According to the Commodity Market Analysis System of Shengyi Society, the formic acid market maintained stable operation in early April. As of April 7th, the average price of 85% industrial grade formic acid in China was 3400 yuan/ton, unchanged from April 1st and up 15.25% from 2950 yuan/ton at the beginning of the year.
In recent times, the domestic industrial grade 85% formic acid market has experienced limited fluctuations, with many companies shipping according to market conditions and quoting prices ranging from 3200-3500 yuan/ton. Recently, the sulfur content in the raw material sulfuric acid market has risen from a low point to a high point by 323.5 yuan/ton to 682.5 yuan/ton, an increase of 90.11%. The raw material methanol has fluctuated and stabilized in a narrow range, with neutral cost support. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides have a strong demand for raw material procurement, and market trading is orderly. The focus of negotiations in the formic acid market is generally stable.
The formic acid analyst from Shengyi Society believes that the current cost support still exists, and the supply and demand performance is average. It is expected that the domestic industrial grade formic acid market will stabilize and consolidate in the short term, and more attention should be paid to changes in demand.
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