SunSirs: Formic Acid Market Prices Fell (June 23-28)

Price trend

According to the monitoring data of SunSirs, as of June 28, the average production price of formic acid enterprises was 4,033.33 RMB/ton, a decrease of 11.03% compared with the price on last Thursday (June 23), and compared with the price on May 28, it fell by 25.77%, and it fell by 43.19% in a three-month cycle.

Analysis review

Recently, the market price of domestic industrial grade 85% formic acid dropped. Recently, the prices of upstream liquid ammonia, sulfuric acid, and methanol were weak, and the cost support was insufficient. In addition, the demand follow-up was weak, and the pressure on the holders to ship increased. Inquiries and transactions were light, market sentiment was poor, corporate quotations fell, and the focus of 85% formic acid market discussions declined.

In terms of cost: upstream caustic soda, the price of caustic soda was consolidating, downstream purchased on demand, and it is comprehensively expected that caustic soda will consolidate mainly in the later stage; upstream liquid ammonia, the liquid ammonia market in Shandong fell on June 27; upstream sulfuric acid, the domestic sulfuric acid market price fell on June 27, and on June 27, the reference price of sulfuric acid was 1,018.00 RMB/ton, compared with the price on June 1 (1,068.00 RMB/ton), down by 4.68%; upstream methanol, according to the monitoring data of SunSirs, from June 17 to 24, the average price of domestic methanol production enterprises fell from 2,731 RMB/ton to 2,635 RMB/ton, the price fell by 3.54% during the cycle, and the price fell by 1.62% month-on-month and the price rose by 4.15% year-on-year.

Market outlook

The formic acid analyst of SunSirs believes that the current price of raw materials is mainly falling, the cost support is weakened, and the market supply and demand pattern is weak. It is expected that in the short term, the domestic industrial-grade 85% formic acid market may be running weakly.

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