SunSirs: The Formic Acid Market Rose First and Then Stabilized (February 17-22)

Price trend

According to the monitoring data of SunSirs, as of February 22, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,433.33 RMB/ton, which was 0.98% higher than that of last Friday (February 17).

Analysis review

Recently, the domestic industrial grade 85% formic acid market was stable after a slight rise. Recently, the price of raw material sulfuric acid had risen, the market of raw material methanol had fluctuated in a narrow range, and the pressure on cost had increased, which had driven the price of formic acid to rise. In the early stage, the mainstream devices were reduced, but the market supply was sufficient, the main downstream formate market demand was acceptable, the market mainly supported high price, and the formate market was strong.

Upstream products: upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on February 21, and the reference price of sulfuric acid was 243.33 RMB/ton on February 21, up 5.03% compared with that of February 1 (231.67 RMB/ton). Upstream methanol, according to the monitoring of SunSirs, the domestic methanol market fluctuated in a narrow range. From February 14 to 21 (as of 15:00 p.m.), the average price of the domestic methanol market in the East China port rose from 2,691 RMB/ton to 2,714 RMB/ton. The price rose 0.85% in the cycle and rose 0.90% month-on-month.

Market outlook

According to the formic acid analysts of SunSirs, the cost support is strong, the market is still dominated by inventory digestion, and the demand is expected to rise steadily. In the short term, the domestic industrial grade 85% formic acid market may be dominated by strong operation, and more attention should be paid to market news guidance.

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