Price trend
The formic acid market has recently risen. According to the data of SunSirs’bulk list, as of March 23, the average price of formic acid companies was 2,650 RMB/ton, which was an increase of 3.25% compared with last Tuesday (March 16), an increase of 1.92% compared with February 23, and an increase of 35.9% compared with the same period last year.
Analysis review
Recently, the shipping price of formic acid has been raised. According to the supply of goods and market conditions, dealers have followed the increase in varying degrees, with an increase of about 100-200 RMB/ton. The downstream demand is acceptable and the market is in order.
Upstream caustic soda, according to the monitoring data of SunSirs, as of March 23, the average price of enterprise quotations was 490 RMB/ton, which was a 1.55% increase compared with last Tuesday (March 16); In the upstream of liquid ammonia, the price of liquid ammonia in Shandong continued to rise on March 24. On the 24th, some large Shandong factories generally raised 50 RMB/ton. Due to the shortage of supply in Hebei, the local export sales in Shandong increased. At present, the inventory pressure in this region is not great, and the liquid ammonia inventory is low. The current mainstream market price in this region is 3,500-3,650 RMB/ton; Upstream methanol, on March 23, the ex-factory quotations of methanol companies in Shandong remained stable, the methanol market in Anhui fluctuated up, the methanol market in Shanxi went up, the methanol market in Hunan and Hubei was offered lower, the methanol market in Liaoning was down, and the methanol market in Henan rose within a narrow range.
Market outlook
Formic acid analysts of SunSirs believe that the recent stable and strong operation of raw material prices and the fair market sentiment have boosted the market mentality. It is expected that the formic acid market may rise steadily in the short term, and more attention should be paid to market news guidance.
