The Transaction was Light, and the Formic Acid Market was Weak

According to the data of the bulk list, as of June 22, the average price quoted by formic acid enterprises was 4,533.33 CNY/ton, which was 3.55% lower than that of last Wednesday (June 15), and was lower than that of May 22. 29.17%, down 17.07% year-on-year in a three-month cycle.

Recently, the market price of domestic industrial grade 85% formic acid has fallen. The price of upstream products is mainly consolidated, the price of the main raw material methanol has dropped, the cost side is generally supported, the supply side is mainly stable, the downstream is mostly off-season, the enthusiasm for inquiry and purchase is not high, the demand side performance is not good, and the company's shipments are under pressure. 85 % formic acid prices weakened after a wait-and-see operation.

In terms of cost: upstream caustic soda, the price of caustic soda will be consolidated and operated, and the downstream will be purchased on demand. It is comprehensively estimated that the later stage or consolidation will be the mainstay; upstream liquid ammonia, on June 21, the reference price of liquid ammonia is 4873.33, compared with June 1 (5290.00) , decreased by 7.88%; upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on June 21; upstream methanol, according to the monitoring data of the business society, on June 21, the methanol reference price was 2705.00, which was similar to June 1 (2617.50). On June 21, the ex-factory quotation of methanol enterprises in Shandong was lowered.

Formic acid analysts believe that the main raw material methanol is currently running weakly, the cost support is limited, the supply side has not changed for the time being, and the demand side is weak. It is expected that in the short term, the domestic industrial grade 85% formic acid market may operate under pressure.