SunSirs: The Formic Acid Market Performed Averagely in Mid September

https://www.chemnet.com   Sep 19,2024 SunSirs

Price trend

According to the Commodity Market Analysis System of SunSirs, the price of formic acid remained stable in mid September. As of September 18th, the average market price of 85% formic acid in China was 2,673 RMB/ton, which was basically the same as last week, with a monthly decline of 3.6%.

Analysis review

The formic acid market was mainly running steadily. Although AstraZeneca was still in a state of production reduction and tight supply, the downstream buying atmosphere was flat, with average trading on the market. Some companies were offering discounts to stimulate shipments, and the focus of the formic acid market was stable but loose.

The production and supply of raw material methanol increased, and the unloading of foreign ships had increased compared to the previous period, resulting in an overall increase in supply; The demand was positive, especially with a significant increase in port pick-up volume this week. In addition, the impact of some vessel failures and cargo quality issues on unloading speed had led to the accumulation of port inventory. The demand side was relatively cautious about the pace of "double festival stocking", and downstream industry profits continued to affect purchasing sentiment. The domestic methanol market was mainly focused on consolidation.

Market outlook

The formic acid data analyst of SunSirs believes that the formic acid market performance is deadlocked, and cost support still exists in the short term. The demand performance is average, and more purchases are made on demand. It is expected that the formic acid market will remain stable with small fluctuations in the short term, and the specific trend still needs to be closely monitored by market news.

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