SunSirs: The Slight Increase in Formic Acid Prices in Early August began with a shortage of supply

According to the commodity market analysis system of SunSirs, as of August 12, the average price of domestic industrial-grade 85% formic acid companies was 2,775 RMB/ton, an increase of 3.74% compared with the same period last month.

Raw material side: Methanol companies have recently been overhauled, and recovery coexists: Jiangsu Sopo and Shanxi Junjie units are under maintenance; Shanxi Lubao units have reduced production; Xinxiang Zhongxin, Shaanxi Runzhong (Changwu), Shaanxi Changqing, Xinjiang Xinye, Jiangsu Sopo, Jiutai New Materials (Toxian), and Yunnan Yuntianhua units have been restored. The recovery volume is greater than the loss volume, so the capacity utilization rate has increased. The raw material methanol is affected by negative factors.

Supply side: The tight supply situation has not eased, and the supply in the market is relatively tight. According to Asde traders, steel mills have stopped recently, and it is difficult to pick up by-product Asde formic acid. The supply side has positive support for the formic acid market.

The formic acid data analyst of SunSirs Network believes that there are positive factors on the formic acid supply side, and there is no news of suppliers resuming production. It is expected that formic acid will continue to perform strongly in the short term. The specific future trend still needs to continue to pay attention to the trend of raw material prices and downstream market demand.

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