SunSirs: The Price of Formic Acid First Rose and Then Fell in August, with Weak Rebound

Price trend

According to the Commodity Market Analysis System of SunSirs, the market price of formic acid first rose and then fell this month. As of August 27th, 80% of domestic manufacturers and traders' mainstream offer prices for formic acid were around 2,628 RMB/ton, a decrease of 4.22% from the beginning of the month. The highest price point appeared in the middle of this month at 2,722 RMB/ton, and the lowest point appeared at the end of the month at about 2,628 RMB/ton.

Analysis review

On the supply side: As of August 27th, the operating rate of mainstream production enterprises was less than half, and there were favorable factors on the supply side.

On the demand side: There was no positive news in the downstream product market, and the overall market was dominated by replenishment of essential needs. The support for pharmaceuticals and pesticides had weakened, and the demand in the leather industry was poor. Overall demand support was stable.

In terms of cost: With the continuous increase in operating rate and import volume, the supply of raw material methanol was sufficient. As of around August 27th, the domestic methanol production was 2,500 RMB/ton.

Market outlook

The supply of formic acid in the market was not satisfactory, and the actual downstream procurement situation was average. It is expected that the price will fluctuate slightly to stabilize.

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