Price trend

In August, the domestic industrial grade 85% formic acid market was mainly stable, with some companies experiencing a price drop, and with mainstream quotes of around 3,900 RMB/ton. According to the Commodity Market Analysis System of SunSirs, as of August 28th, the average price quoted by formic acid companies was 3,825.00 RMB/ton, a decrease of 1.29% compared to August 1st and an increase of 2.46% compared to the same period last year.

Analysis review

The domestic industrial grade 85% formic acid market slightly declined in August. During the month, the price of raw material sulfuric acid remained firm and upward, while the price of raw material methanol fluctuated and increased. The cost provided strong support for the formic acid market, while supply and demand support was average. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides purchased on demand. In late August, some companies lowered prices to ship due to inventory pressure, and the focus of negotiations in the formic acid market remained stable with some declines.

Import and export: According to customs statistics, the monthly import volume of formic acid in China was 426 kilograms in July 2023, and the monthly export volume of formic acid in China was 2,871,191 kilograms in July 2023.

Market outlook

SunSirs’ formic acid analysts believe that as of August 28, merchants were shipping following the market, downstream restocked just on demand. It is expected that in the short term, the domestic industrial grade 85% formic acid market may remain stable mainly, and more attention needs to be paid to market news guidance.

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