Price trend
According to the business data analysis system of SunSirs, the domestic formic acid market has remained stable recently. As of January 19th, the benchmark price of 85% industrial-grade formic acid, according to SunSirs, was 2,300 RMB/ton, unchanged from the beginning of the year, a decrease of 18.73% compared to the previous month, and a decrease of 22% year-on-year.
Supply and demand dynamics: A dynamic balance was formed between ample supply and stable demand.
Supply side: The market continued to maintain a loose supply situation, with ample supply and smooth distribution channels. Although the consensus on production cuts and price maintenance reached by key producers in Liaocheng, Feicheng, and Jingzhou, Hubei, has not changed the current loose supply situation, it has effectively curbed the risk of price declines and sent a clear signal of price support to the market. This is one of the important factors supporting the current stable mainstream prices.
On the demand side, influenced by the long-term stability of prices, downstream companies have adopted a more rational approach to purchasing. Their purchasing pace has gradually stabilized, abandoning their previous wait-and-see attitude and shifting to a demand-driven procurement model, effectively absorbing the ample supply resources in the market.
At the inventory level, driven by both ample supply and stable demand, manufacturers' inventory levels showed a moderate downward trend, gradually approaching the industry's median range. Inventory pressure was effectively relieved, creating a virtuous cycle of "ample supply but orderly inventory reduction."
Market Outlook:
According to SunSirs' formic acid data analyst, considering the current market trends, the loose supply situation remains unchanged, although production cuts and price support measures are in place. Demand is stable with solid underlying needs, and inventory levels have moderately decreased to a reasonable range. With these multiple factors at play, the domestic formic acid market is likely to continue its current sideways consolidation in the short term, with the mainstream transaction price remaining stable around 200 RMB/ton. However, specific developments will still depend on changes in market supply and demand.
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