SunSirs: Downstream Procurement Was on Demand, and Formic Acid Market Was Mainly Stable

Price trend

According to the Commodity Market Analysis System of SunSirs, as of November 23, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,400 RMB/ton, which was unchanged compared to Monday's price and an increase of 12.09% compared to the same period last year.

Analysis review

This week, the domestic industrial grade 85% formic acid market was generally stable, with prices mainly being adjusted in the range of 3,100-3,500 RMB/ton. After the recent price increase in the upstream sulfuric acid market, it had remained stable at a high level, while the upstream methanol market had fluctuated and declined. The cost side support was average, and downstream industries such as pharmaceuticals, rubber, leather, and pesticides continued to purchase formic acid just on demand. The supply and demand side support was relatively stable. The enthusiasm for downstream inquiry procurement was fair, and the market transactions were orderly.

Market outlook

SunSirs’ formic acid analysts believe that as of November 23, downstream procurement of formic acid was on demand, and the overall market volatility was not significant. Enterprises were mostly stable and wait-and-see. It is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term, and more attention will still need to be paid to changes in raw material prices.

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