SunSirs: The Formic Acid Market Was Stable (January 9-12)
January 13 2023 09:26:46 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, as of January 12, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,000.00 RMB/ton, which was the same as that on Monday.
Analysis review
The market price of domestic industrial grade 85% formic acid was stable this week. Recently, the price of raw material sulfuric acid was stable, the price of raw material methanol was fluctuating, and the cost support was limited. Downstream goods preparation before the Spring Festival was mainly based on the follow-up of the rigid demand, and the demand side was average. The price negotiation of formic acid continued to be around 3,000 RMB/ton.
Upstream products: upstream sulfuric acid, the reference price of sulfuric acid was 280.00 RMB/ton on January 11, down 2.33% compared with that of January 1 (286.67 RMB/ton); For upstream methanol, the reference price of methanol was 2,653.33 RMB/ton on January 11, down 1.67% from that of January 1 (2,698.33 RMB/ton).
Market outlook
According to the formic acid analysts of SunSirs, the current cost support is general, the market transactions are on demand, and the domestic industrial grade 85% formic acid market may remain stable for a short time, and more attention should be paid to the market news guidance.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com
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