SunSirs: The Formic Acid Market Rose (November 14-18)
https://www.chemnet.com Nov 21,2022 SunSirs
According to the monitoring data of SunSirs, as of November 18, the average price of industrial grade 85% formic acid offered by domestic formic acid enterprises was 2,900.00 RMB/ton, 7.41% higher than the price on Monday.
The domestic industrial grade 85% formic acid market price rose this week. From the perspective of supply and demand: prices fell sharply in the early stage. The turnover of low price goods improved, the inventory was rapidly consumed, the operating rate of enterprises declined, the formic acid price had risen. The downstream formate market demand of the main force was stable, and the pharmaceutical and pesticide industry followed averagely.
In terms of cost: upstream sulfuric acid: on November 17, the domestic sulfuric acid market price was temporarily stable, and on November 17, the reference price of sulfuric acid was 346.00 RMB/ton, down 16.43% compared with the price on November 1 (414.00 RMB/ton); On November 17, the reference price of upstream methanol was 2,800.00 RMB/ton, a decrease of 1.27% compared with that on November 1 (2,836.00 RMB/ton). Recently, the cost had little impact on formic acid market.
The formic acid analysts of SunSirs believe that the current cost impact is average, and the reduction of production has a certain support for the market. The domestic downstream demand is mainly stable, and the export market is fair. The domestic industrial grade 85% formic acid market may operate at a high level in a short time, more attention should be paid to the market news guidance.