South Korea's ethanol imports increased 39% year on year to 261,584 mt in 2017, according 

to data released Thursday by Korea Customs Service. 

Imports  of  denatured ethanol surged by 238% over the year to 117,782 mt in 2017. The US

remained  the  key  import  origin  last  year, accounting for 78% of total imports, followed by 

Pakistan at 10% and South Africa at 6%. 

Undenatured ethanol imports however, fell 6% year on year to 143,802 mt in 2017. Australia 

overtook Brazil as the largest supplier of undenatured ethanol last year, accounting for 44% 

of total imports, followed by Cambodia at 16% and Pakistan at 14%. 

Volumes  from  Brazil  accounted  for only 9% of the total undenatured ethanol imports, down 

sharply  from  49%  in the previous year. South Korea has been importing more undenatured 

ethanol form Australia since December last year because of more favorable prices compared 

with Brazilian and Pakistani industrial grade ethanol. 

Grade  B  ethanol FOB Santos/Paranagua prices averaged $540/cu m in 2017, while freight 

rate  to  Ulsan ranged between $55/cu m and $65/cu m. This takes the landed price of grade 

B ethanol from Brazil into South Korea close to $600/cu m, S&P Global Platts data showed. 

In comparison, grade B ethanol into South Korea averaged $560/cu m CFR Ulsan in 2017, 

Platts data showed. 

In December, South Korea imported 33,922 mt of ethanol, up 5.5% from November, customs 

data showed. 

Of this, 57.7% was denatured ethanol and the rest undenatured ethanol.