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SunSirs: Downstream Procurement Was Poor, and Formic Acid Prices Were Weak and Declining in Early July
July 10 2024 15:29:33SunSirs(John)

Price trend

According to the Commodity Market Analysis System of SunSirs, as of July 9th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 2,680 RMB/ton, a decrease of 8.38% compared to June 9th.

Analysis review

Cost side: The domestic methanol market was mainly volatile and operated weakly, with overall sufficient supply. Equipment maintenance was carried out in Ningxia Baofeng, Xinjiang Guanghui, and Shandong Alliance; Inner Mongolia had a production reduction device; Gansu Huating and Chongqing Wansheng installations had been restored. The loss was greater than the recovery, resulting in a decrease in capacity utilization. The supply side of methanol was influenced by favorable factors.

Supply and demand side: On the supply side, the main manufacturers of formic acid were producing normally, and the market circulation of goods was relatively sufficient. On the demand side, the downstream purchasing atmosphere of formic acid needed to be improved, and the transaction orders were limited. Overall, both supply and demand had no positive support for the formic acid market.

Market outlook

SunSirs’ formic acid analysts believe that the formic acid market had sufficient supply and weak downstream demand. It is expected that in the short term, the formic acid market may continue to consolidate weakly, and more attention needs to be paid to downstream market demand.

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