SunSirs: The Formic Acid Market Had Shown Stable Performance Since September
September 07 2023 09:57:56 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of September 6th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,825.00 RMB/ton, which was the same as the price on September 1st and an increase of 1.55% compared to the same period last year.
Analysis review
Since September, there had been no significant fluctuation in the domestic industrial grade 85% formic acid market, and mainstream prices remained stable. Recently, the price of raw material sulfuric acid remained high and stable, while the raw material methanol market had experienced narrow fluctuations. The cost support was stable, downstream procurement was mainly based on demand and the market trading atmosphere was average. Holders were actively shipping, and the mainstream quotation of enterprises was around 3,900 RMB/ton.
Market outlook
SunSirs’ formic acid analysts believe that as of September 6th, cost support still existed, while supply and demand performance was average. It is expected that the domestic industrial grade 85% formic acid market will stabilize and consolidate in the short term, and more attention needs to be paid to changes in demand.
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