Spot ethanol prices were discussed flat at $1.52 per gallon in New York Harbor while trading 0.25 cents higher in Chicago several times, at $1.4175 per gallon during aftermarket window business. This was after steep losses on Monday in response to a 15% hike imposed by China on imported ethanol from the United States.
The 15% increase lifts China's tariff on imported U.S. ethanol to 45%, which is seen dramatically limiting imports to the Asian economy.
The modest rebound in cash values Tuesday afternoon also comes before Wednesday's midmorning release of weekly supply data from the Energy Information Administration. EIA reported a sizeable 1.0 million bbl draw in U.S. ethanol stocks during the week-ended March 23 to a 22.8 million bpd five-week low.
George Orwel can be reached at email@example.com
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