According to the monitoring data of the business agency, on March 1, 2020, the reference price of 85% formic acid purified water was 1950 yuan / ton. As of March 31, the reference price was 2350 yuan / ton, and the price rose by 20.51% in October. In October, the formic acid market showed an overall upward trend.
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2、 Market analysis
Products: in March, the domestic industrial grade formic acid market rose as a whole, and the market gradually improved. In the first ten days of March, due to the impact of the epidemic, the formic acid market was temporarily in the non start state, and the dealers and manufacturers’ external quotation prices remained stable, most of which were in a wait-and-see state. In the middle of March, the formic acid market changed from stable to rising, and the overall formic acid market price showed a trend of fluctuation and rising. The inventory of some enterprises was tight, and the dealers and manufacturers slightly increased their quotations, with an increase of 50-300 yuan / ton. Formic acid Market Prices are high. In the last ten days of March, the rising trend has not been changed, and the price of enterprises has been raised by different degrees, but most of them have risen to around 2350 yuan / ton. The manufacturer’s output is less, the market supply is in short supply, and some dealers report that the inventory is not sufficient. At present, the formic acid market has risen steadily, and some of them are still in a rising mentality. The market supply is tight, which has a good support for the formic acid market.
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Industrial chain: the domestic liquid ammonia Market of the upstream products of formic acid fluctuated in March, and the overall price rose and fell with each other, ranging from 50-300 yuan / ton; the domestic caustic soda market also showed a stable trend in October, and most of the downstream products were purchased on demand. The upstream raw material support is good, and the downstream leather and pesticide industry demand is normal.
3、 Future forecast
According to the formic acid analyst of the business agency, the domestic formic acid market is in good condition at present, the raw materials support the formic acid market well, and the market supply is still in short supply. Under the condition of unchanged supply, the market price of formic acid may remain high in April.
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