Cost And Supply Support Higher Formic Acid Prices

As of March 23, the average price quoted by formic acid enterprises was 6200.00 CNY/ton, which was 25.68% higher than last Friday's price and 34.30% higher than that on February 23, and it rose year-on-year in a three-month cycle. up 44.19%.

Recently, the domestic industrial grade 85% formic acid market has risen strongly. On the cost side: the price of methanol, the main raw material, has risen, and the cost support has strengthened. Supply side: a large enterprise is temporarily overhauled, and the market supply is shrinking. Demand side: The atmosphere of downstream inquiry and purchasing has improved, demand has increased, market transactions have been good, logistics in some areas are limited, and the price of formic acid has risen.

In terms of cost: upstream caustic soda, on March 22, the price of caustic soda was running well, and the mainstream market price in Shandong was around 930-1080 CNY/ton; upstream liquid ammonia, on March 23, the Shandong liquid ammonia market was running at a high level, and the growth slowed down Mainly; upstream sulfuric acid, the domestic sulfuric acid market rose on March 23; upstream methanol, the ex-factory quotation of methanol companies in Shandong increased on March 23.

Recently, the price of raw materials has been relatively strong, the cost support has been rising, the supply side has been reduced, and the demand side has shown positive performance. In addition, logistics and transportation in some areas are limited. It is expected that the formic acid market may run strongly in the short term.