SunSirs: The Price of Formic Acid Was Stable, and Downstream Procurement Was on Demand (May 15-18)
May 19 2023 10:34:23 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of May 18th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,875.00 RMB/ton, which was unchanged compared to Monday's price.
Analysis review
The domestic industrial grade 85% formic acid market price was stable this week. Recently, the raw material sulfuric acid market was operating weakly and steadily, while the raw material methanol market rose. The cost impact was limited. Downstream pharmaceutical, rubber, leather, pesticide and other industries purchasing was on demand. The overall trading volume of the market had not changed significantly, and merchants shipped according to the market. The formic acid market continued to operate steadily.
Upstream product: Upstream sulfuric acid. According to the Commodity Market Analysis System of SunSirs, the reference price of sulfuric acid was 192.00 RMB/ton on May 17th, a decrease of 12.06% compared to May 1st (218.33 RMB/ton); Upstream methanol, according to the Commodity Market Analysis System of SunSirs, the reference price of methanol on May 17th was 2,365.83 RMB/ton, a decrease of 2.37% compared to May 1st (2,423.33 RMB/ton).
Market outlook
SunSirs formic acid analysts believe that as of the 18th, cost support was still acceptable, downstream restocking was mainly on demand and the market trading atmosphere was mild. It is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term, and more attention needs to be paid to market news guidance.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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