SunSirs: The Formic Acid Market Was Stronger (February 9-16)
February 17 2023 09:57:41 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, as of February 16, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,383.33 RMB/ton, 1.50% higher than that of February 9.
Analysis review
Recently, the domestic industrial grade 85% formic acid market was operating firmly. Recently, the price of raw material sulfuric acid was stable after rising, the price of raw material methanol fluctuated and consolidated, and the cost support still existed. In addition, mainstream enterprises had devices shutdown after the Spring Festival. The supply side was reduced, and the operators were in a good mood, which supported the steady rise of the formic acid market. Downstream procurement was based on demand, and enterprises mainly executed orders.
Upstream products: upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on February 15, and the reference price of sulfuric acid was 235.00 RMB/ton on February 15, up 1.44% from the price on February 1 (231.67 RMB/ton); For upstream methanol, the reference price of methanol was 2,695.71 RMB/ton on February 15, down 0.58% from that of February 9 (2,711.43 RMB/ton).
Market outlook
According to the formic acid analysts of SunSirs, the cost side had certain support, and the market mainly digested inventory, and the transaction was based on demand. In a short time, the domestic industrial grade 85% formic acid market may digest the increase, and more attention should be paid to the market news guidance.
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