According to the commodity market analysis system of SunSirs: domestic formic acid has been running steadily recently. As of June 9, the domestic 85% industrial-grade formic acid was 2,450 RMB/ton, down 2% from 2,500 RMB/ton at the beginning of the month and 16.95% from 2,950 RMB/ton at the beginning of the year.

Raw material methanol is running weakly and support is insufficient

Domestic methanol production enterprises have poor shipments. In addition, the transportation capacity of automobile transportation is insufficient during the holidays. Some methanol production enterprises have accumulated inventory and lowered prices to actively ship goods. Therefore, the overall price of methanol in the mainland is weak; the coastal methanol market is boosted by policies, and the price rebounded from a low level, but the shipment was not good after the increase, and the basis fell back.

Downstream demand is general, and the shipment effect is not good

From the perspective of downstream demand, it is mainly concentrated in the pesticide, leather, medicine, rubber and other industries. These downstream industries currently basically maintain rigid demand purchases, and the enthusiasm for buying goods is not high. For holders, the shipment effect is not good. Although some holders have tried to promote sales by adjusting prices, the overall shipment situation is still not ideal due to weak downstream demand. There is a certain amount of inventory backlog in the market, which makes holders face certain shipping pressure.

The formic acid data analyst of SunSirs-Formic Acid believes that the current formic acid market is supported by cost, and there is no positive news on both the demand side. It is expected that formic acid will continue to fluctuate in a weak manner in the near future.

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