SunSirs: The Price of Formic Acid Remained Stable in Mid April

Price trend

According to the Commodity Market Analysis System of SunSirs, 85% of industrial formic acid prices in China have been running steadily. As of April 14th, the average price of formic acid was 3,400 RMB/ton, with no change from the beginning of the month.

Analysis review

This week, the overall market price of industrial grade 85% formic acid in China remained stable, with the mainstream price around 3,400 RMB/ton. The raw material sulfuric acid market was mostly on the sidelines, with some regions experiencing slight price fluctuations. Under the influence of crude oil and policies, the raw material methanol fell sharply at the beginning of the month. After falling to a low level, many downstream and trading companies restocked at the low price. In addition, some major production areas experienced equipment failures and reduced production, supporting the low rebound of the domestic methanol market. The methanol market was fluctuating and running.

Market outlook

The formic acid analyst from SunSirs believes that the  cost impact of formic acid was not significant, and downstream industries such as pharmaceuticals, rubber, leather, and pesticides were following up on demand when entering the market. The market atmosphere was still good, and it is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term. Specific changes in market supply and demand still need to be monitored.

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