SunSirs: Raw Material Support Was Strong, and Formic Acid Market Rose

https://www.chemnet.com   Oct 17,2024 SunSirs

Price trend

According to the Commodity Market Analysis System of SunSirs, there has been a slight rebound in the domestic formic acid market after the holiday. As of October 14th, the price of 85% formic acid in China was 2,775 RMB/ton, an increase of 3.74% from 2,675 RMB/ton before the holiday.

Analysis review

The market situation of raw material methanol was fluctuating at a high level, and the price provided support for the market.

From October 8th to 12th (as of 15:00), the average price of methanol in East China ports in the domestic market fell from 2,620 RMB/ton to 2,551 RMB/ton, with a price drop of 2.64% during the period, a month on month increase of 6.06%, and a year-on-year increase of 2.89%. Before and after the National Day holiday, the domestic methanol market showed a significant increase followed by a decline, with relatively limited demand changes and an increase in supply. During the holiday period, the speed of truck delivery was limited, and after the holiday, methanol inventories in mainland China and ports showed accumulation. The price of methanol quickly fell back after reaching a high level.

Market outlook

The formic acid analyst from SunSirs believes that the price of methanol, the main raw material, was running steadily, with strong cost support and strong supply and demand support. It is expected that the formic acid market will mainly fluctuate in the short term, and more attention should be paid to market news guidance.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.

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