Price trend

According to the Commodity Market Analysis System of SunSirs, as of July 30th, the domestic market price of 85% formic acid was 2,725 RMB/ton, an increase of 1.83% from 2,675 RMB/ton at the beginning of the month.

Analysis review

After a month of stable operation in the formic acid market, the price had risen due to the reduction in production by mainstream enterprises and the decrease in on-site supply. According to dealers, Asde’s formic acid was parked at 50% as of July 29th.

Raw material side: The methanol plant for raw materials will undergo maintenance and restart next week, with sufficient inventory and mixed positive and negative factors, which will provide limited support for the upward trend of formic acid market prices.

Supply and demand side: Mainstream manufacturers were parking, and the spot quantity was average, which was favorable for the rise in formic acid prices. Downstream replenishment was basically on demand, with no significant improvement and no positive support.

Market outlook

The formic acid data analyst from SunSirs believes that there was positive support on the supply side of formic acid, but the demand side was not very active. It is expected that the formic acid market will mainly operate stably, and the specific trend needs to pay more attention to market news guidance.

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