SunSirs: The Formic Acid Market Had Risen Since February
February 09 2023 10:30:37 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, as of February 8, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,300.00 RMB/ton, up 8.79% from that of February 1.
Analysis review
Since February, the market price of 85% industrial grade formic acid in China had risen steadily. Recently, the price of raw material sulfuric acid was stable, and the price of raw material methanol had been shaken and sorted out. The cost side had certain support. In the early stage, the mainstream enterprises reduced their volume temporarily, the inventory was controllable, the export market was stable, the domestic market was mainly based on needed, and the price of formic acid was rising.
Upstream products: upstream sulfuric acid, the domestic market price of sulfuric acid was temporarily stable on February 8, and the reference price of sulfuric acid was 231.67 RMB/ton on February 7, which was the same as that on February 1. For upstream methanol, the reference price of methanol was 2,712.86 RMB/ton on February 7, down 2.42% from the price on February 1 (2,780.00 RMB/ton).
Market outlook
According to the formic acid analysts of SunSirs, the cost support is still acceptable, and the downstream demand is expected to recover. In a short time, the domestic industrial 85% formic acid market may be strong, and more attention should be paid to the guidance of market news.
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