According to the Commodity Market Analysis System of SunSirs, as of December 14th, the average quoted price of 85% industrial grade formic acid from formic acid enterprises in China was 3,325.00 RMB/ton, which remained unchanged compared to Monday and increased by 10.83% compared to the same period last year.
Analysis review
This week, the domestic industrial grade 85% formic acid market had been operating steadily, with enterprise quotations ranging from 3,000 to 3,500 RMB/ton. Recently, the upstream sulfuric acid market prices had been weak and stable, while the upstream methanol market had been weak and consolidating, with weak cost support. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides were mostly purchasing according to demand, and the enthusiasm for inquiry procurement was still good. Enterprises often quoted prices around the range based on their own situation. According to the Commodity Market Analysis System of SunSirs, on December 14th, industrial grade 90% formic acid enterprises quoted around 3,700-4,000 RMB/ton, and on December 14th, industrial grade 94% formic acid enterprises quoted around 4,200-5,000 RMB/ton.
Market outlook
SunSirs’formic acid analysts believe that the cost support was average, and downstream companies followed up in needed. Holders were actively shipping, and it is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term. More attention still needs to be paid to market news guidance.
