SunSirs: The Formic Acid Market Operated Steadily at the End of October

https://www.chemnet.com   Oct 29,2024 SunSirs

Price trend

According to the Commodity Market Analysis System of SunSirs, as of October 28th, the average price of industrial grade 85% formic acid quoted by domestic formic acid enterprises was 2,775 RMB/ton, slightly higher than the price of 2,675 RMB/ton on the 28th of last month, with a growth rate of 3.74%.

Analysis review

The formic acid market had limited fluctuations in October, with companies quoting 2,800-3,200 RMB/ton and mostly shipping according to market conditions.

The upward momentum of raw material methanol was insufficient, and the overall production in the mainland market remained at a high level. With the restart of parking facilities in the early stage, the production in the regional market continued to increase, and the port market continued to accumulate inventory. The market supply was sufficient, and the price had fluctuated at a low level recently, weakening the cost support of formic acid.

Downstream industries such as pharmaceuticals, rubber, leather, and pesticides had a strong demand for raw material procurement, and market transactions were orderly. The focus of negotiations in the formic acid market was generally stable.

Market outlook

The formic acid analyst from SunSirs believes that the cost support was average, and the market supply and demand were still acceptable. It is expected that the domestic industrial grade formic acid market will stabilize and operate in the short term, and more attention still needs to be paid to market news guidance.

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