SunSirs: The Formic Acid Market Was Stable (May 8-11)
May 12 2023 13:43:16 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of May 11th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,875.00 RMB/ton, which was unchanged from Monday's price.
Analysis review
Recently, there was no significant fluctuation in the domestic industrial grade 85% formic acid market, and enterprise quotations generally remained stable. Recently, the raw material sulfuric acid market was mainly stable, while the raw material methanol market was weaker, with little impact on the cost. The enterprise mainly shipped normally, the downstream inquiry and procurement continued to be just in needed, and the focus of formic acid market price was stable.
Upstream product: Upstream sulfuric acid. According to the Commodity Market Analysis System of SunSirs, the reference price for sulfuric acid was 210.00 RMB/ton on May 10th, a decrease of 3.82% compared to May 1st (218.33 RMB/ton); Upstream methanol, according to the Commodity Market Analysis System of SunSirs, the reference price for methanol on May 11th was 2,360.00 RMB/ton, a decrease of 2.61% compared to May 1st (2,423.33 RMB/ton).
Market outlook
SunSirs formic acid analysts believe that as of the 11th, upstream sulfuric acid and methanol prices were operating to be weaker, cost support was slightly weak. Market transactions were mainly based on demand, and enterprise quotations followed the market. It is expected that the domestic industrial grade 85% formic acid market will be mainly stable and wait-and-see in the short term, with more attention to changes in raw material prices.
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