Price trend

On May 6, the domestic industrial grade 85% formic acid market rose. According to data from SunSirs’ bulk list, as of May 6, the average price of formic acid companies' quotations was 2,466.67 RMB/ton, which was an increase of 1.37% compared with the pre-holiday price and a decrease of 17.32% compared with April 6. After the holiday, the enthusiasm for downstream procurement has increased, the market trading atmosphere is better, and the focus of formic acid market negotiations has shifted upward.

Analysis review

For upstream caustic soda, on May 6, the price of caustic soda in Shandong remained weak. The mainstream ex factory price of 32% caustic soda was 390-490 RMB/ton. The company's shipment was tepid and the situation of downstream receiving was weak and stable. The wait-and-see atmosphere was strong. It is expected that caustic soda will continue to fluctuate slightly in the future; upstream liquid ammonia, the liquid ammonia market in Shandong region loosened slightly on May 6; On May 6, the market of sulfuric acid in Shandong Province was temporarily stable. The market of sulfur in the upper reaches was recently consolidated at a high level, and the cost support was good. However, the purchasing enthusiasm in the lower reaches was general, the supply of sulfuric acid was normal, the ex-factory price of sulfuric acid fluctuates up slightly in the market outlook; upstream methanol, the methanol market in Anhui increased on May 6.

Market outlook

SunSirs’ formic acid analysts believe that after the festival, there is a demand for replenishment in the downstream, which is more active in entering the market. Manufacturers can ship smoothly and support the market. It is expected that the formic acid market may operate stably in the short term, and more attention needs to be paid to the changes in raw material prices and market news guidelines.

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