The spot market for Vietnamese industrial wood pellets fell in the week to Wednesday as South Korea's renewable energy credits (REC) reached a fresh low for this year. The fob Vietnam price for wood pellets fell by 75￠/t to $122.75/t, after the REC spot market closed at its lowest price on 30 October, reducing the profitability of co-firing wood pellets with coal. South Korean independent power plants (IPPs) sell RECs they have earned from co-firing wood pellets with coal on the REC spot market to make a profit. But South Korea's REC spot price dipped again to W68,600/REC ($60.18/REC) on 30 October, according to Korea Power Exchange data, its lowest point so far in 2018.
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