Price trend
According to the Commodity Market Analysis System of SunSirs, the formic acid market maintained stable operation in early April. As of April 7th, the average price of 85% industrial grade formic acid in China was 3,400 RMB/ton, unchanged from April 1st and up 15.25% from 2,950 RMB/ton at the beginning of the year.
Analysis review
In recent times, the domestic industrial grade 85% formic acid market has experienced limited fluctuations, with many companies shipping according to market conditions and quoting prices ranging from 3,200-3,500 RMB/ton. Recently, the sulfur content in the raw material sulfuric acid market has risen from a low point to a high point by 323.5 RMB/ton to 682.5 RMB/ton, an increase of 90.11%. The raw material methanol has fluctuated and stabilized in a narrow range, with neutral cost support. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides had a strong demand for raw material procurement, and market trading was orderly. The focus of negotiations in the formic acid market was generally stable.
Market outlook
The formic acid analyst from SunSirs believes that the cost support still existed, and the supply and demand performance was average. It is expected that the domestic industrial grade formic acid market will stabilize and consolidate in the short term, and more attention should be paid to changes in demand.
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