SunSirs: The Overall Formic Acid Market Fell Weakly This Week (May 4-8)

Price trend

According to the data of SunSirs: this week, the domestic average weekly price of industrial-grade formic acid was 2,066.67 RMB/ton. This week, the formic acid market was overall fell down weakly, and the market turnover was acceptable.

Analysis review   

Product: This week, the domestic industrial grade 85% formic acid market was mainly weak, and the overall price fell by 3.12%. Since all aspects of inventory and transportation have been restored, the current price is adjusted accordingly to the market stability. In terms of equipment: The equipment of the manufacturers was basically operating normally, and the shipment was acceptable. The supply of formic acid in the formic acid market has increased this week. The market supply was acceptable, and the enterprises have stocks. In terms of price: the mainstream ex-factory price of purified water formic acid was about 1,833.33 RMB/ton, and the mainstream barrel formic acid dealers offer was 2,570 RMB/ton. As of Friday (May 8), Hangzhou Fengchang Trading Co., Ltd. quoted 2,300 RMB/ton; Zibo Pulis Chemical Co., Ltd. quoted 1,800 RMB/ton; Jinzhou Jinhongda Chemical Co., Ltd. quoted 2,100 RMB/ton; Zhangzhou San'an Chemical Co., Ltd.'s quotation price is 1,600 RMB/ton.

Industrial chain: The domestic liquid ammonia market of formic acid upstream products continued to be weak and stable, and some companies lowered prices slightly. The domestic caustic soda city as a whole maintained stable operation, and the phenomenon of oversupply continued. The market price of caustic soda in some areas has been lowered slightly but has little impact on the overall market. The upstream products generally support the formic acid market, while the downstream products leather and pesticide industries have relatively cold demand.

Market outlook

SunSirs believes that the current domestic industrial grade 85% formic acid market is generally weak and stable. This week, dealers have stocks, the market supply is acceptable, the market supply has increased, the downstream demand is lacking, the market supply exceeds demand, and the domestic industrial grade 85% formic acid market is expected to decline slightly in the short term.

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