SunSirs: Formic Acid Market Prices Rose Sharply in March

Price trend

According to the monitoring data of SunSirs, as of March 29, the average price of formic acid enterprises quoted was 7,100.00 RMB/ton, an increase of 53.79% compared with the price at the beginning of the month, an increase of 65.12% in a three-month cycle and an increase of 167.92% compared with the same period last year.

Analysis review

In March, the market price of domestic industrial grade 85% formic acid rose. In the first ten days of the year, the market price of methanol, the main raw material, rose, the cost support was strong, the market atmosphere was active, and the price of formic acid rose slightly. In mid-March, formic acid declined with the price of raw materials, and the supply and demand side mainly purchased on demand. In late March, the raw material market was mainly on the strong side, the cost support was rising, a large enterprise was temporarily overhauled, the market supply was reduced, the downstream inquiry and purchasing atmosphere improved, the demand side performed better, the logistics in some areas was restricted, and the price of formic acid rose strongly.

In terms of cost: upstream caustic soda, on March 29, the reference price of caustic soda was 1,094.00 RMB/ton, an increase of 3.94% compared with March 1 (1,052.50 RMB/ton); upstream liquid ammonia, on March 29, Shandong liquid ammonia market fell slightly, the decline range was around 50 RMB/ton; upstream sulfuric acid, the domestic sulfuric acid market price rose sharply in March, and the quotation rose from 781.67 RMB/ton at the beginning of the month to 1,116.67 RMB/ton at the end of the month, an increase of 335 RMB/ton, an increase of 42.86%; upstream methanol, March 29 , the reference price of methanol was 3,090.00 RMB/ton, an increase of 13.19% compared with March 1 (2,730.00 RMB/ton).

Market outlook

The formic acid analyst of SunSirs believes that the current price of the main raw material methanol is running strongly, the cost side is strongly supported, and the supply and demand side have strong support. It is expected that the formic acid market may run at a high level in the short term, and more attention should be paid to market news guidelines.

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