Core Insights - In 2024, China's UCO (Used Cooking Oil) export volume reached a record high of 2,950.79 thousand tons, marking a year-on-year increase of 43.44% compared to 2023 [3] - The United States emerged as the largest destination for UCO exports from China, accounting for 42.94% of total exports, with a significant year-on-year growth of 51.9% [3] - The cancellation of UCO export tax rebates starting December 1, 2024, led to a sharp decline in export volumes, indicating the impact of policy changes on export decisions [3][7] Export Trends - The total UCO export volume for the first three quarters of 2024 was 2,124.54 thousand tons, reflecting a 54.63% increase year-on-year [3] - November 2024 saw a peak in UCO exports at 434.05 thousand tons, breaking previous records before the tax rebate cancellation [3] - The top six destinations for UCO exports in 2024 were the United States, Singapore, the Netherlands, Spain, Malaysia, and Indonesia [3] Market Dynamics - Following the U.S. tariff policy changes, Chinese UCO exporters shifted focus to other markets, particularly Europe and Southeast Asia, with exports to the Netherlands and Spain increasing significantly [6] - From January to April 2025, UCO exports to the Netherlands and Spain totaled 237.11 thousand tons, a year-on-year increase of 63.11% [6] - The U.S. market saw a decline in UCO exports from China, with a drop of 34.04% year-on-year in early 2025 [7] Domestic Market Conditions - The domestic waste oil market is experiencing low trading sentiment, with a 20% decrease in waste oil collection compared to the previous year [7] - The introduction of "reciprocal tariffs" by the U.S. has led to increased pressure on domestic UCO enterprises, resulting in profit margins being compressed to a range of 50-100 yuan per ton [7] - The overall trading atmosphere in the domestic waste oil market has cooled significantly compared to 2024, with businesses adopting a cautious approach to avoid potential losses [7]