SunSirs: The Formic Acid Market Remained Stable in May (May1-29)

https://www.chemnet.com   May 31,2023 SunSirs

　　According to the Commodity Market Analysis System of SunSirs, as of May 29th, the average price of formic acid quoted by formic acid companies was 3,875.00 RMB/ton, which was the same as the price on May 1st.

　　Analysis review

　　The formic acid market remained stable in May. In the early May, the upstream sulfuric acid and methanol prices were weak, with little impact on the cost side, the shipment of enterprises was mainly normal, the downstream inquiry procurement continued to be just in demand, and the formic acid market price center was stable. The cost support in the mid to late May was weak, and downstream industries such as pharmaceuticals, rubber, leather, and pesticides purchased according to demand. The enthusiasm for inquiry procurement was still fair, and there was no significant change in the overall market volume. Merchants shipped according to the market, and the price of formic acid continued to be high and stable.

　　In terms of cost: Upstream sulfuric acid, according to the Commodity Market Analysis System of SunSirs, the reference price for sulfuric acid was 188.00 RMB/ton on May 26, a decrease of 13.89% compared to May 1 (218.33 RMB/ton); Upstream methanol, according to the Commodity Market Analysis System of SunSirs, the reference price of methanol on May 26th was 2,135.83 RMB/ton, a decrease of 11.86% compared to May 1st (2,423.33 RMB/ton).

　　Market outlook

　　SunSirs formic acid analysts believe that as of 29th, the cost side support was average, the supply and demand side support was fair, and the market trading was orderly. It is expected that in the short term, the domestic industrial grade 85% formic acid market may operate smoothly at a high level. More attention needs to be paid to market news guidance.

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