SunSirs: The Market Price of Formic Acid Remained Stable with Some Declines (January 29-February 4)

Price trend

According to the Commodity Market Analysis System of SunSirs, as of February 4th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,125.00 RMB/ton, a decrease of 0.79% compared to Monday (January 29th).

Analysis review

This week, the domestic industrial grade 85% formic acid market price remained stable with some decline. Recently, the upstream sulfuric acid market prices had remained stable, while the upstream methanol market had narrowly declined, with limited impact on cost. Downstream orders were prepared in an orderly manner according to demand before holidays, with holders mainly offering stable prices for shipments, and some offering discounts to promote orders. According to the Commodity Market Analysis System of SunSirs, on February 4th, industrial grade 90% formic acid enterprises quoted around 3,600-4,000 RMB/ton, and industrial grade 94% formic acid enterprises quoted around 4,000-4,500 RMB/ton.

Market outlook

SunSirs’ formic acid analysts believe that the cost impact was average. As the holiday approaching, businesses ere gradually withdrawing from the market for vacation, and market transactions were gradually slowing down. It is expected that the domestic industrial grade 85% formic acid market may remain stable before the holiday, and more attention still needs to be paid to market news guidance.

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