SunSirs: The Formic Acid Market Was Operating Stably (August 1-8)
August 09 2023 09:49:34 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of August 8th, 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 August 1st and a decrease of 3.93% compared to the same period last year.
Analysis review
Since August, the domestic industrial grade 85% formic acid market was operating steadily. Recently, the price of raw material sulfuric acid had risen, and the market for raw material methanol had been narrowly sorted out. The cost support was strengthened, and downstream procurement was mainly based on demand. Enterprise shipments were still acceptable, market trading was orderly, and the market was temporarily stable and wait-and-see. The mainstream quotation of enterprises was around 3,900 RMB/ton.
Market outlook
SunSirs formic acid analysts believe that as of August 8th, there was some support in the cost side, downstream procurement was mainly 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.
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