According to the monitoring data of SunSirs, as of May 11, the average price of formic acid enterprises quoted was 6,266.67 RMB/ton, a decrease of 33.80% compared with the price on May 7 and a decrease of 13.76% compared with the price on April 11. In a three-month cycle, it rose by 37.23%.
Recently, the market price of formic acid has fallen from a high level, with a single-day price drop of more than 2,000 RMB/ton, a five-day drop of 33.80%. Recently, upstream prices have fluctuated, and the cost has little impact on the formic acid market. Mainstream companies have resumed operations and the market supply was sufficient. In the early stage, the price of formic acid rose to a high level, the downstream resistance to high-priced raw materials was increasing, the enthusiasm for purchasing was not high, the domestic demand was weak, and the market price of formic acid fell sharply.
In terms of cost: upstream caustic soda, the price of caustic soda was consolidated on May 11, the overall supply in Shandong did not change much, and downstream mostly purchased on demand; upstream liquid ammonia, on May 11, the liquid ammonia market in Shandong liquid ammonia market continued to rise. On Wednesday, the prices of major Shandong manufacturers still increased by 50 RMB/ton; upstream sulfuric acid, the domestic sulfuric acid market fell on May 11; upstream methanol, according to the monitoring data of SunSirs, the average price of domestic methanol production enterprises on May 10 was 2,727 RMB/ton, down 0.82% from the previous working day, down 9.76% month-on-month, and up 4.60% year-on-yea.
The formic acid analyst of SunSirs believes that the current cost support is limited, and the supply and demand side dominates the market, but with the successive price reductions in the early stage, it is expected that in the short term, the domestic industrial-grade 85% formic acid market may wait and see after fall.
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