SunSirs: The Formic Acid Market Remained Stable in Mid July

https://www.chemnet.com   Jul 23,2024 SunSirs

Price trend

According to the market analysis system of SunSirs, as of July 23, the average quotation price of formic acid from formic acid enterprises was 2,678 RBM/ton, a decrease of 6.02% compared to the same period last month, a decrease of 3.53% compared to the beginning of July, and a stable price compared to last week.

Analysis review

Market: Recently, the domestic industrial grade 85% formic acid market price had remained stable. Upstream product prices were mainly consolidating, with the main raw material methanol price falling, and the cost support was average. The supply side was mainly stable, while downstream was mostly off-season, with low enthusiasm for inquiry and procurement, poor demand performance, and pressure on enterprise shipments.

In terms of cost: Upstream caustic soda, the price of caustic soda was weak last week (7.15-7.20). According to monitoring data, the average market price in Shandong was around 817 RBM/ton at the beginning of last week, and by the weekend, the average market price in Shandong was 809 RBM/ton, with a price reduction of 0.7%; Upstream liquid ammonia, on July 22nd, the reference price of liquid ammonia was 2,799 RBM/ton, an increase of 0.59% compared to July 15th (2,783 RBM/ton); Upstream methanol, according to monitoring data, the domestic methanol market price on July 22 was 2,497 RBM/ton, a decrease of 2.95% from July 15.

Market outlook

The formic acid analyst from SunSirs believes that the recent fluctuations in raw material prices and average demand performance suggest that the formic acid market is expected to remain stable in the short term.

If you have any questions, please feel free to contact SunSirs with?support@SunSirs.com.

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