09 May 2007 22:52 [Source: ICIS news]
HOUSTON (ICS news)--Brazil hydrous ethanol prices have dropped by $74/cubic metre (cbm) to $443/cbm this week amid increased domestic supply, market sources said on Wednesday.
The sharp drop prompted one producer to predict that May would be a buyers' month in Brazil’s domestic ethanol market.
Brazil’s ethanol inventories are on the rise due to the start of the sugarcane harvest in the centre-south region. The area accounts for 85% of the country’s ethanol production.
The sharp decline this week has encouraged some fuel distributors to keep orders on hold in anticipation of even lower prices next week, one producer said.Hydrous ethanol is a popular stand-alone fuel in Brazil, where more than 80% of new cars sold can run on either gasoline or ethanol.
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