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Morning Market Update: Ethanol

Published on 2026-09-23

I. Key Points

  1. September 22: US and Iranian officials are scheduled to meet, leading markets to anticipate a easing of geopolitical tensions and a drop in international crude oil prices. NYMEX WTI October futures closed at $94.59/bbl, down $1.19/bbl (-1.24% DoD). ICE Brent November futures closed at $99.25/bbl, down $1.09/bbl (-1.09% DoD). China INE crude oil futures contract SC2611 fell by 13.7 yuan to 717.1 yuan/barrel; the night session dropped another 22.3 yuan to 694.8 yuan/barrel.

Core Logic:

  1. Food-grade Ethanol: Yesterday's market price for standard food-grade ethanol fluctuated regionally due to plant adjustments, resulting in regional consolidation.
  2. Anhydrous Ethanol: Yesterday's market price for anhydrous ethanol remained stable with minor regional fluctuations.
  3. Fuel Ethanol: Yesterday's fuel ethanol market price was stable, with consistent receiving prices from local refineries.
  4. Coal-based Ethanol: Yesterday's coal-based ethanol market offers remained stable.

II. Price Table

Unit: Yuan/ton, USD/barrel

Chempricehub Daily Report on Ethanol and Fuel Ethanol Related Products

Product Region 2026/9/22 2026/9/21 Change Remarks
Crude Oil WTI 94.59 95.78 -1.19
Brent 99.25 100.34 -1.09
Domestic Gasoline Guide Price (89#) 8475 8475 Shandong
Dried Cassava Chips Thailand 245-245 245-245 FOB, USD/ton
Converted to Plant Gate 1993-1993 1993-1993 East China, Yuan/ton
Corn (Plant Gate) Heilongjiang 2088-2140 2088-2140 Heilongjiang
Jilin 2170-2270 2170-2270 Jilin
Henan 2150-2160 2150-2160 Jiaozuo dry grain, 14% moisture
Shandong 2220-2220 2226-2226 -6/-6 Weifang dry grain, 14% moisture
Standard Grade Heilongjiang (East) 4900-5100 4900-5100 Corn
Heilongjiang (West) 5000-5150 5000-5150 Corn
Jilin 5100-5200 5100-5200 Corn
Shandong - - Cassava, Ex-factory
Shandong 5500-5550 5500-5550 Wheat
Northern Jiangsu 5650-5650 5650-5650 Cassava
Southern Jiangsu 5650-5700 5650-5700 Cassava, Ex-factory
Anhui 5700-5750 5700-5750 Grain/Cassava
Guangxi 5700-5800 5700-5800 Molasses/Cassava
Premium Grade Heilongjiang 5000-5150 5000-5150 East/West, Corn
Jilin 5250-5450 5250-5450 Corn
Shandong 5550-5600 5550-5600 Wheat
Northern Jiangsu 5650-5650 5650-5650
Henan 5550-5570 5550-5570 Corn
Anhydrous Ethanol Heilongjiang (Standard) 5700-5850 5700-5850 Corn
Heilongjiang (Electronic Grade) 5950-6000 5950-6000 Corn
Jilin (Standard) 5850-5900 5850-5900 Corn, mainly traded at lower end
Jilin (Electronic Grade) 5920-5950 5920-5950 Corn, mainly traded at lower end
Henan (Standard) 6200-6200 6200-6200 Corn
Henan (Electronic Grade) 6250-6250 6250-6250 Corn, no stock available
Northern Jiangsu 6400-6450 6400-6450 Cassava
Anhui 6400-6450 6400-6450 Grain/Cassava
Guangxi 6500-6600 6500-6600 Cassava
Port Jinzhou Port 5450-5500 5400-5450 +50/+50 Standard grade, Corn
Fuel Ethanol Heilongjiang (East) 6100-6198 6100-6198 High-end price is delivered in Heilongjiang
Heilongjiang (West) 6100-6198 6100-6198 High-end price is delivered in Heilongjiang
Liaoning 6426-6426 6426-6426 Delivered price in Liaoning
Jilin 6349-6349 6349-6349 Delivered price in Jilin
Panjin Local Refinery (Delivered) - -
Shandong Local Refinery (Delivered) 6050-6060 6050-6080 0/-20 Delivered price
Synthetic/Coal-based Ethanol Shaanxi Starting Bid 5750 5750 Online starting bid price
Anhui Starting Bid 5960 6010 -50 Online starting bid price
Henan Standard 6100 6100 Offer, negotiable upon deal
Henan High-end - - Plant shutdown
Shandong 6180 6180 Offer, negotiable upon deal
Hunan 6150 6150 Offer, negotiable upon deal
Hebei 6300 6300 Offer, negotiable upon deal
Hubei 6180 6180 Offer, negotiable upon deal
Guangdong 6550 6550 Offer, negotiable upon deal
Ethyl Acetate East China (Self-pickup) 6450-6550 6450-6550
MTBE Shandong (Self-pickup) 8000-8000 8000-8000
DDGS Heilongjiang 2180-2210 2180-2210
Jilin 2260-2380 2260-2380
Henan 2300-2300 2300-2300
Freight Tracking West Heilongjiang-Shandong 540-580 540-580 Standard grade ethanol
Henan-Shandong 100-200 100-200
East Heilongjiang-Shandong 460-500 460-500 Standard grade ethanol
Northwest-Shandong 270-310 270-310
Mengzhou-Chengdu 360-390 360-390 Return empty trucks relatively cheap

III. Data Table

Data Type This Week Last Week Expected Trend
Cassava Ethanol Profit -518.8 -518.8
Corn Ethanol Profit -138.75 -138.75
Coal-based Ethanol Profit 300 300
Remarks: 1. Cassava ethanol profit refers to production profit for cassava ethanol in Northern Jiangsu, East China. 2. Corn ethanol profit refers to production profit for corn ethanol in Heilongjiang, Northeast China. 3. Molasses ethanol profit refers to production profit for molasses ethanol in southern markets.

Unit: Yuan/ton

IV. Market Outlook

Domestic ethanol prices are expected to remain stable in the short term. Prices in Northeast China are steady as plants fulfill contract orders; factory inventories are low, and rising freight costs have kept delivered prices high. Prices in East China are stable with shipments for chemical industry orders. Prices in Henan are stable but slightly weak due to limited downstream demand and increasing inventories. Coal-based ethanol prices are stable with pre-holiday order shipments. Fuel ethanol prices are maintaining a steady trend, with major suppliers ensuring supply.

Data Release Date Current Period Data Expected Trend
Ethanol Operating Rate Thursday 15:00 PM 59.19%
Ethyl Acetate Operating Rate Thursday 15:00 PM 51.08%
Remarks: 1. ↑↓ indicates significant fluctuation, highlighting data dimensions with changes exceeding 3%. 2. ↗↘ indicates narrow fluctuation, highlighting data dimensions with changes within 0-3%.

Chempricehub Daily Report on Ethanol and Fuel Ethanol Related Products

Product Region 2025/10/28 2025/10/27 Change Remarks
Crude Oil WTI 60.15 61.31 -1.16
Brent 64.4 65.62 -1.22
Domestic Gasoline Guide Price (89#) 7969 7969 Shandong
Dried Cassava Chips Thailand 212-215 212-215 FOB, USD/ton
Converted to Plant Gate 1828-1856 1828-1856 East China, Yuan/ton
Corn (Plant Gate) Heilongjiang 1955-2002 1955-2002 Heilongjiang
Jilin 2010-2090 2020-2090 -10/0 Jilin
Henan 2200-2210 2200-2210 Jiaozuo dry grain, 14% moisture
Shandong 2170-2170 2160-2160 +10/+10 Weifang dry grain, 14% moisture
Standard Grade Heilongjiang (East) 4820-4830 4820-4830 Corn
Heilongjiang (West) 4850-4900 4850-4900 Corn
Jilin 4950-5050 4950-5050 Corn
Shandong 5400-5400 5400-5400 Cassava, Ex-factory
Shandong 5150-5300 5150-5300 Wheat
Northern Jiangsu 5300-5300 5300-5300 Cassava
Southern Jiangsu 5400-5400 5400-5400 Cassava, Ex-factory
Anhui 5350-5350 5350-5350 Grain/Cassava
Guangxi 5650-5700 5650-5700 Cassava
Premium Grade Heilongjiang 4900-4950 4900-4950 East/West, Corn
Jilin 5100-5450 5100-5450 Corn
Shandong 5300-5350 5300-5350 Wheat
Northern Jiangsu 5380-5380 5380-5380
Henan 5230-5250 5230-5250 Corn
Anhydrous Ethanol Heilongjiang (Standard) 5400-5450 5400-5450 Corn
Heilongjiang (Electronic Grade) 5450-5500 5450-5500 Corn
Jilin (Standard) 5500-5850 5500-5850 Corn, mainly traded at lower end
Jilin (Electronic Grade) 5650-5950 5650-5950 Corn, mainly traded at lower end
Henan (Standard) 5900-5950 5900-5950 Corn
Henan (Electronic Grade) - - Corn, no stock available
Northern Jiangsu 5900-5900 5900-5900 Cassava
Anhui 5900-5950 5900-5950 Grain/Cassava
Guangxi 6350-6450 6350-6450 Cassava
Port Jinzhou Port 5100-5200 5100-5200 Standard grade, Corn
Fuel Ethanol Heilongjiang (East) 5200-5200 5200-5200
Heilongjiang (West) 5250-5250 5250-5250
Liaoning 5500-5500 5500-5500
Jilin 5400-5400 5400-5400
Panjin Local Refinery (Delivered) - -
Shandong Local Refinery (Delivered) 5250-5250 5260-5290 -10/-40 Delivered price
Synthetic/Coal-based Ethanol Shaanxi Starting Bid 5450 5450 Online offer
Anhui Starting Bid 5400 - Online starting bid price
Henan Standard 5800 5800 Hydrogenation of acetate esters
Henan High-end - - Offer (plant shut down on the 13th)
Shandong 5400 5460 -60 Offer
Hunan 5600 5600 Offer
Hebei 5600 5600 Offer, negotiable upon deal
Guangdong - -
Guangdong High-end 5950 6100 -150 High-end, purity 99.9%
Ethyl Acetate East China (Self-pickup) 5140-5200 5140-5200
MTBE Shandong (Self-pickup) 4850-4950 4900-4950 -50/0
DDGS Heilongjiang 2030-2150 2030-2150
Jilin 1950-2250 1950-2250
Henan 2330-2330 2330-2330
Freight Tracking West Heilongjiang-Shandong 280-300 280-300 Standard grade ethanol
Henan-Shandong 100-200 100-200
East Heilongjiang-Shandong 330-370 330-370 Fuel ethanol
Northwest-Shandong 260-270 260-270
Mengzhou-Chengdu 250-300 250-300 Return empty trucks relatively cheap

Comments

0
  • Marcus Hayes 2026-09-23 20:06
    Crude softening from US-Iran talks eases feedstock cost pressure, yet domestic ethanol margins remain stable due to balanced supply-demand. With Northeast contract fulfillment steady, I expect limited volatility despite ..
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