SunSirs: The Formic Acid Market Price Was Stable with Some Decline in February
February 28 2024 14:40:49 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of February 27th, the average price quoted by formic acid companies was 3,125.00 RMB/ton, a decrease of 0.79% compared to the price on February 1st.
Analysis review
In February, the domestic industrial grade 85% formic acid market remained stable with some decline. Before the holiday, the upstream methanol price mainly increased, while the upstream sulfuric acid price remained stable and the cost support was still acceptable. The downstream orderly stocking was carried out according to demand, and the main focus was on stabilizing the market and shipping with quotes from holders. Some companies offered discounts to stimulate the downstream purchasing market, while the formic acid market remained stable but weak. After the holiday, the upstream sulfuric acid prices first rose and then stabilized, while the upstream methanol prices narrowed down and had a moderate impact on the cost side. Downstream demand gradually recovered, and inquiries and purchases were following up. Market trading was orderly, and the formic acid market prices were mainly stable. Some companies adjusted their prices. According to the Commodity Market Analysis System of SunSirs, the mainstream quotation for industrial grade 85% formic acid enterprises on February 27th was between 2,900-3,500 RMB/ton.
Market outlook
SunSirs’ formic acid analysts believe that as downstream factories continued to start production and demand replenishment, market transactions were still acceptable. It is expected that in the short term, the domestic industrial grade 85% formic acid market may be stable and consolidated, and more attention should be paid to market news guidance.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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