20 May 2008 18:38 [Source: ICIS news]
HOUSTON (ICIS news)--Brazil’s hydrous ethanol prices continued to drop in the week ended 16 May, pressured by a seasonal jump in supply and weaker spot interest for the product, research group Cepea said on Tuesday.
Hydrous ethanol was assessed at R0.6955/litre ($1.59/gal), down by 7.2% from R0.7498/litre in the previous week, the research group said.
Cepea said buyer interest for hydrous was subdued last week due to expectations that prices would continue to soften.
On the anhydrous side, demand remained firm and prices were largely steady. Cepea assessed anhydrous at R0.8326/litre, slightly up from R0.8301/litre a week earlier.
Cepea’s price assessments are ex-tank and do not include a federal tax of 3.65% levied on both hydrous and anhydrous product. A state tax of 12% is also applied to hydrous ethanol in
($1 = R1.65)
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