Chinese present Formic acid market is mainly stable with gentle change

Till February 20, 2021,the average price of Formic Acid enterprises was 2650 CNY/ton, which was the same as the price before the Chinese New year Festival (February 10) and that on January 20. As a three-month cycle and a year-on-year increase of 20.45%. After the festival, Formic Acid market as a whole maintained a stable price, downstream manufacturers purchase it on demand, overall wait-and-see.

The average price of upstream Caustic Soda was 472.50 CNY/ton as of February 20, which was the same as that before the festival (February 10); the average price of upstream Liquid Ammonia was 3300 CNY/ton as of February 20, which was 0.50% lower than that before the festival (February 10); the average price of upstream Sulfuric Acid was 342.50 CNY/ton as of February 20, the price increased by 6.20% than it before the festival (February 10); till February 20, the average price of upstream Methanol quoted by enterprises was 2267.50 CNY/ton, which increased by 0.67% compared with the price before the festival (February 10).

In the near future, the raw material price is stable and relatively strong, and the cost side has certain support. The downstream is resuming production one after another, and the overall trading atmosphere is mild. It is expected that the Formic Acid market will be stable in the short term, and more attention should be paid to the market information.