SunSirs: The Formic acid Market Was Stable (June 1-26)
June 27 2023 14:14:37 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of June 26th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,875.00 RMB/ton, which was the same as the price on Monday (June 19th) last week.
Analysis review
Recently (6.19-6.26), the domestic industrial grade 85% formic acid market was operating steadily, with a price center maintained at around 3,900 RMB/ton. Recently, the price of raw material sulfuric acid was stable, and the market for raw material methanol fluctuated narrowly. The cost support was stable, and downstream buying continued to be just in needed. The quotes from commodity holders were stable.
Upstream product: Upstream sulfuric acid. According to the Commodity Market Analysis System of SunSirs, the domestic sulfuric acid market price temporarily stabilized on June 25th. On June 23rd, the reference price for sulfuric acid was 196.00 RMB/ton, an increase of 7.69% compared to June 1st (182.00 RMB/ton); Upstream methanol, according to the Commodity Market Analysis System of SunSirs, the reference price for methanol on June 23 was 2,091.67 RMB/ton, a decrease of 3.24% compared to June 1 (2,161.67 RMB/ton).
Market outlook
SunSirs’ formic acid analysts believe that the overall market atmosphere was still fair, transactions were mainly based on demand. 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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