Korean B grade ethanol prices were indicated still under downward pressure in an otherwise quiet regional market on Monday, with Singapore trading desks shut as the country celebrates 50 years of independence. The market produced a single 415 USD/m³ indicative sell offer for Korean B grade ethanol FOB Santos after the Asian close on Friday.
With freight from Santos to Korea pegged around 70 USD/m³, Brazilian export indications continue to support conservative Korean mid-market spot values in the mid-480s/m³. With the continuing slump in the Brazilian Real, all eyes are still firmly fixed on prospects for price trends in Korea’s main source of imports.
And although the Real has temporarily paused its downward slide in Monday’s trading, the currency trend remains in line with the past month’s pattern of trade, where the Real repeatedly paused during its otherwise one way downward decline.