According to the Commodity Market Analysis System of Shengyi Society, there have been signs of price loosening in the formic acid market recently. As of August 25th, the benchmark price of formic acid in Shengyi Society was 3360 yuan/ton, a decrease of 5.35% from the high of 3550 yuan/ton at the beginning of August, and an increase of 22.18% compared to the same period last year.
Foreign trade pressure eased, domestic demand weakened
Previously, due to the strengthening of foreign trade orders, the price of formic acid soared from 2400 yuan/ton to 3550 yuan/ton. Recently, the pressure on foreign trade has shown a phased easing trend, and a large production enterprise in Shandong is gradually opening up to the domestic market. However, the domestic demand market continues to weaken, and the overall trading activity of the market has significantly decreased.
Raw material methanol has no favorable support
From August 15th to 22nd (as of 15:00), the domestic methanol market in East China port quotations fell from 2330 yuan/ton to around 2295 yuan/ton, with a price drop of 1.47% during the period, a month on month drop of 6.29%, and a year-on-year drop of 7.49%. The recovery of domestic methanol facilities has led to a slight lack of support in the mainland market, resulting in poor purchasing power at high prices.
The data analyst of Shengyi Society believes that formic acid has no positive support in the near future, and the price may fluctuate and maintain stability. Specific changes in the market situation still need to be monitored.