Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic market for 85% industrial grade formic acid experienced a slight upward trend before the holiday. As of January 24th, the price of 85% formic acid was 3,000 RMB/ton, an increase of 1.69% from 2,950 RMB/ton on January 1st; Compared to the same period last year, the price of 3,150 RMB/ton decreased by 1.76%.

Analysis review

On the demand side: With the Spring Festival approaching, downstream formic acid suppliers were stocking up before the holiday, driving on-site transactions. Manufacturers were able to ship smoothly, reducing pressure on formic acid inventory and tightening supply, resulting in an upward trend in formic acid prices.

On the raw material side: Prior to the Spring Festival, the Chinese methanol market showed a range oscillation trend, with significant price fluctuations. The rise in international crude oil prices has boosted market confidence, but insufficient market demand at high prices and increased shipping costs have put pressure on the market. Enterprises offered discounts on shipments to maintain low inventory, while the port market remained relatively firm due to low shipment volumes.

Market outlook

The formic acid data analyst from SunSirs believes that pre holiday demand was improving, inventory pressure was easing, formic acid prices were rising, and companies were starting production after the holiday. Demand is expected to continue to rise, and the formic acid market is expected to operate to be stronger.

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