SunSirs: Supported by the Supply Side, the Market Price of Formic Acid Had Risen

Price trend

According to the Commodity Market Analysis System of SunSirs, as of March 4th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3,275.00 RMB/ton, an increase of 4.80% compared to last Tuesday (February 27th).

Analysis review

Recently, the market price of industrial grade 85% formic acid in China had risen, with mainstream enterprise quotations ranging from 3,200-3,400 RMB/ton. Recently, the upstream methanol price had been stronger, the upstream sulfuric acid price had risen, and the cost support had increased. There was no pressure on inventory on the supply side, and the supply volume was tight, supporting the market's price support mentality. The demand side's follow-up enthusiasm was average, and the downstream procurement mentality was still cautious. The market transaction was mainly based on demand, and the formic acid market was strong.

Market outlook

SunSirs’ formic acid analysts believe that short-term costs and supply support still existed, and downstream inquiries and purchases were mainly based on demand. The market mentality was still acceptable, and it is expected that the domestic industrial grade 85% formic acid market will remain strong in the short term. More attention still needs to be paid to market news guidance.

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