SunSirs: The Formic Acid Market Was Mainly Stable This Week (February 7-10)

　　According to the monitoring data of SunSirs, as of February 10, the average enterprises quoted price of formic acid was 4,566.67 RMB/ton, an increase of 0.74% compared with Monday’s price, an increase of 6.20% compared with the price on January 10 and a decrease of 39.11% in a three-month cycle.

　　Analysis review

　　This week, the market price of domestic industrial grade 85% formic acid was mainly stable, and the prices of some enterprises increased slightly. Recently, the price of upstream caustic soda has risen, the price of sulfuric acid has risen, the price of liquid ammonia has risen first and then stabilized, and the price of methanol has been consolidated, the cost support has been strengthened. After the holiday, the downstream market is mainly based on just-needed replenishment, and the market trading atmosphere is acceptable.

　　In terms of cost: upstream caustic soda, on February 9, the reference price of caustic soda was 940.00 RMB/ton, an increase of 2.45% compared with the price on February 1 (917.50 RMB/ton); on February 10, the domestic liquid ammonia market remained stable, and after the holiday, the ammonia market rose first and then stabilized; upstream sulfuric acid, the domestic sulfuric acid market was temporarily stable on February 10; upstream methanol, the methanol market was sorted out on February 9, and the methanol reference price on February 9 was 2,745.00 RMB/ton), an increase of 2.33% compared with February 1 (2,682.50 RMB/ton)).

　　Market outlook

　　The formic acid analyst of SunSirs believes that the current cost support is acceptable, and the downstream demand is gradually following up. It is expected that the formic acid market may run at a high level in the short term.