Spot discussions in the Ulsan market started picking up again today as buying interest in B-grade product appears to be rising. Brazilian fob B grade prices were seen drifting towards $400/m3 fair value on Thursday, although the limited array of US production may still be able to compete on freight. Freight values for Brazil into Korea were seen in the $60s/m3. Undenatured ethanol imports into Ulsan sat at 17,151m3 for August, up 34% MoM, according to fresh Korean customs data. As usual Brazil provided the majority of this at 11,000m3, with 5,357m3 coming from Peru, overtaking Pakistan as the main provider of REN spec undenatured ethanol last month. For denatured ethanol, imports were down 17% MoM in August, sitting at just over 13,500m3. 10,764m3 of this came from the US, with some smaller volumes coming from Brazil, South Africa, Vietnam and Pakistan, leaving Pakistani exports of denatured ethanol down over 50% MoM. Despite a fall in implied gasoline demand, yesterday’s EIA report showed a sizable draw of 351,000 barrels in ethanol stocks, indicating demand could be seeping into the export markets.