SunSirs: Formic Acid Market Fell Weakly This Week（June 15-19）

Price trend

According to the data of SunSirs, on June 15, the domestic average price of industrial-grade formic acid was 1,883.33 RMB/ton. As of June 19, the domestic average price of industrial-grade formic acid was 1,850.00 RMB/ton, a decrease of 7.5% this week. The weak market of formic acid mainly fell.

Analysis review

This week, the domestic industrial-grade 85% formic acid market as a whole showed a weak trend of maintaining stability. Due to foreign trade export restrictions, the prices of some manufacturers have been slightly lowered. At present, the market has sufficient supply and the equipment is operating normally. In terms of price: This week's industrial barrel quotations generally maintained at around 2,180 RMB/ton, and the ex-factory price of unpacked mainstream formic acid industry was around 1,850 RMB/ton. As of Friday (June 19), Jinzhou Jinhongda Chemical Co., Ltd. quoted 1,750 RMB/ton; Zibo Pulis Chemical Co., Ltd. quoted 1,500 RMB/ton; Zhangzhou Sanan Chemical Co., Ltd. quoted 1,400 RMB/ton; Luxi Chemical offered1700 RMB/ton; Hangzhou Fengchang Trading Co., Ltd. 85% formic acid industrial with barrel price was 2,300 RMB/ton.

The mainstream of liquid ammonia in formic acid upstream products has been steadily adjusted within a narrow range, and local manufacturers have raised their quotations. Market demand was acceptable. The domestic caustic soda market fluctuated in a narrow range, and the downstream mainly purchased on demand. It is expected that the market will fluctuate within a narrow range. The upstream products support the formic acid market in general, and the demand for downstream products in the leather and pesticide industries has not increased significantly.

Market outlook

SunSirs believes that the current domestic industrial grade 85% formic acid market as a whole shows a weak trend of stability. At present, the market supply is acceptable, there is no significant increase in downstream demand, and the formic acid market is not good enough. It is expected that the domestic industrial grade 85% formic acid market will slightly decline in the short term.

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