SunSirs: The Market Price of Formic Acid Was Stable (June 5-9)
June 12 2023 10:08:52 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of June 9th, 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 overall market price of industrial grade 85% formic acid in China remained stable, with mainstream prices around 3,900 RMB/ton. Recently, the market for raw material sulfuric acid was stable, while the market for raw material methanol was weaker. The cost support was slightly weak, and downstream markets were entering according to demand. The supply and demand support was still acceptable, and there was no significant market fluctuation. Enterprise quotations were mostly stable.
Upstream product: Upstream sulfuric acid. According to the Commodity Market Analysis System of SunSirs, on June 8th, the reference price for sulfuric acid was 182.00 RMB/ton, which was the same as June 1st; Upstream methanol, according to the Commodity Market Analysis System of SunSirs, the reference price for methanol on June 8th was 2,085.83 RMB/ton, a decrease of 3.51% compared to June 1st (2,161.67 RMB/ton).
Market outlook
SunSirs formic acid analysts believe that the cost impact was not significant, and downstream industries such as pharmaceuticals, rubber, leather, and pesticides were following up on demand when entering the market. The market atmosphere was still good, and it is expected that the domestic industrial grade 85% formic acid market will be mainly stable in the short term. More attention should 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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