Price trend

According to the Commodity Market Analysis System of SunSirs, as of June 15th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,875.00 RMB/ton, which was unchanged from Monday's price.

Analysis review

This week, there was no significant change in the overall trading volume of industrial grade 85% formic acid in the domestic market. Merchants shipped according to the market, and the mainstream quotation of enterprises was still around 3,900 RMB/ton. Recently, the price of raw material sulfuric acid rose, and the market for raw material methanol fluctuated and sorted out. There was some support from the cost side, downstream procurement was mainly on demand. Market trading was orderly, and the focus of formic acid negotiations was stable.

Upstream product: Upstream sulfuric acid. According to the Commodity Market Analysis System of SunSirs, the reference price for sulfuric acid was 186.00 RMB/ton on June 14th, an increase of 2.2% compared to June 1st (182.00 RMB/ton); Upstream methanol, according to the Commodity Market Analysis System of SunSirs, the reference price for methanol on June 14th was 2,042.50 RMB/ton, a decrease of 5.51% compared to June 1st (2,161.67 RMB/ton).

Market outlook

SunSirs’ formic acid analysts believe that as of the 15th, cost support was still acceptable, supply and demand were relatively balanced, and market transactions were mainly in demand. It is expected that the domestic industrial grade 85% formic acid market will continue to operate stably in the short term, and more attention needs to be paid to market news guidance.

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