US ethanol exports to Asia weaken in March
A fall in demand because of the Covid-19 pandemic hit US fuel ethanol exports to Asia in March while industrial grade sales rose, according to customs data.
The Philippines' purchases of undenatured ethanol for fuel blending fell to 17.5mn l after climbing to 26.1mn l in February, from an anomalous zero in March 2019.
India's total ethanol imports from the US tumbled to 74.3mn l in March from 180mn l in February and 82.7mn l a year earlier.
Northeast Asian buyers sought additional supplies for hand sanitizer manufacturing in March. Undenatured exports to Japan increased to 13mn l from just 18,000 l in February and 1.7mn l a year earlier. South Korea's denatured imports from the US rose to 34.7mn l from 33.3mn l in February and 5.7mn l in March last year. Korea also increased undenatured imports, taking 9mn l compared with 7.3mn l in February and 5.4mn l in March 2019.
China bought just 23,000l of US fuel ethanol and 22,700l of denatured ethanol in total in March, despite the US-China "phase one" trade agreement officially taking effect from 14 February. China has not received significant volumes from the US since imposing a 45pc import tariff in April 2018.
Chinese companies still have no good reason to increase purchases of US fuel ethanol while tariffs are in place and the nationwide E10 blending mandate is on hold, traders said. Trade officials from the two countries earlier today restarted their political commitment to the "phase one" deal, under which China has agreed to significantly raise US commodity imports in 2020-21.
By Lauren Moffitt
source: Argus Media
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