The spot price for industrial Vietnamese wood pellets decreased by 83c/t on the week to $98.50/t on Wednesday, on lack of fresh South Korean tenders and a record low renewable energy credit (REC) spot price. South Korea’s largest independent power producer (IPP) Gunjang Energy is yet to disclose the result of its tender for 240,000t of imported wood pellets for March-June delivery, which closed on 25 February. Gunjang may be reviewing the volume of the tender as South Korea’s REC spot price fell to a record low on 3 March, traders said. The IPP may purchase a lower volume than the tender originally requested, traders added.
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