SunSirs: The Formic Acid Market Still Performed Averagely under Low Inventory Levels
September 04 2024 14:04:58 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the formic acid market still performed poorly in early September. As of September 3, the average price of 85% formic acid was 2,575 RMB/ton, a decrease of 5.55% from the same period last month at 2,725 RMB/ton.
Analysis review
Supply side: As of September 3, mainstream production enterprises were facing maintenance issues, resulting in a decrease in on-site supply.
In terms of cost: The raw material methanol market had been continuously weak recently, with an increase in operating rates and an increase in imported quantities to ports. Inventory remained high, and prices were running weakly, weakening support for formic acid.
Market outlook
In the context of the general weakening of the chemical market, the weakness of formic acid is difficult to change, and more attention needs to be paid to downstream market demand.
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