SunSirs: After the Spring Festival, the Formic Acid Market Was Stable and Wait-and-see

Price trend

According to the Commodity Market Analysis System of SunSirs, as of around the 6th of February, 85% formic acid in China was priced at 2,950 RMB/ton, unchanged from the beginning of the year.

From the price detection chart of SunSirs, it can be seen that the formic acid market has been stable for 2 months, and the mainstream quotation range of enterprises was between 3,200-2,980 RMB/ton.

Analysis review

From a cost perspective: Due to the approaching Spring Festival and limited transportation vehicles, the transportation cost of raw material methanol was high. Methanol factories offered discounts for shipments, and downstream enterprises had poor procurement, resulting in a decline in the mainland market; The increase in port inventory and the expected decrease in imports have been realized, leading to a decline in the market.

On the demand side, the terminal factory's entry into the market was based on demand, and the demand follow-up was relatively stable. The overall shipment of formic acid in the market was still acceptable.

Market outlook

The data analyst of SunSirs believes that there was a strong wait-and-see atmosphere in the market, and the cost fluctuations were not significant. It is expected that the formic acid market will remain stable with small fluctuations in the short term, and the specific market situation still needs to be monitored based on downstream demand.

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