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+<br>Company makes 3rd cut to renewables company outlook this year<br>
+<br>Reduces both margin and volume outlook<br>
+<br>Weaker diesel market strikes [biofuel](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) rates<br>
+<br>(Adds expert, background, detail in paragraphs 2-3, 9-11)<br>
+<br>By Elviira Luoma and Essi Lehto<br>
+<br>HELSINKI, Sept 11 (Reuters) - Finnish refiner Neste on Wednesday cut the margin outlook for its biofuel service for the 3rd time this year due to [falling rates](https://www.proactiveinvestors.com.au/ASX:MBT/Mission-NewEnergy-Ltd) and likewise decreased its expected sales volumes, sending out the business's share cost down 10%.<br>
+<br>Neste said a drop in the cost of routine diesel had affected what it can charge for the [biofuel](https://www.crunchbase.com/organization/mission-newenergy) it makes in Europe and Singapore, while input costs for waste and residue feedstock [remained](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html) high.<br>
+<br>A rush by U.S. fuel makers to recalibrate their plants to [produce renewable](https://www.bloomberg.com/profile/company/MNELF:US) diesel has produced a supply glut of [low-emissions](https://www.bloomberg.com/profile/company/MNELF:US) biofuels, hammering [profit margins](https://www.bloomberg.com/profile/company/MNELF:US) for [refiners](https://www.pinterest.com.au/missionnewenergy/) and [threatening](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) to impede the [nascent market](https://www.investing.com/equities/mission-newenergy-ltd-company-profile).<br>
+<br>Neste in a declaration slashed the expected average similar sales margin of its renewables unit to in between $360-$480 per tonne of [biofuel](https://www.energy-xprt.com/companies/mission-newenergy-limited-36048), below $480-$580 per tonne seen in July and well below the $600-$800 seen in February.<br>
+<br>The business now also anticipates renewables-based [sales volumes](https://www.crunchbase.com/organization/mission-newenergy) in 2024 to be about 3.9 million tonnes instead of the 4.4 million it had [forecasted](https://www.proactiveinvestors.com.au/ASX:MBT/Mission-NewEnergy-Ltd) considering that the start of the year, it included.<br>
+<br>A part of the volume cut originated from the production of sustainable aviation fuel, of which it is now anticipated to offer between 350,000-550,000 tonnes this year, down from between 500,000 and 700,000 tonnes seen previously, Neste said.<br>
+<br>"Renewable items' sales rates have been negatively impacted by a considerable decline in (the) diesel rate during the third quarter," Neste stated in a statement.<br>
+<br>"At the same time, waste and residue feedstock costs have not decreased and renewable item market rate premiums have stayed weak," the business added.<br>
+<br>Industry executives and analysts have stated rapidly expanding Chinese [biodiesel](https://www.marketscreener.com/quote/stock/MISSION-NEWENERGY-LIMITED-178469/company/) producers are  new [outlets](https://www.crunchbase.com/organization/mission-newenergy) in Asia for their exports, while Shell and BP have actually revealed they are stopping briefly growth strategies in Europe.<br>
+<br>While the cut in Neste's assistance on sales volumes of sustainable aviation fuel came as a surprise, the negative influence on [biodiesel margins](https://pitchbook.com/profiles/company/51278-86) from a lower diesel price was to be expected, Inderes analyst Petri [Gostowski stated](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html).<br>
+<br>[Neste's](https://www.sec.gov/Archives/edgar/data/1463471/000165495419013063/R31.htm) [share cost](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) had reversed some losses by 1037 GMT but stayed down 5.8% on the day and 48% lower year-to-date. (Reporting by Elviira Luoma, [Essi Lehto](https://forest500.org/rankings/companies/mission-newenergy-limited) and [Boleslaw](https://www.energy-xprt.com/companies/mission-newenergy-limited-36048) Lasocki
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