According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has remained weak and volatile recently. As of July 7th, the benchmark price of formic acid in Shengyi Society was 2400 yuan/ton, a decrease of 4% from 2500 yuan/ton at the beginning of the month and a decrease of 18.64% from 2950 yuan/ton at the beginning of the month.
The stable operation of production facilities and the increase in market supply, coupled with the off-season of downstream consumption and weak demand, have led to high inventory levels and no upward momentum for formic acid.
From an upstream perspective, there is expected room for a decrease in imported methanol. Under the rise in methanol market prices, downstream industries have seen an increase in production costs, which has suppressed downstream demand and production under the situation of losses. As a result, the domestic methanol spot market has stabilized at a high level. The partial maintenance of the raw material liquid ammonia unit has not yet resumed, and the supply pressure has slightly eased. At present, the mainstream price of liquid ammonia in Shandong region is 2300-2450 yuan/ton.
The formic acid data analyst from Shengyi Society believes that the current supply and demand of formic acid are weak. Although the raw material side provides some support, the upward momentum is insufficient, and it will continue to operate weakly in the short term. Specific market changes need to be monitored.
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