Price trend
According to the Commodity Market Analysis System of SunSirs, the domestic formic acid market has been operating steadily recently. As of April 1st, the average price of industrial grade 85% formic acid in China was 3,325 RMB/ton, an increase of 12.7% from 2,950 RMB/ton at the beginning of the year and an increase of 0.76% from 3,300 RMB/ton in the same period last year, which was at a high level for the year.
Analysis review
In terms of cost: Upstream caustic soda prices were weaker last week (03.24-03.30). According to monitoring data, the caustic soda price in Shandong at the end of the month was 907 yuan/yuan, a decrease of 3.1% from the beginning of the month.
Upstream liquid ammonia, liquid ammonia prices were weaker last week (03.24-03.30). According to monitoring data, the price of liquid ammonia in Shandong region was 2,729 yuan/yuan at the end of the month, a decrease of 5.32% during the week.
Market side: Recently, the domestic industrial grade 85% formic acid market price has been stable. The prices of upstream raw materials such as liquid ammonia and caustic soda were running weakly, with little impact on the cost aspect. The shipment of enterprises was still acceptable. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides purchased goods on a per order basis based on market demand, and the overall market prices were running steadily without significant fluctuations.
Market outlook
In summary, the domestic formic acid market has maintained stable operation recently. As of April 1st, the cost impact was limited, and downstream purchases were made on demand. Market transactions were still acceptable. It is expected that in the short term, the domestic industrial grade 85% formic acid market will remain stable, and more attention should be paid to downstream stocking demand.
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