According to the Commodity Market Analysis System of SunSirs, as of December 21st, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,150.00 RMB/ton, a decrease of 5.26% compared to Monday's price.
Analysis review
This week, the domestic industrial grade 85% formic acid market had experienced a downward trend within a certain range, with mainstream quotes from enterprises ranging from 3,000 to 3,500 RMB/ton. Recently, the upstream sulfuric acid market had stabilized, while the upstream methanol market had risen narrowly, with increased cost support. Downstream inquiries and purchases were generally active, with transactions mainly based on demand. In addition, due to weather conditions in some regions, holders were offering discounts to ship, weakening the focus of negotiations in the formic acid market.
Market outlook
SunSirs’formic acid analysts believe that as of December 21st, cost support was average, downstream buying was based on demand, and market transactions were still acceptable. It is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term, and more attention still needs to be paid to market news guidance.
