Price trend

According to data from SunSirs’ bulk list, as of July 21, the average price of formic acid from companies' quotations was 3,033.33 RMB/ton, which was the same as the price at the beginning of the week and increased by 9.64% compared with the price at the beginning of the month.

Analysis review

Recently, the domestic industrial-grade 85% formic acid market is mainly stable and operating at a high level. At present, there is no pressure on corporate sales. In terms of demand, the downstream industries continue to purchase on just-needed, and market transactions are orderly.

Upstream caustic soda, the supply of caustic soda has decreased, and the downstream alumina enterprises' demand for caustic soda is acceptable. It is estimated that the price of caustic soda will increase in the short term; Upstream liquid ammonia, on July 20, the reference price of liquid ammonia was 4,633.33 RMB/ton, which was an increase of 4.51% compared with July 1 (4,433.33 RMB/ton); Upstream sulfuric acid, the sulfuric acid market in Shandong was temporarily stable on July 21. The upstream sulfur market has risen slightly recently. Some sulfuric acid manufacturers are under-operating and the load is reduced. The downstream bromine market is gradually rising, and the downstream procurement enthusiasm is good; Upstream methanol, on July 20, the methanol reference price was 2,560.00 RMB/ton, compared with the price on July 1 (2,555.00 RMB/ton), an increase of 0.2%.

Market outlook

Formic acid analysts of SunSirs believe that the current raw material prices are relatively strong and there is a certain extent support from cost sides. The downstream purchases just on-demand. It is expected that the formic acid market will be stable in the short term, and more attention needs to be paid to the changes in raw material prices.

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