Price trend

According to the commodity market analysis system of SunSirs, the price of formic acid has been stable recently. As of November 3, the benchmark price of 85% industrial grade formic acid in China was 2,830 RMB/ton, down 6.7% month-on-month and up 1.98% year-on-year.

Supply side: High-capacity production, full capacity utilization

As of November 3, the formic acid supply was characterized by "high capacity and stable output." Domestic formic acid producers continued to operate at high capacity, with capacity utilization rates nearing saturation. Overall supply capacity was at a high level, which can fully meet the rigid market demand..

Demand side: Primarily driven by essential needs, with orderly market competition

On the demand side, rigid procurement was the core characteristic, with stable demand from downstream industries providing market support. Looking at recent performance, downstream manufacturers had already completed concentrated procurement before the price surge in late October, resulting in flat shipments after the price increase. On the export side, the number of new orders decreased compared to the previous period, and export volume showed a downward trend, becoming a minor negative factor on the demand side. However, the stability of domestic rigid demand effectively offset this impact, keeping the overall market supply and demand in balance.

Market outlook

According to analysts at SunSirs, the supply and demand balance in the formic acid market is expected to continue, and formic acid prices will remain stable. However, specific market supply and demand changes need to be monitored.

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