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SunSirs: Downstream Purchase Mainly On-demand and the Formic Acid Market Is Running Smoothly

November 25 2020 13:18:28     SunSirs (John)

Price trend

Analysis review

Recently, the domestic industrial-grade 85% formic acid market has been operating stably. According to data from SunSirs’ bulk list, as of November 24, the average price of formic acid companies was 2,200 RMB/ton, which was the same as last Tuesday (November 17) and increased by 3.13% compared with October 24. Downstream purchase mainly on-demand, overall demand is stable, and the market is operating smoothly.

Upstream caustic soda, on November 23, the price of caustic soda in Shandong was operating steadily. The mainstream ex-factory price of 32% caustic soda was 400-530 RMB/ton. The downstream procurement demand was general, and there was some resistance to the current caustic soda price. It is expected that the caustic soda market outlook may be consolidating narrowly and weakly. Upstream liquid ammonia, according to the monitoring data of SunSirs, as of November 23, the average price of the company's quotation was 3,100 RMB/ton, an increase of 4.73% compared with last Tuesday (November 17). Upstream sulfuric acid, the sulfuric acid market in Shandong was temporarily stable on November 24. The upstream sulfur market has risen slightly recently, and the cost support is good, but the downstream procurement enthusiasm is general, the supply of sulfuric acid is normal, and the ex-factory price of sulfuric acid will fluctuate slightly. Upstream methanol, according to the monitoring data of SunSirs, as of November 23, the average price of the company’s quotation was 2,117.50 RMB/ton, a decrease of 0.24% compared with last Tuesday (November 17) and an increase of 12.48% compared with November 1.

According to the price monitoring of SunSirs, on November 23, 2020, there were 22 commodities in the chemical sector of the commodity price list that rose month-on-month. Among them, four commodities rose more than 5%, accounting for 4.3% of the monitored commodities in this sector; the top 3 commodities were calcium carbide (8.42%), aniline (6.80%), and ethylene glycol (6.42%).There were 12 products that fell from the previous month. The top 3 products were styrene (-3.93%), TDI (-3.57%), and bisphenol A (-1.40%). The average daily increase and decrease was 0.46%.

Market outlook

Formic acid analysts of SunSirs believe that the recent raw material prices are mainly stable, the cost support is limited, and the downstream on-demand procurement is the main way. The formic acid market may continue to operate smoothly, and more attention needs to be paid to market news guidance.

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