14 August 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--Spot European T2 fuel ethanol values decreased this week, with more offers than bids evident during open market trading and significantly backwardated values towards the fourth quarter, according to sources on Wednesday.
Spot European T2 fuel ethanol values are assessed at €605-615/cbm ($807-820/cbm) FOB (free on board) Rotterdam, down €35/cbm from the previous week.
“Numbers are quite low – too low. I don’t see much demand out there,” one source said.
“We’ve seen some stronger demand from a producer in recent weeks, but now they're being less aggressive. Two other buyers have also been quiet,” the source added.
“There have been more sellers than buyers in the past week,” another source said.
A heavy backwardation in prices towards the fourth quarter has been evident in recent weeks and has also put pressure on prices.
“The backwardation is very strong. September and October are backwardated by €30/cbm," one source said.
“Values for the first quarter of 2014 are at €530/cbm FOB Rotterdam,” another source said.
($1 = €0.75)
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