SunSirs: Poor Downstream Procurement of Formic acid, Dragging Down Price Increases
August 23 2024 15:23:43 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, as of August 22, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 2,750 RMB/ton, a decrease of 1% from last week.
Analysis review
Recently, more formic acid companies have carried out equipment maintenance, resulting in a reduction in on-site supply sources.
But downstream procurement enthusiasm was poor, and formic acid prices have not increased due to reduced supply.
On the cost side, the price of methanol, upstream formic acid, fluctuated upwards, supporting manufacturers to maintain high quotes, and some downstream markets have recovered. Some regional market quotes have been raised, but the overall market demand has not fully recovered, and industry players have shown a clear wait-and-see attitude.
Market outlook
The data analyst of SunSirs believes that the formic acid market was supported by multiple positive factors, but the negative impact of procurement was dragging down price increases, and it is expected that the formic acid market will fluctuate.
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