SunSirs: Formic Acid Had No Positive News, and the Price Was Running Steadily

Price trend

According to the Commodity Market Analysis System of SunSirs, in mid January, the domestic market for 85% industrial formic acid remained stable. As of January 13th, the average price was 2,950 RMB/ton, an increase of 0.85% from 2,925 RMB/ton in the same period last month and a decrease of 6.35% from 3,150 RMB/ton in the same period last year.

Analysis review

Raw material end:

The raw material methanol has undergone a narrow adjustment, and the market transaction atmosphere was limited. Downstream demand replenishment was the main trend, and prices remained stable with small fluctuations. The downstream market was still weak, and demand was unlikely to improve. Manufacturers had a positive shipping sentiment.

Demand side:

The downstream pesticide, rubber, leather, and pharmaceutical industries of formic acid were procured based on market demand, with rigid demand being the main focus. This stable downstream demand provided support for the formic acid market.

Market outlook

The formic acid data analyst from SunSirs believes that the cost support for formic acid was average, and market transactions were mainly driven by rigid demand. It is expected that 85% of domestic industrial formic acid prices will remain stable in the short term, but specific changes in market conditions still need to be monitored.

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