Price trend

According to the monitoring data of SunSirs, as of September 27, the average price of formic acid quoted by formic acid enterprises was 3,500.00 RMB/ton, a decrease of 4.55% compared with the price at the beginning of the month, and a decrease of 16.67% in a three-month cycle. Compared with the same period last year, the price declined by 55.70%.

Analysis review

In September, after the domestic industrial-grade 85% formic acid market rose slightly at the beginning of the month, the quotations of enterprises were mainly stable, and the high-end prices of some enterprises were loose. In the first ten days of September, the prices of upstream raw materials rose and fell, and the cost support was general. Mainstream production enterprises started at a low level, the main downstream formate market followed up and improved, and the improvement in supply and demand supported formic acid prices to rise slightly. In mid-September, the cost side had little impact, and the company's shipments were acceptable. The demand in "Golden September, Silver October" was less than expected. Downstream pharmaceuticals, rubber, leather, pesticides and other industries purchased on demand. The overall market price was mainly stable, and the high-end prices of some enterprises were loose. In late September, the cost side had little impact, the downstream was stocked on demand in an orderly manner, the market did not fluctuate significantly, and the focus of negotiation was running stably.

In terms of cost: upstream caustic soda, the price of caustic soda on the 27th was well supported. The downstream demand was still good due to pre-holiday stocking. It is comprehensively expected to maintain a positive trend in the later period. Upstream liquid ammonia, on the 26th, the liquid ammonia market in Shandong was light and stable, and the market was in a stalemate. Upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on September 27. Upstream methanol, on September 26, the methanol reference price was 2,740.00 RMB/ton, an increase of 8.39% compared with September 1 (2,528.00 RMB/ton).

Market outlook

The formic acid analyst of SunSirs believes that the current cost side has certain support, the supply and demand side is mainly based on demand, and the market is stocked in an orderly manner. It is expected that in the short term, the domestic industrial-grade 85% formic acid market may be stable, and more attention should be paid to market news guidelines.

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