SunSirs: The Formic Acid Market Rose Sharply (November 2-7)
November 09 2022 10:21:37 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, as of November 7, the average price quoted by formic acid enterprises was 3,033.33RMB/ton, 22.15% higher than that of last Wednesday (November 2), 13.33% lower than that of October 7, and a decrease of 24.79% lower in a three-month cycle.
Analysis review
Recently, the market price of 85% industrial formic acid in China rose. The main reason for this price increase was that: a large factory had the news of maintenance plan, the market supply was expected to shrink, which had boosted the market's price mentality. In addition, some enterprises' export orders had increased. On November 7, the quotation of some enterprises rose by 900 yuan to 3,250 RMB/ton. The procurement of downstream pharmaceutical, rubber, leather, pesticide and other industries in China followed up as needed, and the market transaction was orderly.
In terms of cost: upstream sulfuric acid, the domestic sulfuric acid market price fell on November 7. Upstream methanol, according to the monitoring data of SunSirs, the average market price of domestic methanol at ports of East China rose from 2,790 RMB/ton to 2,828 RMB/ton from October 31 to November 7, the price rose 1.36% in the cycle. The cost had little effect on formic acid.
Market outlook
According to the formic acid analysts of SunSirs, the current cost support is limited, the mainstream production enterprises have started relatively high, the domestic downstream demand is mainly stable, and the export order performance is fair. In the short term, the domestic industrial grade 85% formic acid market may absorb the growth, and more attention should be paid to the market news guidance.
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