SunSirs: The Formic Acid Market Was Mainly Stable in January

https://www.chemnet.com   Jan 30,2023 SunSirs

　　According to the monitoring data of SunSirs, the average price quoted by formic acid enterprises was 3,000.00 RMB/ton as of January 30, which was the same as that of January 1.

　　Analysis review

　　In January, the market price of domestic industrial grade 85% formic acid was about 3,000 RMB/ton. In the first ten days, the upstream sulfuric acid was weak and methanol was weak and volatile, but the cost was still under pressure. The enterprise started normally, the downstream market was general, and the wait-and-see atmosphere was strong. The enterprise quoted mainly at 3,000 RMB/ton. In the middle of January, when the Spring Festival was approaching, the impact on the cost side was small. The supply side started at a high level, the inventory was under pressure, and the enthusiasm of the downstream stock preparation was not good. Some enterprises cut prices to remove inventory, and the price of formic acid was stable and loose. After the holiday, the market was dominated by wait-and-see, and the price of formic acid was stable.

　　In terms of cost: upstream sulfuric acid, the domestic sulfuric acid market price fell on January 29; For upstream methanol, the ex-factory quotation of methanol enterprises in Shandong Province was increased on January 29.

　　Market outlook

　　According to the formic acid analysts of SunSirs, the price of raw materials is rising and falling, the cost side has some support, the demand side is gradually recovering, and the downstream users buy just in need. It is expected that in the short term, the domestic industrial grade 85% formic acid market will be stable and wait and see, and more attention should be paid to market news guidance.

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