11 May 2007 23:49 [Source: ICIS news]
HOUSTON (ICIS news)--Brazil ethanol prices remained on a downhill trend this week, with hydrous product dropping 22 cents/gal in comparison with the previous week, the Cepea research group said on Friday.
Hydrous ethanol closed the week at $1.40/gal, down from $1.62/gal in the week ended 4 May. Anhydrous prices fell by 15 cents/gal to $1.83/gal in the same period, Cepea said.
Hydrous ethanol is used as a stand-alone fuel in Brazil, whereas anhydrous is blended with gasoline at a 23% ratio.
Brazil ethanol started dropping in early May due to new production from centre-south mills, market sources said.The Cepea assessments do not include freight or taxes. Brazil taxes both anhydrous and hydrous ethanol at 3.65%, while an additional 12% state tax is levied on hydrous ethanol in Sao Paulo.
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