SINGAPORE (ICIS)--Spot import prices of hydrous ethanol in northeast (NE) Asia were stable in muted dealings through the week, market sources said late on Wednesday.
Some buyers in Asia had encountered limited storage space for any new cargoes due to a recent buildup of inventories and weak demand from end-users.
The lack of available storage space meant that some buyers had to reduce the volume of new cargoes they could buy or delay shipments further out in the future.
Selling indications for Brazilian cargoes were heard at $580-600/cbm CFR (cost & freight) NE Asia.
But current buying indications were heard capped at $560/cbm CFR NE Asia due to the limited demand.
Latest data published by Brazil’s Unica showed mills in the key south-central region processed 32.41m tonnes of sugarcane in the first two weeks of October, up 0.68% compared with the same period last year
Of that, 56.24% was used for ethanol production while the remaining 43.76% was used to produce sugar.
In all of September, total ethanol sales by mills in the South-Central region amounted to 1.051 mln cubic metres. Of that, only 46,039 cbm were exported, the Unica data showed.
Brazil is the world biggest producer of sugar-based ethanol, and the main supplier of such ethanol to NE Asia.