Price trend

Recently, the domestic industrial grade 85% formic acid market was running smoothly, and the mainstream quotation of enterprises was still around 3,900 RMB/ton. According to the Commodity Market Analysis System of SunSirs, as of August 22nd, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,875.00 RMB/ton, which was unchanged compared to last Wednesday (August 16th) and an increase of 2.88% compared to the same period last year.

Analysis review

Cost side: Recently, the price of raw material sulfuric acid had steadily increased, and the market for raw material methanol had increased, which had strengthened the support for cost side.

Supply and demand side: Downstream pharmaceutical, rubber, leather, pesticide and other industries purchased goods according to market demand, with a mild overall trading atmosphere in the market. Holders shipped according to the market, and the price center was stable.

Market outlook

SunSirs’ formic acid analysts believe that as of August 22nd, cost support was stronger, and market transactions were just in demand. It is expected that the domestic industrial grade 85% formic acid market may consolidate in the short term, and more attention should be paid to market news guidance.

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