China Non-Fuel Ethanol Imports May Slip in June
After the Chinese New Year holiday, the prices of feedstock corn and fuel ethanol in the U.S. showed an uptrend, but China’s ethanol market prices dropped in March and April. Although the ethanol prices may rise slowly in May, the import arbitrage window may not be opened. It is predicted that the ethanol imports used in the chemical industry will slip after June.
According to GACC, China’s import volume of undenatured ethanol and denatured ethanol totaled 18kt and 229.3kt respectively in Q1, 2021, and the total import volume of ethanol was 247.3kt. In April and May, some imported resources will arrive at ports. However, the ethanol prices in the U.S. and Brazil may further increase, so the import volume of non-fuel ethanol may drop after June.
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