SunSirs: The Formic Acid Market Rose in February

https://www.chemnet.com   Feb 28,2023 SunSirs

　　According to the monitoring data of SunSirs, as of February 27, the average price quoted by formic acid enterprises was 3,525.00 RMB/ton, up 16.21% from February 1.

　　Analysis review

　　In February, the market price of domestic industrial grade 85% formic acid rose steadily. In the first ten days, the price of raw material sulfuric acid was stable, and the price of raw material methanol fluctuated and sorted out. The cost side had some support. In the early stage, the mainstream enterprises temporarily reduced their volume, and the inventory was controllable. The domestic market transactions were mainly just in needed. The cost and supply side supported the price of formic acid to rise. In the middle of February, the cost support remained, the market digested the inventory mainly, the reduction of the mainstream enterprises' devices had not yet recovered, the downstream demand was recovering, the operators were in a good mood, and the formic acid market was strong. In late February, the cost pressure increased, driving the price of formic acid to rise, the market supply was sufficient, the main downstream formate market demand was moderate, and the market was in a price-supportive attitude.

　　Cost: the reference price of upstream sulfuric acid was 248.33 RMB/ton on February 24, up 7.19% from that of February 1 (231.67 RMB/ton); For upstream methanol, the reference price of methanol was 2,790.00 RMB/ton on February 24, up 0.36% from that of February 1 (2,780.00 RMB/ton).

　　Market outlook

　　According to the formic acid analysts of SunSirs, as of the 27th, the cost support still existed, the supply and demand support was still good, and the market trading was orderly. It is expected that in the short term, the domestic industrial grade 85% formic acid market will mainly operate at a high level, and more attention should be paid to market news guidance.

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