According to the Commodity Market Analysis System of Business Society, as of March 4th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3275.00 yuan/ton, an increase of 4.80% compared to last Tuesday (February 27th).
Recently, the market price of industrial grade 85% formic acid in China has risen, with mainstream enterprise quotations ranging from 3200-3400 yuan/ton. Recently, the upstream methanol price has been relatively strong, the upstream sulfuric acid price has risen, and the cost support has increased. There is no pressure on inventory on the supply side, and the supply volume is tight, supporting the market’s price support mentality. The demand side’s follow-up enthusiasm is average, and the downstream procurement mentality is still cautious. The market transaction is mainly based on demand, and the formic acid market is strong.
Business Society formic acid analysts believe that short-term costs and supply support still exist, and downstream inquiries and purchases are mainly based on demand. The market mentality is still acceptable, and it is expected that the domestic industrial grade 85% formic acid market will remain strong in the short term. More attention still needs to be paid to market news guidance.
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