According to the monitoring data of Business News Agency, as of March 8, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,587.50 yuan/ton, up 0.35% from March 1.
Analysis review
Since March, the domestic industrial grade 85% formic acid market has been operating steadily. Recently, the price of raw material sulfuric acid rose, and the market of raw material methanol fluctuated in a narrow range. There was some support from the cost side. The operating rate of formic acid was about 75%, which was improved compared with the previous period. The supply range was sufficient. The demand of the main downstream formate market was stable, and the demand of feed, medicine and other products was improving, which supported the market price of formic acid to be stable and rise, and the market atmosphere was active.
Upstream products: upstream sulfuric acid, the domestic market price of sulfuric acid was temporarily stable on March 7, and the reference price of sulfuric acid was 256.67 yuan/ton on March 7, up 1.32% from that on March 1 (253.33 yuan/ton); According to the monitoring of the Business News Agency, the reference price of methanol on March 7 was 2,680.83 yuan/ton, down 2.01% from that on March 1 (2,735.83 yuan/ton).
Market outlook
According to the formic acid analysts of the Business Society, the cost support continued and the supply side recovered, but the demand side was stable and improving, which boosted the mentality of the industry. It is expected that the domestic industrial grade 85% formic acid market will be mainly operated at a high level in a short time, and more attention should be paid to market news guidance.
