SunSirs: Formic Acid Market Was Running Stably (August 18-23)

Price trend

According to the monitoring data of SunSirs, as of August 23, the average price quoted by formic acid enterprises was 3,766.67 RMB/ton, which was flat compared with the price on last Thursday (August 18) and decreased 3.42% compared with the price on July 23. It fell by 41.15% in a three-month cycle.

Analysis review

Recently (8.18-8.23) the domestic market price of industrial grade 85% formic acid was stable. Recently, the upstream caustic soda and liquid ammonia prices were consolidated, the price of sulfuric acid was weak and stable, the main raw material methanol market fluctuated and sorted out, and the cost side had limited impact on the formic acid market. The downstream purchased on demand, the market transactions were orderly, and the focus of the industrial-grade 85% formic acid market was stable.

In terms of cost: upstream caustic soda, on August 23, the price of caustic soda in Shandong was consolidated and the mainstream market quotation was about 1,020-1,100 RMB/ton. The price of caustic soda was running in a consolidation, and the downstream was mostly wait-and-see attitude. It is comprehensively expected that the consolidation trend will be maintained in the later period. Upstream liquid ammonia, on the 24th, the price of liquid ammonia in Shandong continued to be stable, the dealers offered parity, or there was a small profit-cutting, and the market price was mainly adjusted within a narrow range. Upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on August 23. Upstream methanol, on August 23, the methanol reference price was 2,475.00 RMB/ton, a decrease of 3.13% compared with August 1 (2,555.00 RMB/ton).

Market outlook

The formic acid analyst of SunSirs believes that the current cost impact is general, the overall trading atmosphere of the market is moderate, and holders are mainly wait-and-see. 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 market news guidelines.

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