According to the Commodity Market Analysis System of SunSirs, as of August 15th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 3,875.00 RMB/ton, which was unchanged compared to last Friday (August 11th) and an increase of 2.88% compared to the same period last year.
Recently, the domestic industrial grade 85% formic acid market continued to operate steadily, with the focus of market negotiations at around 3,900 RMB/ton, without significant fluctuations. Recently, the trend of raw material sulfuric acid rose, while the market for raw material methanol had fluctuated slightly. The cost support increased, and the enthusiasm for downstream inquiries and procurement was fair. The main focus of market negotiations was mainly stable, and the transactions continued to be on demand.
SunSirs’ formic acid analysts believe that as of August 15th, the cost side had increased, and downstream purchases were mainly based on demand. The market had a wait-and-see mentality, and it is expected that the domestic industrial grade 85% formic acid market will be stable and consolidated in the short term. More attention should be paid to market news guidance.