22 November 2011 15:30 [Source: ICIS news]
HOUSTON (ICIS)--Brazil ethanol prices remained mostly steady in the third week of November despite firmer demand for the product, research group CEPEA said on Tuesday.
CEPEA assessed hydrous ethanol last week at Brazilian reais (R) 1.2824/litre ($2.68/gal, €0.52/litre) in the week ended 18 November, slightly up from R1.2725/litre a week earlier.
Anhydrous ethanol prices were assessed at R1.3819/litre, steady with R1.3817/litre in the previous week, the research group said.
CEPEA said fuel distributors were active in the spot market last week, looking particularly for hydrous ethanol to replenish inventories.
Brazil uses hydrous ethanol as a stand-alone fuel in flexible-fuel vehicles (FFVs), competing directly with gasoline, while anhydrous ethanol is blended in gasoline at a mandated 20%.
Anhydrous ethanol demand was not as strong as that of hydrous ethanol, but it was firmer compared with a week earlier, CEPEA said.
CEPEA prices are ex-tank and do not include taxes.
($1 = R1.81) ($1 = €0.74)
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