21 May 2013 16:49 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Brazil hydrous ethanol prices in the spot market in Sao Paulo declined as steady demand and increasing supply as the harvest season progresses pushed prices lower, research group CEPEA said on Tuesday.
CEPEA said hydrous ethanol prices dropped by 6.9% in the last week because supply has increased amid progress in the crush season and some producers selling at lower prices to raise cash amid a quiet market.
Cepea assessed hydrous prices at Brazilian reais R1.030/litre ($1.91/gal, €0.39/litre). The price includes the new taxation discount, CEPEA said.
Most producers are in the process of renewing long-term and medium-term contracts as the new pricing and taxation system is implemented, CEPEA said.
($1 = €0.78, R2.04)
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