SunSirs: Demand Was Insufficient, the Formic Acid Market Prices Was Downward
September 15 2023 14:37:04 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of September 14th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,625.00 RMB/ton, a decrease of 5.23% compared to Monday's price.
Analysis review
This week, the domestic industrial grade 85% formic acid market price fell. Recently, the price of raw material sulfuric acid was weak and stable, and the raw material methanol market was fluctuating and organized, the cost support was average. Downstream demand was not good, the enthusiasm for inquiry and procurement in the formic acid market was insufficient, and the holders were making profit-cuttings to promote transactions. The focus of negotiations in the formic acid market decreased. On the 14th, the quotation range for industrial grade 85% formic acid from enterprises was between 3,200-3,900 RMB/ton.
Market outlook
SunSirs' formic acid analysts believe that as of September 14th, the demand side had shown a lackluster performance, with insufficient mentality among cargo holders and a stronger mentality of giving up profit for shipments. It is expected that the domestic industrial grade 85% formic acid market may be weak and stable in the short term, and more attention still needs to be paid to downstream pre holiday stocking demand.
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