SunSirs: The Price Range of Formic Acid Was Stable, and Downstream Followed up on Demand

Price trend

According to the Commodity Market Analysis System of SunSirs, as of January 8th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3,150.00 RMB/ton, which was unchanged from the beginning of the month.

Analysis review

Since January, the domestic industrial grade 85% formic acid market had remained stable, and enterprises adjusted flexibly according to their own situation. The mainstream quotation reference was between 3,100-3,500 RMB/ton. Recently, the upstream sulfuric acid market prices had declined, with narrow fluctuations in the upstream methanol market, weak cost support, and decent demand performance. Downstream enterprises mainly accepted orders just in needed, while the focus of negotiations in the formic acid market was on stability.

Market outlook

SunSirs’ formic acid analysts believe that the cost support was average, the supply side was temporarily stable, and downstream restocking was on demand. It is expected that the domestic industrial grade 85% formic acid market will stabilize and consolidate in the short term, and more attention still needs to be paid to market news guidance.

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