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SunSirs: Formic Acid Market Was Running Steadily (June 18-21)

July 21 2022 15:22:01     SunSirs (John)

Price trend

According to the monitoring data of SunSirs, as of July 21, the average price of formic acid of enterprises quoted was 3,900.00 RMB/ton, which was flat compared with the price on Monday, and fell 15.22% compared with the price on June 21. It fell by 59.66% in a three-month cycle.

Analysis review

This week, the domestic market price of industrial grade 85% formic acid was stable. Recently, the upstream sulfuric acid, caustic soda, and liquid ammonia have been running weakly. The price of methanol, the main raw material, has risen. The cost support is acceptable. The company is mainly shipping normally. The downstream demand continues to just need to purchase. The market trend is balanced. Formic acid companies' quotations follow the market, and the focus of industrial-grade 85% formic acid market discussions is mainly stable.

In terms of cost: upstream caustic soda, the price of caustic soda was weak on July 20, and the downstream demand was general, and it is generally expected that the market will be weak in the later period; Upstream liquid ammonia, on the 21st, the liquid ammonia market in Shandong was still weak. Today, the downward trend of the market has slowed down slightly, and the market price has not changed much compared with yesterday; Upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on July 20; upstream methanol, according to the monitoring data of the business agency, the average domestic methanol port market price in East China on July 20 was 2,430 RMB/ton, up 3.46% from the previous trading day.

Market outlook

The formic acid analyst of SunSirs believes that the current price of the main raw material methanol is relatively strong, the cost side has a certain support, and the supply and demand side performance is average. It is expected that in the short term, the domestic industrial-grade 85% formic acid market may be stable and wait-and-see operation.

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