# Renewable diesel and SAF: Trading

California, Sweden, Germany and the Netherlands: the big buyers

Source page: https://www.materialinsights.org/energy/hvo_saf/trading/

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 releases](https://www.iata.org/en/pressroom/2025-releases/2025-12-09-04/)free research site · IATA

SAF production, cost and policy
[Neste investor releases](https://www.neste.com/news/nestes-financial-statements-release-2025)free research site · Neste

HVO and SAF margins, volumes, capacity
[Biofuels Digest](https://biofuelsdigest.com/)freemium newsletter · Biofuels Digest

SAF, renewable diesel and advanced biofuel projects
[farmdoc daily](https://farmdocdaily.illinois.edu/)free blog · University of Illinois

US renewable diesel economics and RFS analysis

## Other sections

- [Summary](https://www.materialinsights.org/energy/hvo_saf/index.md)
- [Energy overview](https://www.materialinsights.org/energy/hvo_saf/energy/index.md)
- [Correlation](https://www.materialinsights.org/energy/hvo_saf/correlation/index.md)
- [Efficiency](https://www.materialinsights.org/energy/hvo_saf/efficiency/index.md)
- [Techniques](https://www.materialinsights.org/energy/hvo_saf/techniques/index.md)
- [Resources and labour](https://www.materialinsights.org/energy/hvo_saf/resources/index.md)
- [Impact on the biosphere](https://www.materialinsights.org/energy/hvo_saf/biosphere/index.md)
- [Overview](https://www.materialinsights.org/energy/hvo_saf/overview/index.md)
- [Production route](https://www.materialinsights.org/energy/hvo_saf/routes/index.md)
- [Production](https://www.materialinsights.org/energy/hvo_saf/production/index.md)
- [Feedstocks](https://www.materialinsights.org/energy/hvo_saf/feedstocks/index.md)
- [Cycles](https://www.materialinsights.org/energy/hvo_saf/cycles/index.md)
- [Movement](https://www.materialinsights.org/energy/hvo_saf/movement/index.md)
- [Regulation](https://www.materialinsights.org/energy/hvo_saf/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/energy/hvo_saf/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/energy/hvo_saf/emissions/index.md)
- [Relationships](https://www.materialinsights.org/energy/hvo_saf/links/index.md)