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SunSirs: Formic Acid Market Was Running Smoothly (July 21-26)

July 27 2022 10:39:34     SunSirs (John)

Price trend

According to the data of SunSirs, as of July 26, the average price quoted by formic acid enterprises was 3,900.00 RMB/ton, which was flat compared with the price on last Thursday (July 21) and decreased by 13.97% compared with the price on June 26. It was down 59.66% in a three-month cycle.

Analysis review

Recently (7.21-7.26), the domestic industrial-grade 85% formic acid market was running smoothly. Recently, the prices of upstream products fluctuated, and the cost impact was limited. The downstream maintained on-demand purchases, the enthusiasm for inquiries and purchases was moderate, the market transactions were moderate, and the focus of the industrial-grade 85% formic acid market was stable.

In terms of cost: upstream caustic soda, caustic soda companies adjusted their quotations flexibly, but there were more wait-and-see attitude among them, and it is generally expected that the consolidation trend would be maintained in the later stage; Upstream liquid ammonia, on the 26th, the liquid ammonia market in Shandong slowed down, and some traders stopped rising and stabilized. The market quotation on the 26th did not change much from yesterday; upstream sulfuric acid, the domestic sulfuric acid market price fell on July 26; Upstream methanol, according to the monitoring data of SunSirs, from July 18 to 25, the average domestic methanol market price rose from 2,393 RMB/ton to 2,432 RMB/ton, the price increased by 1.62% during the cycle, and the price decreased by 3.47% month-on-month and decreased by 5.90% year-on-year.

Market outlook

The formic acid analyst of SunSirs believes that the current cost support is general, and the market transactions are on demand. It is expected that in the short term, the domestic industrial-grade 85% formic acid market may operate stably.

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