23 October 2012 20:00 [Source: ICIS news]
HOUSTON (ICIS)--Brazil's anhydrous ethanol prices continued to fall last week, dropping in nominal values to their lowest level in two years, a research group said on Tuesday.
The Center for Advanced Studies on Applied Economics (CEPEA) assessed anhydrous ethanol prices at Brazilian reais (R) 1.1197/litre ($2.09/gal, €0.42/litre) in the week that ended on 19 October, down by 0.8% from R1.1292/litre a week earlier.
The assessment last week was the lowest since September 2010, the group said.
Hydrous ethanol was assessed at R1.0064/litre, down by 0.7% from a week earlier, the research group said, adding that, except for the first half of May 2011, prices this week were the lowest since November 2010.
Brazil uses hydrous ethanol as a standalone fuel in flexible-fuel vehicles (FFVs), while anhydrous ethanol is blended in gasoline at a mandated 20%.
The downtrend in the Brazilian ethanol market stems from ample supply and weak demand.
CEPEA prices are ex-tank and do not include taxes.
($1 = R2.03)
($1 = €0.77)
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