SunSirs: Downstream procurement increased and formic acid prices rose
http://www.chemnet.com May 24,2022 SunSirs
According to the bulk list data of SunSirs, as of May 22, the average quotation price of formic acid enterprises was 6400.00 RMB/ton, an increase of 9.71% compared with the price on Monday (May 16), a decrease of 33.79% compared with the price on April 22, and a year-on-year increase of 38.63% in a three-month cycle.
Recently, the domestic industrial grade 85% formic acid has operated stably after the market price rose. Recently, the price of upstream products mainly fell, the main raw material methanol first rose and then fell, the cost support is limited, the supply side is still dissatisfied with the start-up, there is a certain support for the market, the export demand is stable, after the sharp decline in the early price, the downstream procurement enthusiasm is increased, the market atmosphere is active, and the price of formic acid rebounds.
In terms of cost: for the upstream caustic soda, the price of caustic soda decreased this week (5.16-5.20). At the beginning of the week, the average market price in Shandong was about 1300 RMB/ton, and at the end of the week, the average market price in Shandong was 1272 RMB/ton, down 2.15%; Upstream liquid ammonia: on May 20, the liquid ammonia Market in Shandong fell, with a range of RMB100-150. On Friday, most quotations of major manufacturers in Shandong were reduced, mostly around RMB100; Upstream sulfuric acid, the price of domestic sulfuric acid fell by 1.83% (5.14-5.20) this week; Upstream methanol, according to the monitoring data of business society, on May 20, the reference price of methanol was 2665.00, a decrease of 2.91% compared with May 1 (2745.00).
The formic acid analyst of SunSirs believes that at present, the cost side support is general, the supply side support still exists, the downstream just needs to purchase, and the market waits and sees. It is expected that in the short term, 85% of the domestic industrial grade formic acid market may be stable, and more attention should be paid to the change of demand side.