SunSirs: The Formic Acid Market Was Generally Stable (October 19-25)
October 26 2023 14:29:54 SunSirs (John )
Price trend
According to the Commodity Market Analysis System of SunSirs, as of October 25th, the average price of industrial grade 85% formic acid quoted by formic acid enterprises was 3,375.00 RMB/ton, which was unchanged compared to last Thursday (October 19th).
Analysis review
Recently, the domestic industrial grade 85% formic acid market had limited volatility, and most of the products were shipped according to the market. The enterprise's quotation range was between 3,200-3,500 RMB/ton. The recent decline in the raw material sulfuric acid market led to a narrow range of fluctuations and consolidation in raw material methanol, and cost support was weak. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides were mainly in demand for raw material procurement, with orderly market trading and a generally stable focus of negotiations in the formic acid market.
Market outlook
SunSirs’ formic acid analysts believe that the cost support was average, and the market supply and demand were still acceptable. It is expected that the domestic industrial grade 85% formic acid market may stabilize in the short term, and more attention still 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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