Renewable diesel and SAF: Trading
California, Sweden, Germany and the Netherlands: the big buyers
What this tab covers How it is bought and sold: buyers and sellers, price benchmarks and who publishes them, exchanges, contract types, traders, how Indian buyers price it, recent price points, and good sources to follow.Who buys, and where
- California, Sweden, Germany, Netherlands fuel distributors
- Airlines and fuel suppliers at EU, UK and US airports
Who sells, and from where
- US Gulf (DGD), Singapore and Rotterdam (Neste), China
- EU refineries
Price benchmarks
| Benchmark | Publisher | Basis |
|---|---|---|
| HVO class II FOB ARA | Argus / S&P Global Platts | daily spot |
| SAF (HEFA-SPK) FOB ARA and CIF NWE | Argus / Platts | daily spot |
| US West Coast renewable diesel | OPIS | daily spot |
Exchanges
| Venue | Contract | Notes |
|---|---|---|
| ICE Futures Europe | low sulphur gasoil and jet swaps | used for the fossil part of the price (indicative) |
| CBOT | soybean oil futures | feedstock hedge |
Contract types
- Multi-year SAF offtakes between airlines and producers
- Book-and-claim SAF certificates
- Term HVO supply to fuel distributors priced off gasoil plus premium
Traders and distributors
- Neste, Shell, BP, TotalEnergies, Vitol, World Fuel Services (indicative)
How Indian buyers price it
- No traded HVO or SAF market yet; SAF for 2027 mandate expected to be priced by OMCs at import parity of SAF benchmarks (indicative)
Recent price points
| Date | Price | Basis | Source |
|---|---|---|---|
| 2025 | about 2x fossil jet; up to 5x in mandated markets | SAF, world | IATA press release No. 57, 9 Dec 2025 |
| Q4 2025 | $479/t margin | Neste renewable products comparable sales margin | Neste Financial Statements Release 2025 (Feb 2026) |
Good sources to follow
IATA SAF releasesfree research site · IATASAF production, cost and policy
Neste investor releasesfree research site · NesteHVO and SAF margins, volumes, capacity
Biofuels Digestfreemium newsletter · Biofuels DigestSAF, renewable diesel and advanced biofuel projects
farmdoc dailyfree blog · University of IllinoisUS renewable diesel economics and RFS analysis