SunSirs: Formic Acid Market Prices Rose This Week (January 7-14)

Price trend

According to the monitoring data of SunSirs, as of January 14, the average enterprises’ price of formic acid quoted was 4,500.00 RMB/ton, an increase of 4.65% compared with the price on Monday, and an increase of 7.14% compared with the price on December 14. In a three-month cycle, the price fell by 44.10% year-on-year.

Analysis review

This week, the market price of domestic industrial grade 85% formic acid rose steadily. Recently, the prices of raw materials caustic soda and sulfuric acid rose slightly, the price of liquid ammonia stabilized, and the price of methanol was operating at a low level. The cost side had certain support, the supply of goods was tight, the downstream is stocked orderly, and the focus of market discussions was higher.

In terms of cost: upstream caustic soda, on January 13, the caustic soda market was stable with small changes, and Shandong's main alumina procurement price of 32 alkali was about 900-950 RMB/ton; upstream liquid ammonia, the Shandong liquid ammonia market stabilized on January 14, and the reference price of liquid ammonia on January 13 was 4,460.00 RMB/ton, an increase of 1.13% compared with the price on January 1 (4,410.00 RMB/ton); upstream sulfuric acid, the domestic sulfuric acid market rose on January 14; upstream methanol, on January 13, the methanol reference price was 2,402.50 RMB/ton, an increase of 1.16% compared with the price on January 1 (2,375.00 RMB/ton).

Market outlook

The formic acid analyst of SunSirs believes that the current cost has a limited impact on the market, and supply and demand have a certain support for the market. It is expected that the formic acid market may run at a high level in the short term, and more attention should be paid to cost changes.

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