According to the Commodity Market Analysis System of the Business Society, as of November 23, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3400 yuan/ton, which is unchanged compared to Monday’s price and an increase of 12.09% compared to the same period last year.
This week, the domestic industrial grade 85% formic acid market was generally stable, with prices mainly adjusted in the range of 3100-3500 yuan/ton. After the recent price increase in the upstream sulfuric acid market, it has remained stable at a high level, while the upstream methanol market has fluctuated and declined. The cost side support is average, and downstream industries such as pharmaceuticals, rubber, leather, and pesticides continue to have a strong demand for the formic acid market procurement. The supply and demand side support is relatively stable. The enthusiasm for downstream inquiry procurement is still good, and the market transactions are orderly.
Business Society formic acid analysts believe that at present, downstream on-demand procurement has little overall market volatility, and enterprises are mainly stable and wait-and-see. It is expected that the domestic industrial grade 85% formic acid market will remain stable in the short term, and more attention will still need to be paid to changes in raw material prices.
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