According to the Commodity Market Analysis System of the Business Society, as of August 8th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3875.00 yuan/ton, which is unchanged compared to August 1st and a decrease of 3.93% compared to the same period last year.
Since August, the domestic industrial grade 85% formic acid market has been operating steadily. Recently, the price of raw material sulfuric acid has risen, and the market for raw material methanol has narrowed down. The cost support has been strengthened, with downstream procurement being mainly based on demand. Enterprise shipments are still acceptable, market trading is orderly, and the market is temporarily stable and wait-and-see. The mainstream quotation of enterprises is around 3900 yuan/ton.
Business Society formic acid analysts believe that there is currently some support in the cost side, with downstream procurement being the main focus. It is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term, and more attention needs to be paid to market news guidance.
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