SunSirs: The Formic Acid Market Continues to Operate Steadily (April 8-12)
April 15 2024 11:50:03 SunSirs (John)
Price trend
This week, the domestic industrial grade 85% formic acid market continued to operate steadily. According to the Commodity Market Analysis System of SunSirs, as of April 12th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3,300.00 RMB/ton, which was basically unchanged compared to Monday's price.
Price influencing factors:
Cost side: From the monitoring chart of SunSirs data, it can be seen that since April, the raw material methanol had shown a narrow fluctuating trend. On April 12th, the benchmark price of methanol in SunSirs was 2,580.00 RMB/ton, a decrease of 0.51% compared to the beginning of this month (2,593.33 RMB/ton). Recently, the price of raw material sulfuric acid had remained relatively stable. At this stage, the impact of cost on the formic acid market was limited.
Supply and demand side: Recently, the main factories had maintained a stable trend, with orders and shipments being the main focus. Downstream industries such as pesticides, leather, dyes, pharmaceuticals, and rubber continued to have a strong demand for formic acid procurement. The supply and demand of the formic acid market were relatively stable and orderly, with mainstream quotes from enterprises ranging from 3,100 to 3,400 RMB/ton. Market discussions were mainly conducted, and formic acid prices were mainly stable.
Market outlook
SunSirs' formic acid analyst believes that the atmosphere in the formic acid market was stable, with downstream demand mainly taking orders. It is expected that the formic acid market will remain stable with minor fluctuations in the short term, and the specific trend needs to pay more attention to market news guidance.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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- 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)
- 2024-03-18 SunSirs: Downstream Procurement According to Demand, the Formic Acid Market Remained Stable with Minor Fluctuations
