SunSirs: The Formic Acid Market Remained Stable at a High Level in April (April 1-25)

Price trend

According to the Commodity Market Analysis System of SunSirs, as of April 25th, the average price quoted by formic acid companies was 3,875.00 RMB/ton, which was the same as the price on April 1st.

Analysis review

The formic acid market remained stable at a high level in April. In the first ten days, the price of raw material sulfuric acid increased, while the price of raw material methanol decreased. The cost impact was limited, and the main downstream formate market was mainly based on demand procurement. The supply and demand support was still good, and the center of gravity of formate prices was mainly high and stable. In mid to late April, the price of raw material sulfuric acid first rose and then fell. The price of raw material methanol remained strong, and cost support remained. Downstream pesticide, rubber, leather, and pharmaceutical industries collected goods according to market demand before the festival, market transactions was orderly and s formic acid price were high and stable.

In terms of cost: Upstream sulfuric acid, according to the Commodity Market Analysis System of SunSirs, the reference price for sulfuric acid on April 25th was 235.00 RMB/ton, a decrease of 2.08% compared to April 1st (240.00 RMB/ton); Upstream methanol, according to the Commodity Market Analysis System of SunSirs, the reference price for methanol on April 25th was 2,520.00 RMB/ton, a decrease of 1.63% compared to April 1st (2,561.67 RMB/ton).

Market outlook

SunSirs formic acid analysts believe that the overall price of the domestic industrial grade 85% formic acid market is generally stable, with little impact on the cost side. Market inquiries and procurement are mainly in demand, and it is expected that in the short term, the domestic industrial grade 85% formic acid market may operate at a high level, and more attention should be paid to market news guidance.

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