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SunSirs: Downstream On-demand Procurement, Formic Acid Prices Has Been Stable

November 11 2020 13:29:02     SunSirs (John)

Price trend

The formic acid market has been operating steadily recently. According to the data of SunSirs’ bulk list, as of November 10, the average price of formic acid companies was 2,200 RMB/ton, which was the same as last Tuesday (November 3) and increased by 6.45% compared to October 10.

Analysis review

In terms of equipment, Shandong Asd Technology Co., Ltd. started 200,000 tons of formic acid equipment with a daily output of 600 tons; Nanjing BASF maintained its operating load at about 80%, with a daily output of about 150 tons. In the downstream, calcium formate production companies are currently operating steadily and with a decline. Potassium formate production companies are producing according to orders. The pharmaceutical industry mainly purchases on demand, and the formic acid market maintains stable operation.

According to the data monitoring of SunSirs: formic acid price quotations of some companies: Zhangzhou Sanan Chemical Co., Ltd. quoted industrial grade 85% formic acid at 2,200 RMB/ton, and Jintan Local Industrial Supply and Marketing Co., Ltd. quoted industrial grade 85% formic acid at 2,400 RMB/ton/ Merchants spot prices followed the market, and actual transaction prices were mainly negotiated.

The upstream caustic soda, according to the monitoring data of SunSirs, as of November 9th, the average price of the company’s quotation was 495 RMB/ton, which was the same as that of November 1. The downstream procurement demand was average, and there was a certain conflict with the current price of caustic soda. Caustic soda may follow-up or narrowly weakened; upstream liquid ammonia, the domestic liquid ammonia market has fallen recently (11.01-11.09); upstream sulfuric acid, recently (11.01-11.09), the sulphuric acid market in Shandong has risen slightly, and the upstream sulfur market has recently increased slightly. Cost support is good, but the enthusiasm for downstream purchases is average, the supply of sulfuric acid is normal, and the ex-factory price of sulfuric acid fluctuates slightly in the future; upstream methanol, according to the monitoring data of SunSirs, as of November 9th, the average price of enterprise quotations was 1,990 RMB/ton, an increase of 5.71% compared to November 1.

According to the price monitoring of SunSirs, in the 44th week of 2020 (11.2-11.6), there were 39 commodities in the chemical sector of the commodity price list that increased month-on-month. Among them, there are 8 commodities that have increased by more than 5%, accounting for 8.7% of the monitored commodities in this sector. The top 3 commodities were adipic acid (12.07%), silicone DMC (10.29%), and styrene (7.94%). There were 19 kinds of commodities with a month-on-month decline, and 3 commodities with a decline of more than 5%, accounting for 3.3% of the number of monitored commodities in this sector; the top 3 products with a decline were DMF (-24.03%) and propylene oxide (-8.14) %), TDI (-5.05%). The average increase and decrease this week was 0.59%.

Market outlook

Formic acid analysts of SunSirs believe that the prices of raw materials have been mixed recently, and downstream mainly purchased on-demand It is expected that in the short term, the formic acid market will be stable, and more attention should be paid to market news guidance..

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