SunSirs: The Formic Acid Market Continued to Operate Steadily (May 22-25)
May 26 2023 10:44:11 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of May 25th, 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
This week, the domestic industrial grade 85% formic acid market continued its stable trend. Recently, the raw material sulfuric acid market was operating weakly and steadily, while the raw material methanol market was adjusted in a narrow range, the cost side has little impact. Downstream manufacturers mostly purchased on demand, and the overall trading atmosphere in the market was mild. The focus of negotiations in the formic acid market was stable.
Upstream product: Upstream sulfuric acid. According to the Commodity Market Analysis System of SunSirs, the reference price of sulfuric acid was 188.00 RMB/ton on May 24th, a decrease of 13.89% 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 24th was 2,175.83 RMB/ton, a decrease of 10.21% compared to May 1st (2,423.33 RMB/ton).
Market outlook
SunSirs formic acid analysts believe that the cost side impact was limited, and market transactions was just on-demand orderly. It is expected that the domestic industrial grade 85% formic acid market will be stable and wait-and –see in the short term, and more attention needs to be paid to market news guidance.
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