SunSirs: In October, the Formic Acid Market Was Mainly Stable (October 1-27)

Price trend

According to the Commodity Market Analysis System of SunSirs, as of October 27th, the average price of formic acid quoted by formic acid companies was 3,375.00 RMB/ton, a decrease of 2.17% compared to October 1st.

Analysis review

In October, the domestic industrial grade 85% formic acid market remained stable, with some companies experiencing price fluctuations. During the month, the price of raw material sulfuric acid steadily decreased, while the price of raw material methanol fluctuated slightly, and cost support weakened. After the Double Festival, downstream inquiries and procurement followed up on demand, with the majority of holders actively shipping and some companies lowering prices. As inventory pressure gradually eased, the market trading atmosphere was still good. Holders shipped according to the market, and the market remained stable with minor fluctuations. On the 27th, the quotation range for industrial grade 85% formic acid enterprises was between 3,300-3,500 RMB/ton.

Import and export: According to customs statistics, the import volume of formic acid in China was 1,208 kilograms in September 2023, and the export volume of formic acid in China was 22,641,859 kilograms in September 2023.

Market outlook

SunSirs’ formic acid analysts believe that recent cost support was limited, downstream mainly purchased flexibly. The overall market transaction remained in demand, and it is expected that in the short term, the domestic industrial grade 85% formic acid market may remain stable and operate on a wait-and-see basis. More attention needs to be paid to market news guidance.

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