SunSirs: The Formic Acid Market Was Running Steadily without Any Positive News

https://www.chemnet.com   Nov 12,2024 SunSirs

Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic industrial grade 85% formic acid market has continued to operate steadily since November, with an average price of 2,775 RMB/ton, which was the same as the same period in October.

Analysis review

Supply side

The production facilities of mainstream formic acid production enterprises in China have not been scheduled for maintenance, and the operating rate remained at a medium to high level. The supply of formic acid in the market was relatively sufficient, and the source of goods was relatively loose. It is expected that there will be no factors on the supply side that provide favorable support for market prices in the short term.

In terms of demand

Downstream buying enthusiasm was not high: downstream customers of formic acid tended to purchase on demand and had a relatively cautious view of market demand. The actual transaction price of the order was slightly lower than market expectations, and due to insufficient demand and price competition, it is difficult for the transaction volume in the market to increase significantly. It is expected that the demand side will not provide favorable support for market prices in the short term.

In terms of raw materials

The overall performance of the methanol market was relatively stable. The purchasing enthusiasm of downstream enterprises has increased, and some enterprises have started to replenish inventory, maintaining stable market transaction volume. However, the continued accumulation of port inventory and the expectation of imports entering the port in the later stage will suppress the rise in methanol prices.

Market outlook

The formic acid data analyst from SunSirs believes that as of November 11th, the supply and demand of the formic acid market were weak, coupled with no positive news on the raw material side. It is expected that the formic acid market will continue to fluctuate weakly, and specific market changes need to be monitored.

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