According to the bulk list data of the Business News Agency, as of March 22, the average price quoted by domestic industrial grade 85% formic acid companies was 3800.00 yuan/ton, up 5.19% compared to last Friday (March 17).
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Recently, the domestic industrial grade 85% formic acid market has risen. Recently, the high price of raw material sulfuric acid and the narrow fluctuation of raw material methanol market have provided some support in terms of cost. The operating rate has decreased compared to the previous period, and the market supply has contracted, supporting this price increase. The downstream follow-up is acceptable, and the market transaction is orderly.
Upstream product: upstream sulfuric acid. On March 21, the domestic sulfuric acid market price fell. On March 21, the reference price for sulfuric acid was 260.00, up 2.63% compared to March 1 (253.33); According to the monitoring by the Business News Agency, the reference price of methanol on March 21 was 2591.67, a decrease of 5.27% compared to March 1 (2735.83).
According to the formic acid analysts of the Business Society, the current cost impact is not significant, the market inventory pressure is controllable, and there is some support for the market. The downstream formate market demand is stable, while the pharmaceutical and pesticide market demand is stable and improving. It is expected that the domestic industrial grade 85% formic acid market may be operating stronger in the short term, and more attention needs to be paid to market news guidance.