Traders cancel cargoes as China seen boosting ethanol import duty to 30%

In China, as many as seven cargos of US ethanol—as much as 443,000 cubic meters—set for import through March have been canceled as the government looks to likely boost import taxes in an effort to protect its market that needs to absorb millions of tons of spoiled corn, predominantly in the form of ethanol and bioplastics. The import tariff could jump to 30% from the 5% enjoyed by exporters last year when the ethanol market was tighter.