SunSirs: The Market Price of Formic Acid Was Mainly Stable (January 10-17)

Price trend

Recently, the market price of industrial grade 85% formic acid in China had remained stable, with manufacturers and distributors generally maintaining no significant price adjustments in the early stage. According to the Commodity Market Analysis System of SunSirs, as of January 17th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,150.00 RMB/ton, which was unchanged from last Wednesday (January 10th).

Analysis review

Recently, the upstream sulfuric acid market had been operating weakly and steadily, while the upstream methanol market had experienced slight fluctuations and consolidation. The cost support was average. The downstream pesticide, rubber, leather, and pharmaceutical industries purchased goods on a single basis based on market demand, with rigid demand being the main focus. The market trading atmosphere was still acceptable.

Market outlook

SunSirs’ formic acid analysts believe that the cost impact was not significant. Downstream stocks were prepared according to demand before holidays, and market transactions were orderly. It is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term, and more attention still needs to be paid to market news guidance.

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