Haxo Bioenergy

Renewable, Sustainable, Low Carbon Biofuels and Clean Energy Company

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Ethanol - Latin America (Week Report)

Latin America – Brazil’s domestic ethanol prices continued to climb this week as the market tries to ration the limited amount of supply available through to the commencement of the 2010/11 harvest. Hydrous offers have risen R$50/cu m this week to R$1,450/cu m ex-mill Ribeirao Preto (with taxes). Some small volumes trading mid last week at about R$1,400/cu m but buyers withdrew from the market ahead of yesterday’s announcement of a reduction in the blend rate. Anhydrous offers were also limited, quoted at R$1,350/cu m, unchanged from last week. Indicative export hydrous offers have risen $50/cu m to $780/cu m FOB Santos but bids remain at $600/cu m. Buyers of EU grade anhydrous would realistically have to pay upwards of $760/cu m FOB Santos to attract any interest but offers have also pressed higher to $845/cu m. There are currently no bids for Anhydrous ANP while offers are notionally pegged at $820/cu m, up $50/cu m on last week.