Price trend

According to data from SunSirs’ bulk list, as of December 10, the average price of formic acid companies’ quotations was 4,200 RMB/ton, an increase of 1.61% compared to Monday’s price, and a 44.00% decrease compared to the price on November 10. The price fell by 30.39% in a three-month cycle.

Analysis review

This week, the market price of domestic industrial grade 85% formic acid rose. Recently, raw material caustic soda and liquid ammonia have stabilized prices, sulfuric acid prices have risen, methanol prices have fallen, and cost support has been average. Early prices have fallen sharply, downstream procurement enthusiasm has increased, and prices have rebounded slightly.

In terms of cost: upstream caustic soda, on December 9, the reference price of caustic soda was 785.00 RMB/ton, which was 6.82% lower than that on December 1 (842.50 RMB/ton); upstream liquid ammonia, the market of Shandong liquid ammonia stabilized on December 10, and the price did not change much near the weekend. Most manufacturers' quotations remained at the 9th price level. Manufacturers had a mentality of high prices and dealers mainly followed the market when they made offers; upstream sulfuric acid, the domestic sulfuric acid market rose on December 10; upstream methanol, the reference price of methanol on December 9 was 2,637.50 RMB/ton, which was a 4.78% decrease compared with December 1 (2,770.00 RMB/ton).

Market outlook

Formic acid analysts of SunSirs believe that the current cost side support is relatively limited, the market atmosphere has improved, and the support from supply and demand side is acceptable. It is expected that the formic acid market may be stable and strong in the short term.

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