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fol_052813_93328

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Published by: ram on May 29, 2013
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07/10/2013

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8
Vol. 9, No. 2 May 28, 2013
© 2013 Informa UK Ltd ISSN: 1759-1414
Page 1 of 5 
` 
CentralCurrentNorthCurrentEastCurrentNW European ports fobCurrent96°99°96°99°WestCurrent67-71 (I)71-75 (I)67-69 (I)70-73 (I)69-72 (B)68-72 (B)
76-78 (I)78-81 (I)75-77 (I)78-81 (I)77-79 (B)76-78 (B)
CentralCurrent69-73 (I)70-75 (I)69-72 (I)69-73 (I)62-65 (REN)60-65 (REN)69-73 (B)69-73 (B)
77-79 (I)79-83 (I)77-80 (I)80-84 (I)73-75 (REN)73-74 (REN)76-80 (B)76-80 (B)
SouthCurrent73-78 (I)79-83 (I)73-77 (I)79-80 (I)75-77 (B)72-76 (B)
83-84 (I)87-90 (I)81-83 (I)88-92 (I)82-83 (B)81-82 (B)
NorthCurrent67-69 (I)70-74 (I)no quote (I)no quote (I)
75-77 (I)78-81 (I)no quote (I)no quote (I)
EastCurrent73-75 (I)73-75 (I)71-76 (I)72-77 (I)71-76 (B)73-78 (B)no quote (P)no quote (P)
75-77 (I)80-82 (I)75-77 (I)79-82 (I)75-77 (B)75-77 (B)112-120 (P)no quote (P)
NW European ports fobCurrentHydrous (EPA)Anhydrous (EPA)570-620650-700ChicagoNew York687-692713-719ENAIndustrial800-820780-800Pakistan, fob Karachi (USD/tonne)890-900
B: beverage; I: industrial; P: pharmaceutical; REN: rectifié extra neutre; ENA: extra neutral alcohol; EPA: Environmental Protection Agency
USA, Spot AnhydrousNon-European markets (USD/m3)FuelNon-fuelJapan/Korea GradesBrazil, fob Santos575-63055-57 (REN)
70-73 (REN)
62-65 (surfin)
74-77 (surfin)
T2no quote
12 months ago (25 May, 2012) 81-84 (99°)12 months ago (25 May, 2012) no quote
no quote
USD 72-74 (REN)
no quote
USD 74-77 (surfin)
T1no quote
12 months ago (25 May, 2012)12 months ago (25 May, 2012)12 months ago (25 May, 2012)12 months ago (25 May, 2012)
Non-FuelContractSpot
12 months ago (25 May, 2012)
USD 78-79
12 months ago (25 May, 2012) USD 67.5-68.5
T264.5-65.5
12 months ago (25 May, 2012) 59.5-60
69-7268-71
12 months ago (25 May, 2012) 64-6763-67
T1
12 months ago (25 May, 2012) 59-6060-63
66-68no quote
12 months ago (25 May, 2012) 59-60no quote
World - Ethanol prices for the week ended 24 May, 2013
European Union (in EUR/hl pure alcohol, delivered at place, unless stated otherwise)FuelContractSpot66-6866-68
 
World Ethanol Price Report
May 28,
2013© 2013 Informa UK Ltd ISSN: 1759-1414
Page 2 of 5 
European Market Comments
 The
traditional
markets were stable, despite some downward pressure from suppliers which transferredsome volumes from the fuel segment. Enquiries for REN have risen, following recent price declines,lower supplies from the long winter period earlier this year and higher demand projections for consumerproduct. From Italy, lower demand from the traditional segment was reported with some aggressiveoffers in the market. For Eastern Europe, spot prices for industrial grades settled EUR2-4 per hl higherw/w. Beverage grades were also up, but demand was slow at this price level. The
fuel
segment saw some downward pressure from the feedstock side. The strong prospects for theUS corn crop have lowered prices sharply. Some offers were as low as EUR655 per m³. Oil companiesin Poland were reluctant to buy, given weak gasoline consumption.Overseas
freight
fixtures for ethanol included
 
6.5 mln litres from Mexico to ARA for mid-May on the Chembulk New Orleans,
 
20 mln litres from the US Gulf to Finland for mid-May on the Fairchem Friendship,
 
10 mln litres from Brazil to the US Gulf for mid-/late May on the Navig8 vessel in the mid- $90sper tonne, and
 
18 mln litres from Brazil to Korea for mid-/late June in the low-to-mid $90s per tonneOn the EU market, freight enquiries for ETBE included
 
up to 5,000 tonnes of ETBE from ARA to Sweden from early May.
 
3,000 tonnes from ARA to Sweden for prompt,
 
5,000 tonnes from Ravenna to Venice and Milazzo, all Italy, for mid-May,
 
5,000 tonnes from ARA to northern France for late May,
 
a 6,000 tonne MTBE/ETBE cargo from southern France to Italy for late May
 
7,000-8,000 tonnes of ETBE from Fos to Lavera, both southern France for early June, and
 
5,000 tonnes from Fos to Donges, both France, also for early June.Ethanol enquiries on the EU market included
 
10 mln litres from ARA to Denmark for early June
 
7-8 mln litres from Spain to the UK for mid-June,
 
12-13 mln litres from ARA to the UK for mid-June.A 13 mln litre ethanol shipment from
Central America
should arrive in ARA by late May on the NordicOslo, freight sources added.From
Pakistan
, freight enquiries for 1-2 mln litres of ethanol to the United Arab Emirates for mid-/lateMay and for 3 mln litres to the Philippines for June were reported. There also was an enquiry for a 3 mlnlitre ethanol shipment for the Philippines in June with 5 mln litres due to follow in July. Vessels due toload ethanol in mid-May include the Golden Gion, the Golden Nori and the Oriental Clematis.Additionally, the vessel Al Saada is scheduled to take over 1.5 mln litres in late May.
European Market Fundamentals
European Union -
The European Commission confirmed that its antitrust authorities have carried outunannounced inspections at the premises of several companies active in and providing services to thecrude oil, refined oil product and biofuel sectors on May 14, 2013. These inspections took place in twoEU member states. Oil major Royal Dutch Shell confirmed it was assisting the Commission's enquiry. There were also investigations in the offices of BP. Inspections were also carried out at Statoil in
 
World Ethanol Price Report
May 28,
2013© 2013 Informa UK Ltd ISSN: 1759-1414
Page 3 of 5 
Norway, a European Economic Area (EEA) member state, the oil company, majority owned by theNorwegian government, said. The Commission has concerns that the companies may have colluded in reporting distorted prices toprice reporting agency Platts to manipulate the published prices for a number of oil and biofuel productssince 2002.Meanwhile, it was reported that Hungarian ethanol producer Pannonia Ethanol, a unit of Ethanol Europe,said it had alerted the European Commission over the role of price agency Platts in setting prices.Pannonia Ethanol said it approached Platts last spring to gain access to the publisher's market-on-closesystem - a daily half-hour window during which it determines prices on the basis of bids, offers andtrades by participating companies. The pricing agency, whose benchmarks are used to set the dailyprice for physical oil deals, has a stringent process for letting new companies become contributors toprice assessments. Pannonia Ethanol said it kept getting list after list of more things it had to do to getinto the window. Platts kept saying they were exercising editorial discretion and never gave a definitivereason why they were not letting Pannonia in on the window. Platts told Reuters it followed anestablished process.
European Union -
 
Ethanol imports
in February 2013 amounted to 75.2 mln litres. This was up on 69.3mln litres in the preceding month and 45.1 mln one year ago. The Jan/Feb 2013 total was up on the year(144.5 mln litres vs. 78.4 mln).EU trade data showed that US ethanol imports in February 2013 amounted to 8.8 mln litres, up slightlyon 8.2 mln in the preceding month. The Jan/Feb 2013 total almost tripled y/y (17.1 mln litres vs. 6.6 mln).However, these data do not include fuel ethanol shipments in blends such as E-90, which had amountedto 113.7 mln litres in Jan/Feb 2012 and fell to nil in Jan/Feb 2013 due to the EU's new tariff classificationfor fuel ethanol imports in blends.Despite the y/y increase in ethanol imports from the US, Pakistan was the main origin for undenaturedethanol imports in 2013 (21.5 mln litres vs. 3.7 mln), followed by Guatemala (19.4 mln vs. 9.1 mln), Peru(17.7 mln vs. 7.6 mln), Brazil (16.8 mln vs. 1.4 mln), Egypt (10.4 mln vs. 8.4 mln) and Russia (9.0 mln vs.9.5 mln). In addition, 1.5 mln litres of denatured ethanol were imported from Pakistan, down from 2.2 mlnone year ago.Shipments from Pakistan are boosted by a duty-free tariff rate quota (TRQ) for undenatured ethanol setat 75,000 tonnes for 2013.
European Union -
EU ethanol industry group ePURE said it asked the European Commission toinvestigate if EU customs legislation is properly applied in Finland. Evidence from several sourcesindicates that fuel ethanol blended with gasoline coming from the US and destined for the EU market willbe classified as an ethanol blend with much lower import duties than denatured ethanol, creating anunfair market situation and circumvention of import duties. The blend consisting of 92% ethanol and 8% gasoline is entering the community in Finland and will bebrought into free circulation on the Common Market. There is a serious concern that the blend is notclassified according to regulation 211/2012 as denatured ethanol but as a chemical.
Spain - Fuel ethanol consumption
in March 2013 was estimated at 27.9 mln litres, preliminary industrydata imply. Q1 2013 fuel ethanol consumption would then be down slightly on the year (82.3 mln litresvs. 92.6 mln), reflecting the slight cut in the minimum blending obligation to 3.9% cal. from 4.1% cal.before.
Sweden -
Sales of E-85 in Sweden continued to stay at depressed levels in April as the fuel remainsuncompetitive at the pump. Total deliveries were no more than 15.0 mln litres, slightly up on the 11.9 mln

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