The Ulsan market continued to push higher on Thursday, with the PRIMA spot Ulsan B-grade index up 5USD/m3 to 540USD/m3. Bids are sitting low at 508USD/m3, with offers remaining much higher at 570USD/m3. Bids for small volumes of 2,000m3 were also shown at 560USD/m3. Some market participants believe values in the B-grade market will fall before the end of the month, reaching 520USD/m3 , as big shipments are due to arrive in Ulsan by the end of October.
Shipments of undenatured ethanol from Brazil fell from 11,360m3 in August to 9,233m3 in September, with imports of US undenatured ethanol up 83% MoM to 694m3, according to South Korean customs. There were no registered imports of undenatured ethanol from Pakistan in September, although imports of denatured ethanol sat at 649m3, up 16% MoM.
September imports of denatured ethanol from the US fell to 7,743m3 after sitting at 10,764m3 in August. US ethanol producers are still looking to China for export opportunities, with a shipment of 46,000t due to arrive in China at the end of last week, and another medium range vessel rumoured to currently be en route to China from New Orleans.