SunSirs: The Formic Acid Market Was Mainly Stable and Actively Shipped
May 10 2024 15:00:26 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of May 9th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3,287.50 RMB/ton, which was basically unchanged compared to Monday's price.
Analysis review
The post holiday formic acid market was mainly stable, with some companies adjusting their prices. The mainstream quotation range for industrial grade 85% formic acid companies was between 2,800-3,400 RMB/ton. Recently, the main raw material methanol market price had fluctuated narrowly and risen, with reasonable cost support. However, downstream buying was flat, and the trading atmosphere on the market was average. Some companies were offering discounts to stimulate shipments, and negotiation prices of formic acid market were stable but loosened.
Market outlook
SunSirs’ formic acid analysts believe that the market supply and demand performance was deadlocked, the short-term cost support may still exist. The demand side followed suit and performed generally, with more purchases made on demand. Holders were actively shipping, and it is expected that the formic acid market will mainly stabilize with small fluctuations in the short term. The specific trend needs to pay more attention to market consumption guidance.
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