According to the Commodity Market Analysis System of the Business Society, as of May 25th, the average price quoted by domestic industrial grade 85% formic acid enterprises is 3875.00 yuan/ton, which is unchanged compared to Monday’s price.
This week, the domestic industrial grade 85% formic acid market continued its stable trend. The recent weak and stable operation of the raw material sulfuric acid market and the narrow consolidation of the raw material methanol market have little impact on the cost side. Downstream manufacturers mostly purchase on demand, and the overall market trading atmosphere is mild. The focus of negotiations in the formic acid market is stable.
Upstream product: Upstream sulfuric acid. According to the Commodity Market Analysis System of Business Society, the reference price of sulfuric acid was 188.00 on May 24th, a decrease of 13.89% compared to May 1st (218.33); Upstream methanol, according to the Commodity Market Analysis System of Business Society, the reference price for methanol on May 24th was 2175.83, a decrease of 10.21% compared to May 1st (2423.33).
Business Society formic acid analysts believe that the current cost impact is limited, and market transactions just need to be orderly. It is expected that the domestic industrial grade 85% formic acid market may remain stable in the short term, and more attention needs to be paid to market news guidance.