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SunSirs: The Transaction Was Light, the Formic Acid Market Was Running to Be Weak (June 15-22)

June 22 2022 13:48:18     SunSirs (John)

Price trend

According to the monitoring data of SunSirs, as of June 22, the average price of formic acid enterprises quoted was 4,533.33 RMB/ton, which was 3.55% lower than that of last Wednesday (June 15), and it was 29.17% lower than that of May 22. It fell by17.07% in a three-month cycle.

Analysis review

Recently, the market price of domestic industrial grade 85% formic acid has fallen. The price of upstream products has been consolidating recently. The price of methanol, the main raw material, fell, and the cost support was general The supply side was mainly stable, the downstream was mostly in the off-season, the enthusiasm for inquiries and purchases was not high, the demand side was not performing well, and the company's shipments were under pressure. After the price of 85% formic acid weakened, it was in a wait-and-see operation.

In terms of cost: upstream caustic soda, the price of caustic soda was consolidated and operated, and the downstream purchased on demand. It is comprehensively expected that caustic soda may be consolidated in the later stage; Upstream liquid ammonia, on June 21, the reference price of liquid ammonia was 4,873.33 RMB/ton, a decrease of 7.88% compared with June 1 (5,290.00 RMB/ton); Upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on June 21; upstream methanol, according to the monitoring data of SunSirs, on June 21, the methanol reference price was 2,705.00 RMB/ton, an increase of 3.34% compared with June 1 (2,617.50 RMB/ton). On June 21, the ex-factory quotations of methanol of companies in Shandong were lowered.

Market outlook

The formic acid analyst of SunSirs believes that the main raw material methanol is currently running weakly, the cost support is limited, the supply side has not changed for the time being, and the demand side is weak. It is expected that in the short term, the domestic industrial-grade 85% formic acid market may run under pressure.

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