Price trend

According to the commodity market analysis system of SunSirs, there have been signs of price loosening in the formic acid market recently. As of August 25, the benchmark price of formic acid on SunSirs was 3,360 RMB/ton, down 5.35% from the high of 3,550 RMB/ton at the beginning of August and up 22.18% from the same period last year.

Foreign trade pressure eased, domestic demand weakened

Previously, due to strong foreign trade orders, the price of formic acid soared from 2,400 RMB/ton to 3,550 RMB/ton. Recently, pressure from foreign trade had eased temporarily, and a large Shandong manufacturer was gradually opening up to the domestic market. However, domestic demand continued to weaken, and overall market activity had declined significantly.

There was no favorable support for raw material methanol

From August 15th to 22nd (as of 3:00 PM), domestic methanol market quotes at ports in East China fell from 2,330 RMB/ton to around 2,295 RMB/ton, a 1.47% decrease over the period, a 6.29% month-over-month drop, and a 7.49% year-over-year drop. With domestic methanol plants resuming operations, support in the mainland market was somewhat insufficient, and buying sentiment at high prices was weak.

Market outlook

The formic acid data analyst of SunSirs believes that there is no favorable support for formic acid in the near future, and the price may fluctuate and maintain stability. The specific changes in market conditions still need to be paid attention to.

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