Price trend

According to the Commodity Market Analysis System of SunSirs, as of February 23, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,125.00 RMB/ton, which was unchanged from the price on February 18.

Analysis review

After the holiday, the market price of formic acid was mainly stable, and some companies adjusted their prices flexibly according to their own situation. After the holiday, the upstream sulfuric acid market prices remained stable, while the upstream methanol market narrowly consolidated. Cost support was still acceptable, and downstream demand gradually recovered. Inquiries and purchases mainly followed up on demand, and market transactions were orderly.

According to the Commodity Market Analysis System of SunSirs, on February 23, industrial grade 85% formic acid from formic acid enterprises was quoted around 2,900-3,500 RMB/ton. On February 23, industrial grade 90% formic acid from formic acid enterprises was quoted around 3,600-4,000 RMB/ton, and industrial grade 94% formic acid from formic acid enterprises was quoted around 4,000-4,500 RMB/ton. The prices were for reference only, and actual orders were mainly based on negotiations.

Market outlook

SunSirs’ formic acid analysts believe that as of February 23, the cost side had little impact, and market transactions were mainly based on demand. Holders were actively shipping, and it is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term. More attention still needs to be paid to market news guidance.

If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.