SunSirs: In November, Formic Acid Operated in Shock, Showing an Overall Upward Trend

Price trend

According to the monitoring data of SunSirs, as of the morning of November 30, the average price quoted by formic acid enterprises was 2,783.33 RMB/ton, up 9.15% from November 1.

Analysis review

In November, the domestic industrial grade 85% formic acid market was sorted out in a range after rising sharply and falling sharply. In the first ten days of November, the cost support was limited. Influenced by the news of a major factory's maintenance plan, and the increase in export orders of some enterprises, formic acid enterprises' quotations rose by 900 RMB to 3,250 RMB/ton, and domestic downstream procurement was mainly followed up as needed. At the beginning of the middle of November, the market supply was sufficient, the demand side performance was flat, and the supply side was negative. After the sharp decline of the price, the transaction of low price goods in the market was improved, and the inventory was rapidly consumed. In addition, the enterprise started to decline, and the formic acid price rose again. In late ten days, the downstream demand was still under great pressure to digest, and the price fell again near the end of the month.

In terms of cost: for upstream sulfuric acid, the domestic market price of sulfuric acid fell sharply in November, from 414.00 RMB/ton on November 1 to 323.33 RMB/ton on November 29, a decline of 21.90%; On November 29, the reference price of upstream methanol was 2,785.83 RMB/ton, a drop of 1.77% compared with November 1 (2,836.00 RMB/ton).

Market outlook

According to the formic acid analysts of SunSirs, the current cost support is average, and the demand side temporarily dominates the market. It is expected that in the short term, the domestic industrial grade 85% formic acid market will be sorted out, and more attention should be paid to the market news guidance.

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