Chemical News
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China's Oct ethanol imports fall 43% from all-time high to 68,961 cu m
http://www.chemnet.com Nov 25,2015 Platts
Total imports in October stood at 68,961 cu m, according to official data from the General Administration of Customs released Tuesday.
This was 43% lower compared to September, when an influx of fuel-grade product from the US and Brazil contributed to an unprecedented high of 121,625 cu m.
While both countries continued to account for the bulk of denatured imports into China in October, the volumes were significantly smaller compared to the previous month.
Imports from the US were down 33% to 27,805 cu m, while Brazilian imports plunged 93% to just 3,164 cu m. Cumulative imports of denatured ethanol for the year so far stood at 167,313 cu m.
Despite the month-on-month fall, imports of denatured ethanol remain at historically high levels. Chinese oil companies have been taking advantage of a wide arbitrage to source more volumes from overseas in recent months.
While this trend is expected to persist till December, with several vessels on its way to China, traders said that buyers were wary of taking deliveries from January onwards on growing concerns that import levies will be hiked next year.
Meanwhile, imports of undenatured ethanol saw a surprise rebound to 37,990 cu m in October. This was 63% higher compared to September.
Pakistan remained the predominant source by supplying all but 1 cu m of the product.
Pakistani cargoes enjoy preferential treatment when entering the Chinese market, as they are exempted from import duties.
China has imported a total 202,746 cu m of undenatured ethanol in the first 10 months of 2015.
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