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SunSirs: Formic Acid Market Was Running Smoothly (August 10-17)

August 18 2022 14:51:25     SunSirs (John)

Price trend

According to the monitoring data of SunSirs, as of August 17, the average price of formic acid quoted by formic acid enterprises was 3,766.67 RMB/ton, which was flat compared with the price on last Wednesday (August 10), a decrease of 3.42% compared with the price on July 17, and a decrease of 37.91% in a three-month cycle. .

Analysis review

Recently (8.10-8.17) the domestic market price of industrial grade 85% formic acid was running smoothly. Recently, the upstream caustic soda and liquid ammonia were weakly sorted out, and the price of sulfuric acid fell. The main raw material methanol market fluctuated at a low level, and the support of cost side for the formic acid market was general. Downstream demand continued to be just-needed to purchase, companies were mainly shipping normally, market transactions were stable, and the focus of industrial-grade 85% formic acid market negotiations was running smoothly.

In terms of cost: upstream caustic soda, the price of caustic soda consolidated on August 16. The overall market shipments were relatively stable, the downstream alumina enterprises had low operating loads, the market was in a strong wait-and-see mood, and the demand continued to be weak. Upstream liquid ammonia, on August 16, the liquid ammonia market in Shandong remained stable, and the market was still weak, and some distributors sold at a profit-cutting. Upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on August 16; upstream methanol, according to the monitoring data of SunSirs, on August 16, the methanol reference price was 2,458.00 RMB/ton, which was 3.8% lower than that on August 1 (2,555.00 RMB/ton).

Market outlook

Formic acid analysts of SunSirs believe that the current cost support is limited, formic acid companies offer quotations with the market, downstream inquiries and purchases are based on demand, and the market negotiation atmosphere is calm. It is expected that in the short term, the domestic industrial-grade 85% formic acid market may be stable, and more attention should be paid to changes in raw material prices.

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