SunSirs: Formic Acid Supply and Demand Were Stabilizing, and Prices Were Running Steadily
December 10 2024 09:05:02 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the price of industrial grade 85% formic acid in China had been running steadily recently. As of December 9th, the average price of 85% formic acid in China was 2,925 RMB/ton, which remained the same as last week and increased by 11.43% compared to the same period last month at 2,775 RMB/ton.
Analysis review
Raw material end: Maintenance of raw material methanol manufacturers Guang'an Jiuyuan and Zhonghai Chemical plants; Restoration of Jiutai New Materials, Xinjiang Xinye, Yangmei Fengxi, Anhui Linquan, and Xiaoyi Pengfei facilities; The overall recovery exceeded the loss, resulting in an increase in capacity utilization. Methanol prices were weakly adjusted. The support for formic acid was relatively weak.
Supply side: Some units of Luxi Chemical, the largest domestic manufacturer of formic acid, have been shut down for maintenance. Asde's supply was tight, and overall production was basically at a medium to low level. The amount of spot goods on site had decreased, providing favorable support for the supply side.
On the demand side: The downstream industries of formic acid, such as pesticides, were in a traditional off-season, resulting in a corresponding decrease in demand for formic acid and other raw materials. Downstream customers were more inclined to purchase on demand and had a relatively cautious view of market demand.
Market outlook
The formic acid data analyst from SunSirs believes that the supply has decreased while the supply and demand have weakened. The formic acid market has been stable recently, but it is expected to fluctuate due to demand constraints. Specific attention still needs to be paid to the trend of raw materials and downstream markets.
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