Price trend

According to the Commodity Market Analysis System of SunSirs, formic acid has been continuously rising since the fourth quarter. As of December 23, 85% of industrial formic acid in China was 2,950 RMB/ton, up 10.28% from 2,675 RMB/ton at the beginning of the fourth quarter.

Analysis review

Raw material side: The price of raw material methanol has been fluctuating at a high level recently. It is expected that the utilization rate and output of methanol production capacity will increase in the short term, and the supply of domestic goods will continue to be abundant. The number of foreign ships arriving at ports will gradually decrease, and the arrival of goods will still be mainly from terminal factories. Inventory will continue to be depleted. It is expected that the methanol market price will remain stable and weaken, and there will be no positive support for the formic acid market price.

Supply and demand side: Domestic formic acid plants were operating normally, with production levels generally maintaining above average. There was no significant shortage or tension in the supply side, and the driving effect on formic acid market prices was limited. The follow-up of downstream demand for formic acid was insufficient, the willingness to purchase formic acid was not strong, and restricted shipment by cargo holders.

Market outlook

The formic acid data and no obvious purchasing intention downstream. It is expected that formic acid prices will fluctuate in the short term, and specific market information still needs to be monitored.

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