Price trend

According to the Commodity Market Analysis System of SunSirs, as of May 15th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3,162.50 RMB/ton, a decrease of 3.80% compared to last Wednesday's price.

Analysis review

Recently, the formic acid market had declined, and the mainstream quotation range for industrial grade 85% formic acid enterprises was between 2,600-3,200 RMB/ton. Recently, the main raw material methanol market price had been rising, with increased cost support. However, the demand side lacked favorable support, downstream buying intentions were not high, inquiry procurement was mainly based on demand, market transactions were average, manufacturer inventory had accumulated, and discounts were used to promote transactions. The focus of negotiations in the formic acid market had declined.

Market outlook

SunSirs’ formic acid analysts believe that the market cost support was relatively stronger, but the demand side performance was flat, and market transactions were just in demand. It is expected that the formic acid market may remain stable in the short term, and the specific trend needs to pay more attention to the supply side situation.

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