SunSirs: The Price Performance of Formic Acid in Mid November Was Average

Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic formic acid market remained stable at 85% in mid November, with an industry average price of 2,775 RMB/ton. This price had been around for a month since mid October and is at a low point for the year.

Analysis review

In terms of supply, the operating rate of formic acid manufacturers was stable, and major factories had no maintenance plans recently. Due to the high concentration of formic acid production capacity in China, the production force is relatively concentrated, and the stable supply has maintained stable price operation.

In terms of demand, the traditional off-season in the downstream pesticide industry for formic acid led to a corresponding decrease in demand for raw materials such as formic acid, with manufacturers mainly replenishing their inventory in urgent need.

In terms of cost, the raw material methanol entered a stalemate consolidation stage, with no obvious breakthrough direction in demand, showing a fluctuating trend. Since mid October, the price has fluctuated between 2,402 RMB/ton and 2,498 RMB/ton. Against the backdrop of methanol price fluctuations and stalemate consolidation, the price of formic acid in the market hag remained relatively stable. Because methanol is one of the main raw materials for formic acid, its price fluctuations have a significant impact on the price of formic acid.

Market outlook

The formic acid data analyst of SunSirs believes that there was no positive support from both the supply and demand sides of formic acid, and it is expected to continue to operate steadily. Specific market changes still need to be monitored.

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