Price trend

The formic acid market rose in May. According to the data of SunSirs’ bulk list, as of May 31, the average price of formic acid companies' quotations was 2,733.33 RMB/ton, an increase of 12.33% compared with the price at the beginning of the month (2,433.33 RMB/ton), and an increase of 5.13% in a three-month cycle.

Analysis review

In May, the domestic formic acid market declined slightly and stabilized after a steady rise, showing an overall upward trend. After the May Day holiday, there was demand for replenishment in the downstream, and the market trading atmosphere was good. Holders’ offers rose. With the rise in raw material prices and rising costs, the overall market for formic acid and the focus of transactions shifted upward. After the price of formic acid was slightly lowered by some companies in the last ten days of the month, the market remained stable at a high level, and purchased mainly on demand.

Upstream caustic soda, as of May 31, the reference price of caustic soda was 500.00 RMB/ton, an increase of 9.29% compared with May 1 (457.50 RMB/ton); upstream liquid ammonia, the market for liquid ammonia in Shandong region rose on June 1; upstream sulfuric acid, On May 31, the market for sulfuric acid in Shandong dropped; upstream methanol, on May 31, the reference price of methanol was 2,672.50 RMB/ton, which was 4.39% higher than that on May 1 (2,560.00 RMB/ton).

Market outlook

According to the formic acid analysts of SunSirs, entering June, formic acid prices are currently operating steadily, market transactions are orderly, and downstream procurement is on demand. It is expected that the formic acid market may operate at a high level in the short term, and more attention needs to be paid to changes in raw material prices.

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