Price trend

According to the Commodity Market Analysis System of SunSirs, the price of formic acid in China has been running at the bottom since June, as of June 16th. The benchmark price for domestic industrial grade 85% formic acid trading was 2,450 RMB/ton, a decrease of 2% from the same period last month at 2,500 RMB/ton, which was the lowest level of the year.

Analysis review

Supply side:

The formic acid production enterprise had normal power on and sufficient supply on site.

Demand side:

Downstream traditional off-season, terminal enterprises had a strong wait-and-see attitude, low purchasing enthusiasm, and weak demand in downstream building materials and feed industries.

The pesticide market had light inquiries, average trading, and mainly requires replenishment due to urgent transactions.

From the demand side, although the export negotiations between China and the United States had eased, domestic trade orders were relatively weak during the off-season, and foreign trade shipping was hindered. The demand side lacked support for dye prices.

Raw material end:

Raw material methanol was operating strongly. According to the Commodity Market Analysis System of SunSirs, from June 9th to 13th (as of 10:00), the average price of methanol in East China ports in the domestic market increased from 2,331 RMB/ton to 2,480 RMB/ton, with a price increase of 6.39% during the cycle, a month on month increase of 1.07%, and a year-on-year decrease of 3.12%. The domestic methanol market was mainly strong, with production enterprises and port quotations increasing to varying degrees.

Market outlook

The formic acid data analyst of SunSirs believes that there was no significant improvement in the demand side of the formic acid market as of June 13th, and it is expected that the market price will fluctuate weakly.

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