Price trend

According to the Commodity Market Analysis System of SunSirs, as of September 20th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,525.00 RMB/ton, a decrease of 2.76% compared to last Friday (September 15th).

Analysis review

Recently, the domestic industrial grade 85% formic acid market had been operating weakly. Recently, the price of raw material sulfuric acid was running smoothly, and the raw material methanol market was fluctuating and organizing. The cost support was average, and the supply was sufficient. The downstream inquiry and procurement atmosphere was weak, and the follow-up was mainly on demand. Some enterprises were under inventory pressure, and the transaction center of the formic acid market was declining. On the 20th, the quotation range for industrial grade 85% formic acid enterprises was between 3,200-3,600 RMB/ton.

Market outlook

SunSirs’ formic acid analysts believe that as of the 20th, cost support was limited, supply was sufficient, and downstream procurement was just in needed. Holders were actively shipping, and it is expected that the domestic industrial grade 85% formic acid market may be stable and weak in the short term. More attention still needs to be paid to downstream pre holiday stocking demand.

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