According to the bulk list data of business society, as of May 11, the average quotation price of formic acid enterprises was 6266.67 yuan / ton, down 33.80% compared with the price on May 7, down 13.76% compared with the price on April 11, and up 37.23% year-on-year in a three-month cycle.
Recently, the market price of formic acid fell at a high level, with a one-day price drop of more than 2000 yuan / ton and a five-day decline of 33.80%. In the recent period, the upstream prices have fluctuated with each other, and the cost has little impact on the formic acid market. The construction of mainstream enterprises has recovered, the market supply is sufficient, the formic acid price has risen to a high level in the early stage, the downstream resistance to high priced raw materials is increasing, the procurement enthusiasm is not high, the domestic demand is weak, and the formic acid market price has fallen sharply.
In terms of cost: upstream caustic soda, the price of caustic soda was adjusted and operated on May 11. The overall supply in Shandong changed little, and the downstream purchased more on demand; Upstream liquid ammonia: on May 11, the liquid ammonia Market in Shandong continued to rise. On Wednesday, the prices of most large factories in Shandong still increased, mostly by 50 yuan; Upstream sulfuric acid, the domestic sulfuric acid market fell on May 11; Upstream methanol, according to the monitoring data of business agency, on May 10, the average price of domestic methanol production enterprises was 2727 yuan / ton, down 0.82% from the previous working day, down 9.76% month on month and up 4.60% year-on-year.
Formic acid analysts of business society believe that at present, the cost support is limited, and the supply and demand side dominates the market. However, with the early price reduction, it is expected that in the short term, the domestic industrial grade 85% formic acid market may fall and wait and see.