SunSirs: Formic acid market showed stable performance

Price trend

According to the Commodity Market Analysis System of SunSirs, as of April 21, the average price of 85% industrial grade formic acid in China was 3,400 RMB/ton, which remained unchanged compared to the beginning of the month and increased by 3.03% compared to the same period last year at 3,300 RMB/ton.

Analysis review

There was no significant change in the overall trading of 85% industrial grade formic acid in China, and the cargo holders shipped according to the market conditions. From a cost perspective, the average price of raw material methanol in East China ports fell from 2,459 RMB/ton to 2,415 RMB/ton last week (April 14-18), a month on month decrease of 8.98% and a year-on-year decrease of 10.25%. The supply of methanol in the coastal market was increasing, but market confidence was insufficient, and the overall port market was still showing a weak trend. Due to the shutdown of some facilities and tight supply in some regions of the mainland methanol market, coupled with low inventory levels of enterprises, traders had a positive attitude towards purchasing goods. Production enterprises had raised prices to ship, and the overall methanol market in mainland China was operating strongly, with strong cost support from the formic acid market. From the demand side, downstream rubber, pharmaceutical, and pesticide industries were mainly engaged in essential procurement, with a relatively balanced supply and demand and a stable market focus.

Market outlook

The formic acid data analyst from SunSirs believes that there was temporarily cost support and downstream demand replenishment. It is expected that in the short term, the domestic industrial grade 85% formic acid market will remain stable, and more attention needs to be paid to market news guidance.

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