Price trend

According to the monitoring data of SunSirs, as of January 6, the average price of industrial grade 85% formic acid offered by domestic enterprises was 3,000.00 RMB/ton, which was the same as the price on Tuesday (January 3) and 7.78% higher than the price on December 6, 2022 (the reference price of formic acid was 2,783.33 RMB/ton).

Analysis review

The domestic industrial grade 85% formic acid market price stabilized this week. Recently, the prices of raw sulfuric acid and methanol were weak, the cost support was weak, the enterprise started normally. The demand of the main force downstream formate market was stable, and the pharmaceutical and pesticide industry performed averagely. The willingness to stock up downstream is not high, and the procurement mostly continues to meet the demand. The willingness of downstream to prepare goods was not high, and the procurement was mostly based on rigid demand. The formic acid price was negotiated around 3,000 RMB/ton, and the market was cautious and wait-and-see.

Upstream product: upstream sulfuric acid. On January 5, the reference price of sulfuric acid was 283.33 RMB/ton, a decrease of 1.17% compared with that of January 1 (286.67 RMB/ton); On January 5, the reference price of upstream methanol was 2,671.67 RMB/ton, a decrease of 0.99% compared with the price on January 1 (2,698.33 RMB/ton).

Market outlook

According to the formic acid analysts of SunSirs, at present, the price of raw materials is weak, but the cost pressure remains, the supply of goods is sufficient, and the downstream stock mood is general. In the short term, the domestic industrial grade 85% formic acid market may be mainly stable, and more attention should be paid to the supply side changes.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com