Price trend

According to the Commodity Market Analysis System of SunSirs, the formic acid market has been operating steadily in recent days. As of June 24th, the benchmark price of 85% industrial grade formic acid in China was 2,400 RMB/ton, a decrease of 4% from 2,500 RMB/ton at the beginning of the month and a decrease of 15.79% from 2,855 RMB/ton in the same period last year.

Analysis review

In terms of the market, formic acid holders have stable quotations, downstream essential procurement is the main focus, and the market trading atmosphere is still acceptable. The recent price increase of upstream raw material methanol may provide cost support for formic acid.

From the perspective of the industrial chain within the month, the raw material liquid ammonia has slightly increased, and the mentality of enterprises to raise prices is gradually strengthening. Some large factories have made small adjustments, but the magnitude is very limited, with an increase of 0.73%. The raw material sulfuric acid has increased by 9.76%, and the raw material caustic soda price is weak. Recently, the domestic downstream demand is average, supporting the consolidation of caustic soda prices, with a decrease of 4.75%. Under the influence of the geopolitical situation, the raw material methanol, based on concerns about the expected supply in the market, coupled with the low circulating volume in coastal markets recently, has seen a strong rise in the port methanol market, with a significant increase of 20.88%.

Market outlook

The formic acid data analyst of SunSirs believes that the formic acid market operates smoothly in June, and there is costs support in the later stage, which may remain strong.

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