SunSirs: The Price of Formic Acid Rose Supported under the Supply Side

Price trend

According to monitoring data from SunSirs, as of March 22, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,800.00 RMB/ton, up 5.19% compared to last Friday (March 17).

Analysis review

Recently, the domestic industrial grade 85% formic acid market had risen. Recently, the price of raw material sulfuric acid was high and the market of raw material methanol narrowly fluctuated, the cost side had certain support. The operating rate had decreased compared to the previous period, and the market supply had contracted, supporting this price increase. Downstream follow-up was acceptable, and market transactions were orderly.

Upstream product: upstream sulfuric acid. On March 21, the domestic sulfuric acid market price fell. On March 21, the reference price for sulfuric acid was 260.00 RMB/ton, up 2.63% compared to that of March 1 (253.33 RMB/ton); According to the monitoring by SunSirs, the reference price of methanol on March 21 was 2,591.67 RMB/ton, a decrease of 5.27% compared to that of March 1 (2,735.83 RMB/ton).

Market outlook

According to formic acid analysts from SunSirs, as of the 22nd, the cost side impact was not significant, and the market inventory pressure was controllable, which had some support for the market. The downstream formate market demand was stable, while the pharmaceutical and pesticide market demand was stable and improving. It is expected that the domestic industrial grade 85% formic acid market may be stronger in the short term, and more attention needs to be paid to market news guidance.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.