SunSirs: Raw Material Prices Were Rising Weakly, While Formic Acid Prices Were Running Steadily
October 22 2024 10:01:22 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the domestic formic acid price rebounded weakly in mid to late October and continued to operate steadily. As of October 21, the domestic formic acid price of 85% was 2,771 RMB/ton, up 3.74% from 2,675 RMB/ton before the holiday and unchanged from last week.
Analysis review
The price of raw material methanol storage had fallen, providing insufficient support for formic acid.
Recently, the price of methanol spot market had fallen from a high level, and the price of port spot market had decreased with the market. With the adjustment of macro policies and changes in market environment, the positive support for the methanol market in the early stage had gradually weakened. The overall supply of methanol in the mainland market remains at a high level. In the short term, manufacturers in the main production areas mainly rely on inventory discharge due to the increasing inventory pressure. This had further intensified the supply pressure on the methanol market, leading to downward pressure on prices.
Market outlook
The formic acid data analyst from SunSirs believes that the formic acid raw material support was insufficient, and there was no significant improvement in market demand. The formic acid market may experience weak fluctuations.
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