Price trend

According to the Commodity Market Analysis System of SunSirs, as of July 7th, the benchmark price of 85% industrial grade formic acid in China was 2,400 RMB/ton, unchanged from the beginning of the month. Recently, the market price of formic acid remained stable and was at its lowest point of the year.

Analysis review

Raw material side: With the weakening of macro impact and the end of delivery in mainstream port methanol markets, the domestic methanol market rapidly declined. The downstream formic acid had relatively limited ability to catch up with high demand, and there was no favorable support on the raw material side.

Supply side: Mainstream production facilities in China had no maintenance plans, high operating rates, sufficient on-site supply, and no favorable support from the supply side.

Demand side: The downstream purchasing enthusiasm for formic acid was not high, mostly based on demand, making it difficult to increase transaction volume.

Market outlook

Overall, the spot supply of formic acid was loose and there was temporarily no positive news to support it. It is expected that the price of formic acid will continue to operate weakly in the near future, and specific changes in market supply and demand need to be monitored.

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