043,07749,08030,06925,35931,654

Source: Ministry of Finance, Trade Statistics of Japan○Japan PKS Imports By Ports MOF Data Jul 2024
230660000

Oil-cake and other solid residues, resulting from the extraction of palm nuts oil or kernel oil
Jul 2024

Port
Kawasaki
Kobe
KinuuraYokkaichi
Miike
Kagoshima

Country
Indonesia
Malaysia
Malaysia
Indonesia
Indonesia
Indonesia

Volume(mt)Value (1,000Yen)

10,19924
10,062
10,29954,382
31,359254,176
1,138
210,801
274,013
1,358,224
804,689

Unit Price(Yen/mt)
24,92247,417
20,95026,60624,976
25,661

140490200 Gampi; nuts (including their shells, whether or not ground), and hard seeds and pips
Jul 2024
Port
Tokyo
Yokohama
Kobe
Sakai
Osaka

Country
ThailandIndonesia
Indonesia
Indonesia
Indonesia
Indonesia

Volume(mt)Value (1,000Yen)

31
2
138
72
20,530115
Rim reports are copyrighted publications.

5,687
1,520
4,424
2,015
521,253
4,148

Unit Price(Yen/mt)
186,337
914,01132,02327,98625,39036,007

RIM INTELLIGENCE

BIOMASS

3F Yaesudori Hata Bldg, 1 Chome 9-8 Hatchobori, Chuo-ku, Tokyo Japan
Tel:81-3-3552-2411 Fax:81-3-3552-2415 e-mail:info@rim-intelligence.co.jp

NagoyaHakataShibushi
Oofunato

ThailandThailandIndonesia
ThailandIndonesia

46
10
22
24
10,500

2,799
1,125
1,020
3,180
289,969

61,435110,294
45,863
132,500
27,616

Source: Ministry of Finance, Trade Statistics of Japan
Import volume and import unit prices are using data for these HS code as below.
Wood pellets : 440131000
PKS : 230660000, 140490200(Indonesia、Malaysia、Thailand)◎Rim Energy Composite Index 22 (RECX-22, average prices for 2010 are set at 100)
RECX-22 index for Thursday was 162.70.

RECX-22260.00240.00220.00200.00180.00160.00140.00120.00100.00

Domestic

Imports

Exports

RECX2280.00

The Rim Energy Composite Index 22 (RECX-22) focuses on energy products with a significant
impact on consumer prices and the economy.
Please see the details of RECX-22 from the link below.
https://www.rim-intelligence.co.jp/contents/info/P_ENEIndex2013Eng.pdf◎Disclosure of Assessment Methodology
On Aug 25 in 2022, Rim Intelligence disclosed assessment methodology of biomass report on ourcompany’s website. If you have any inquiries, please feel free to contact Rim Biomass Team
Tel: 813-3552-2411
Email: info@rim-intelligence.co.jp

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