Solex Thermal Science acquires Econotherm

Thermal and bulk materials engineering firm

Solex Thermal Science announced on 12 July that it had acquired UK-based Econotherm Ltd, a leading designer and manufacturer of heat pipes and exchangers for industrial waste heat recovery.

Econotherm focuses on difficult-to-recover heat that includes hot and/or dirty exhausts in industries such as automotive, metals, construction, food, mining, oil and gas, power generation and pharmaceuticals.

“This acquisition further expands our capacity to help customers reduce the primary energy consumed to produce industrial goods,” said Canada-based Solex, which supplies high-efficiency, indirect heat exchange technology for the heating, cooling and drying of free-flowing granular materials such as solid granules, pellets, beans, seeds and particles. Solex said it had installed more than 800 advanced heat exchangers in more than 50 countries worldwide with applications in the fertiliser, oilseeds and industrial materials sectors.

Prices of selected oils (US$/tonne)

Soyabean

Crude palm

Palm olein

Coconut

Rapeseed

Sunflower

Palm kernel

Average

Index

Statistical News

Rapeseed oil

The Mintec Benchmark Prices (MBP) for rapeseed oil FOB Rotterdam was assessed at €909.50/tonne on 30 June 2023. Prices for rapeseed oil increased over the month as players looked to cover open positions. In addition, concerns over fraudulent green fuel volumes from China caused some players to seek additional volumes of rapeseed oil. The combination of weather concerns and bullish rival oils may see rapeseed oil become an increasingly attractive purchase and add upward price pressure over July, according to market players. Poor early yields from key growing regions – Germany and France – could suggest a significant revision in rapeseed production and a tightening of availability over the coming months. However, limited demand from China could see European players left with significant amounts of rapeseed oil but with very few ready buyers, adding downward pressure to the market.

Soyabean oil

The Mintec Benchmark Prices (MBP) for soyabean oil FCA Netherlands rose by 9.4% month-on-month (m-o-m) as assessed on 5 July. The increase was in line with the price rise in the Chicago Board of Trade (CBOT) futures soyabean oil price (23 July), which surged by 15.5% m-o-m. The increase was due to several factors including previous concerns about the US Environmental Protection Agency’s (EPA) biodiesel mandate in early June. However, following the EPA announcement, which was below market expectations, the market reversed slightly. The reversal was, however, short-lived as declining crop conditions in the USA, lower acreage for 2023 US plantings and lower US stocks drove prices upwards. Lower year-on-year planting acreage and stock levels are driving bullish sentiment in the US soyabean market. Weather patterns will remain a watch-point for improvements in crop conditions. Market sources expect soyabean oil imports from China to continue to increase in July, supporting soyabean oil prices.

Castor seed oil

As of 7 July, the castor seed sowing area in India (the world’s top producer) rose significantly by 294% yearon-year to 20,000ha on the back of aggressive sowing in Rajasthan and Gujarat – key producing states. El Niño weather patterns will continue to be a watch point for sowing progress and, consequently, castor oil prices. According to market sources, global castor oil supplies have only recovered slowly this year, following last year’s shortages. Additionally, lower carry-in stocks in major importers – China, Europe and USA – have led to higher demand so far this year.

Mintec provides independent insight and data to help companies make informed commercial decisions.

Tel: +44 (0)1628 851313

E-mail: sales@mintecglobal.com

Website: www.mintecglobal.com