27 March 2012 16:17 [Source: ICIS news]
BOGOTA (ICIS)--Brazil ethanol prices were stable during the last week as buying interest from distributors was quiet, research group CEPEA said on Tuesday.
CEPEA assessed hydrous ethanol at Brazilian reais (R) 1.2099/litre ($2.53/gal, €0.50/litre), up by 0.2% from R1.2077/litre in the week that ended on 16 March.
Anhydrous ethanol prices were assessed at R1.2807/litre, down by 0.91% from R1.2924/litre a week earlier and the first decline since the end of January.
Hydrous ethanol is used in Brazil as a standalone fuel in flexible-fuel vehicles (FFVs), competing directly with gasoline, while anhydrous ethanol is blended in gasoline at a mandated 20%.
CEPEA attributed the quiet market in Brazil to a lack of buying interest among distributors, as purchases for the month have already been completed, and to the start of the next sugarcane harvesting season in the key centre-south region.
The harvest in the centre-south, which accounts for 90% of Brazil's ethanol output, is scheduled to start on 1 April, but sources said production will not begin in earnest until the end of next month.
($1 = €0.75)
($1 = R1.81)
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