SunSirs: The Market Price of Formic Acid Was Stable and Declined (October 12-19)

Price trend

According to the monitoring data of SunSirs, as of October 19, the average price of formic acid quoted by formic acid enterprises was 3,433.33 RMB/ton, 1.90% lower than that of last Wednesday (October 12), 1.90% lower than that of September 19, and down 11.97% in a three-months cycle.

Analysis review

Recently (10.12-10.19), the market price of industrial grade 85% formic acid in China was stable and declined. Recently, the upstream product prices were mixed. The price of methanol as the main raw material was weak, and the cost support for formic acid was loose. Downstream pharmaceutical, rubber, leather, pesticide and other industries purchased according to demand. The market trading atmosphere was general. The quotation of the carrier was stable, and the formic acid price of some enterprises was lowered.

In terms of cost: upstream caustic soda, the price of caustic soda was firm on October 18, and recently continued the previous level; For upstream liquid ammonia, on October 19, the liquid ammonia market in Shandong continued to decline, with a range of 50-100 RMB/ton; For upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on October 19. On October 18, the reference price of sulfuric acid was 426.00 RMB/ton, up 43.92% compared with that on October 1 (296.00 RMB/ton); The upstream methanol, according to the monitoring data of SunSirs, the reference price of methanol was 2,800.00 RMB/ton on October 18, a decrease of 7.05% compared with that of October 1 (3,012.50 RMB/ton).

Market outlook

The formic acid analysts of SunSirs believe that the current cost support is slightly weak, and the demand side follow up is mainly based on demand. In the short term, the domestic industrial grade 85% formic acid market may be dominated by weak stable finishing, and more attention should be paid to the change of raw material price.

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