SunSirs: The Formic Acid Market Was Stable and Wait-and-see (March 15-20)

Price trend

According to the Commodity Market Analysis System of SunSirs, as of March 20th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,300.00 RMB/ton, which was basically the same as March 15th (formic acid reference price was 3,300.00 yuan).

Analysis review

From the data monitoring chart of SunSirs, it can be seen that the formic acid market had stabilized after rising since March. Recently, the domestic industrial grade 85% formic acid market had continued to operate steadily. The mainstream quotation range of enterprises was between 3,100-3,400 RMB/ton, and the waiting sentiment of holders for the market had not changed significantly compared to the previous period. New orders in the market were mainly in demand.

Cost side: In this cycle, the domestic methanol market prices had fluctuated narrowly, and the narrow consolidation operation may continue in the future, which may have limited impact on the formic acid market. The price of raw material sulfuric acid had slightly increased, and the market atmosphere was active. The future market may remain strong, and it may continue to support the formic acid market.

Supply and demand side: Formic acid was widely used, with a wide variety of downstream products. Terminal factories were in high demand when entering the market, and the demand side wa relatively stable. The overall shipment of formic acid in the market was still acceptable.

Market outlook

SunSirs’ formic acid analysts believe that the short-term cost side has little impact, and the market has a strong wait-and-see atmosphere. Holders are actively shipping, and it is expected that the formic acid market will mainly remain stable with slight fluctuations in the short term. The specific trend still needs to pay attention to downstream demand.

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