SunSirs: The Formic Acid Market Was Stable (March 13-16)
March 17 2023 10:10:35 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, as of March 16, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,612.50 RMB/ton, which was the same as that on Monday.
Analysis review
This week, the domestic industrial grade 85% formic acid market was stable. Recently, the price of raw material sulfuric acid had been stable, while the market of raw material methanol had been operating in a narrow range, with little impact on the cost side. The market mainly focused on digesting inventory, and downstream customers purchased on demand. The market transaction was orderly, and the price center of formic acid was stable.
Upstream products: upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on March 16, and the reference price of sulfuric acid was 268.33 RMB/ton on March 15, up 5.92% compared with March 1 (253.33 RMB/ton); According to the monitoring of SunSirs, the reference price of upstream methanol was 2,629.17 RMB/ton on March 15, down 3.9% from that of March 1 (2,735.83 RMB/ton).
Market outlook
According to the formic acid analyst of SunSirs, as of the 16th, the cost support was acceptable, the market was transacted on demand, and the negotiation atmosphere was mild. It is expected that the domestic industrial grade 85% formic acid market will mainly be stable in the short term, and more attention should be paid to market news guidance.
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