According to the Commodity Market Analysis System of Shengyi Society, 85% of industrial grade formic acid in China has shown a fluctuating trend recently. As of September 8th, the benchmark price of 85% industrial grade formic acid in China was 3220 yuan/ton, down 3.98% from 3353 yuan/ton at the beginning of September, a month on month decrease of 9.8%, and a year-on-year increase of 25%.
The demand in the terminal consumer market is average, adopting a wait-and-see attitude
There is a certain deviation between the current formic acid price and market expectations, coupled with weak demand. Downstream customers of formic acid generally adopt a cautious and wait-and-see attitude, only maintaining rigid procurement demand, with significantly insufficient consumption power and low shipment volume.
The supply side may experience some contraction
Export orders are showing a contraction trend, while the production pace on the supply side remains stable. The temporary imbalance in the supply and demand pattern has led to a downward trend in prices. According to market news, there is a maintenance plan for the Liaocheng factory in the future, which is expected to have a phased impact on the supply pattern.
The formic acid data analyst from Shengyi Society believes that the current formic acid market is in a volatile downward phase, and the subsequent price may be affected by major manufacturers’ maintenance plans. Specific market news still needs to be monitored.