Strong Supply And Demand Support Formic Acid Prices Rise

As of April 15, the average price quoted by formic acid enterprises was 9633.33 CNY/ton, an increase of 32.57% compared with the price on Monday, an increase of 95.27% compared with the price on March 15, and a year-on-year increase of 114.07% in a three-month cycle.

This week, the market price of domestic industrial grade 85% formic acid rose strongly. Recently, the price of methanol, the main raw material, has fallen first and then rebounded. The cost side has a certain support. The supply side has a low start of large factories, and the market supply is in short supply. Formic acid market conditions rose steadily.

In terms of cost: upstream caustic soda, the price of caustic soda was consolidated on April 14. The mainstream market price in Shandong was about 1100-1300 CNY/ton. The market trading atmosphere was good, and the enthusiasm for receiving goods from downstream was acceptable; upstream liquid ammonia, April 14 , the reference price of liquid ammonia was 4986.67, an increase of 1.01% compared with April 1 (4936.67); upstream sulfuric acid, the domestic sulfuric acid market fell on April 14; upstream methanol, according to monitoring data, domestic The average price of methanol production enterprises was 2795 CNY/ton, a year-on-year increase of 17.93%.

Formic acid analysts believe that the current cost impact is limited, and the supply and demand support is strong. It is expected that the formic acid market may run strongly in the short term.