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SunSirs: The Price of Formic Acid Was Stable, and Market Transactions Were on Demand

April 08 2024 14:52:16     SunSirs (John)

Price trend

According to the Commodity Market Analysis System of SunSirs, as of April 7th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,300.00 RMB/ton, which was basically unchanged compared to Monday (formic acid reference price of 3,300.00 RMB/ton).

Analysis review

From the monitoring chart of SunSirs data, it can be seen that since April, the domestic industrial grade 85% formic acid market had been operating steadily, with mainstream enterprise quotations ranging from 3,100 to 3,400 RMB/ton, and actual orders were mainly negotiated.

Price influencing factors:

From a cost perspective, since April, the domestic methanol market prices had been operating in a narrow range of fluctuations, while the raw material sulfuric acid prices had remained roughly stable, and the cost had been generally supported by the formic acid market. From the perspective of supply and demand, the downstream industry's procurement demand for formic acid was mostly followed by rigid demand consumption, with orderly market trading and relatively stable supply and demand support. The focus of the quotation was mainly stable.

Market outlook

SunSirs’ formic acid analysts believe that in the recent timed, the atmosphere in the formic acid market had remained stable, and the short-term cost impact may be limited. Market transactions may continue to be mainly in demand, and it is expected that the formic acid market will remain stable and wait-and-see in the short term. More attention should be paid to market news guidance for specific trends.

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