Price trend

According to the Commodity Market Analysis System of SunSirs, as of April 18th, the average price quoted of industrial grade 85% formic acid by domestic formic acid enterprises was 3,300.00 RMB/ton, which was basically unchanged compared to Monday's price. The mainstream quotation range for enterprises was between 3,100-3,400 RMB/ton.

Analysis review

Recently, the formic acid market had remained stable with little movement, and there had been an increase in market negotiation space. At this stage, the market price of raw material methanol was mainly rising, while raw material sulfuric acid was generally stable, with increased cost support. The supply side support was average, with some companies offering discounts to facilitate transactions, and downstream industries mainly supplementing positions at appropriate prices according to demand. The trading atmosphere in the formic acid market was still good, and companies shipped according to the market. The mainstream quotation range was between 3,100-3,400 RMB/ton.

Market outlook

According to the formic acid analysts of the business community, as of April 18th, the cost support was relatively strong, and the cargo holders were mainly active in shipping. Downstream may stock up before festivals, and most business owners have a wait-and-see mentality. It is expected that the formic acid market will be stable and adjusted in the short term, and the specific trend needs more attention to the market news guidance.

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