SunSirs: The Formic Acid Market Stabilized First and Then Fell in November

Price trend

According to the Commodity Market Analysis System of SunSirs, as of November 28th, the average price of formic acid quoted by formic acid companies was 3,325.00 RMB/ton, a decrease of 2.21% compared to the price on November 1st.

Analysis review

In November, the domestic industrial grade 85% formic acid market stabilized first and then fell. During the month, the price of raw material sulfuric acid steadily increased, while the price of raw material methanol fluctuated and stabilized. The cost had some support for the formic acid market. At the beginning of the month, the formic acid market remained stable with little movement. Downstream enterprises held a wait-and-see attitude, and their enthusiasm for inquiry procurement was average. Enterprises adjusted their quotations flexibly according to their own situation, stored some low-priced goods, and in the middle of the month, downstream inquiry procurement maintained a strong demand. The overall trading changes in the market were limited, and towards the end of the month, downstream procurement enthusiasm was relatively weak, mainly based on rigid demand, the market transaction atmosphere was flat, and some companies were experiencing a downward pressure on prices. On November 28th, the price range for industrial grade 85% formic acid was between 3,000 and 3,500 RMB/ton.

Import and export: According to customs statistics, the import volume of formic acid in China was 119 kilograms in October 2023, a year-on-year decrease of about 87.98%. In October 2023, the export volume of formic acid in China was 21,154,110 kilograms, a year-on-year increase of about 1.83%.

Market outlook

SunSirs’ formic acid analysts believe that the cost support was still acceptable, but the supply and demand support was average. The market atmosphere was light, and holders were actively shipping. It is expected that in the short term, the domestic industrial grade 85% formic acid market may operate weakly and steadily, and more attention should be paid to market news guidance.

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