SunSirs: Supported by Cost and Supply, Formic Acid Prices Rose
March 24 2022 08:56:24 SunSirs (John)
Price trend
According to the data of the Big Data of SunSirs, as of March 23, the average price of formic acid enterprises quoted was 6,200.00 RMB/ton, which was 25.68% higher than last Friday's price, and 34.30% higher than that on February 23. In a three-month cycle, it rose by 44.19%.
Analysis review
Recently, the domestic industrial grade 85% formic acid market has risen strongly. On the cost side: the price of methanol, the main raw material, has risen, and the cost support has strengthened. Supply side: a large enterprise is temporarily overhauled, and the market supply is shrinking. Demand side: The atmosphere of downstream inquiry and purchasing has improved, demand has increased, market transactions have been good, logistics in some areas are limited, and the price of formic acid has risen.
In terms of cost: upstream caustic soda, on March 22, the price of caustic soda was running well, and the mainstream market price in Shandong was around 930-1080 RMB/ton; Upstream liquid ammonia, on March 23, the Shandong liquid ammonia market was running at a high level, and the growth rate slowed down; Upstream sulfuric acid, the domestic sulfuric acid market rose on March 23; Upstream methanol, on March 23, the ex-factory quotations of methanol companies in Shandong increased.
Market outlook
The formic acid analyst of SunSirs believes that the price of raw materials has been relatively strong recently, the cost support has increased, the supply side has been reduced, and the demand side has shown positive performance. In addition, logistics and transportation in some areas are limited. It is expected that the formic acid market may run strongly in the short term.
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