SunSirs: Downstream Procurement According to Demand, the Formic Acid Market Remained Stable with Minor Fluctuations
March 18 2024 11:40:56 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of March 15th, the average price of industrial grade 85% formic acid quoted by domesti formic acid enterprises was 3,300.00 RMB/ton, an increase of 0.76% compared to Monday's price.
Analysis review
This week, the domestic industrial grade 85% formic acid market price remained stable, and the market trading atmosphere remained stable. Some companies adjusted their prices based on their own situation, with the mainstream quotation range of 3,100-3,400 RMB/ton. Recently, there had been a narrow adjustment in upstream methanol prices, while upstream sulfuric acid prices had remained high and stable. Cost support was still acceptable, and downstream industries such as pesticides, leather, dyes, pharmaceuticals, and rubber mainly followed up on inquiries and purchases. Market transactions were orderly, and the focus of negotiations in the formic acid market was generally stable.
Market outlook
SunSirs’ formic acid analysts believe that the short-term cost impact was limited, and the overall market was operating steadily. Downstream enterprises followed up appropriately based on their own situation, and the market's new orders were mainly in demand. 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 downstream demand.
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- 2024-04-15 SunSirs: The Formic Acid Market Continues to Operate Steadily (April 8-12)
- 2024-04-08 SunSirs: The Price of Formic Acid Was Stable, and Market Transactions Were on Demand
- 2024-03-29 SunSirs: The Formic Acid Market Slightly Increased in March (March 1-27)
- 2024-03-22 SunSirs: The Formic Acid Market Was Stable and Wait-and-see (March 15-20)
