SunSirs: The Formic Acid Market Remained Stable and Slightly Weaker in April

Price trend

In April, the domestic industrial grade 85% formic acid market remained stable with slightly weak performance. According to the Commodity Market Analysis System of SunSirs, as of April 26th, the average price quoted by formic acid companies was 3,287.50 RMB/ton, a decrease of 0.38% compared to the price on April 1st (the reference price for formic acid was 3,300.00 RMB/ton).

Analysis review

From the monitoring chart of SunSirs data, it can be seen that the formic acid market price remained stable and slightly weak in April. In the first ten days, the price of raw material methanol fluctuated and fell, while the price of raw material sulfuric acid remained roughly stable. The cost support was average, and downstream demand was mostly followed by rigid demand. Supply and demand support was relatively stable, and the center of gravity of formic acid prices remained stable. In the middle of the month, the price of raw material methanol rose, cost support increased, and the main factories maintained a stable trend. Orders were mainly shipped, and dealer quotations were mainly negotiated with the company. Market transactions continued to be in high demand. In the late of the month, the price of raw material methanol had slightly decreased, and cost support was slightly weak. Downstream industries were preparing goods at appropriate prices according to demand before festivals, and some companies were offering discounts for sales. The company's quotations had remained stable with little movement, and the market negotiation space had increased.

Market outlook

SunSirs’ formic acid analysts believe that short-term cost support may be limited. As of April 26th, companies were actively shipping, and as downstream pre holiday stocking gradually approached its end, the market may remain stable. It is expected that in the short term, the domestic industrial grade 85% formic acid market may remain stable, and more attention should be paid to market news guidance.

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