SunSirs: The Formic Acid Market Rose (December 1-7)
December 08 2022 10:35:15 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, as of December 7, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,000.00 RMB/ton, up 12.50% compared with the price on December 1.
Analysis review
In the past month, the market price of domestic industrial grade 85% formic acid fluctuated in the range of 2,600-3,300 RMB/ton, and the price rose again in December. From the perspective of supply and demand: the temporary short inspection of a certain enterprise's devices and the slight decline of market inventory were the main reasons for the price increase. On the demand side, the export market performed fairly well, and the demand of the main domestic formate market fin the downstream market, , followed up steadily.
In terms of cost, the domestic sulfuric acid market price of upstream sulfuric acid was temporarily stable on December 7. On December 7, the reference price of sulfuric acid was 323.33 RMB/ton, up 0.52% compared with December 1 (321.67 RMB/ton); On December 7, the reference price of upstream methanol was 2,621.67 RMB/ton, a decrease of 2.24% compared with that on December 1 (2,681.67 RMB/ton), and cost support was limited for the formic acid market.
Market outlook
According to the formic acid analysts of SunSirs, the current cost support is average, the supply contraction temporarily supports the market situation, and domestic downstream procurement is based on demand, mainly on the sidelines. In the short term, the domestic industrial grade 85% formic acid market may still be adjusted and operated within a range, and more attention should be paid to the downstream stock.
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