SunSirs: The Market Price of Formic Acid Fell in December
December 28 2023 15:14:51 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of December 26th, the average price quoted by formic acid companies was 3,150.00 RMB/ton, a decrease of 5.26% compared to the price on December 1st.
Analysis review
The domestic industrial grade 85% formic acid market declined in December. During the month, the price of raw material sulfuric acid first fell and then stabilized, while the price of raw material methanol fluctuated and stabilized. The cost sides had general support for the formic acid market. In the first half of the month, downstream industries such as pharmaceuticals, rubber, leather, and pesticides mostly made on-demand purchases, with stable market trading performance. Enterprises often quoted around the range of 3,000-3,500 RMB/ton based on their own situation. In the second half of the month, downstream observation and follow-up was the main focus, with average enthusiasm for inquiry and procurement. The actual market transactions were flat, and some inventory was under pressure. Holders were offering discounts to ship, and the focus of negotiations in the formic acid market was weakening.
Import and export: According to customs statistics, the import volume of formic acid in China was 3,000 kilograms in November 2023, a year-on-year increase of 30.61%. In November 2023, the export volume of formic acid in China was 22317,012 kilograms, a year-on-year increase of 23.82%.
Market outlook
SunSirs’ formic acid analysts believe that the cost support was limited, the market supply was sufficient, and downstream buying was average. It is expected that in the short term, the domestic industrial grade 85% formic acid market may operate weakly and steadily, and more attention needs to be paid to market news guidance.
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