According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has shown an upward trend recently. As of August 4th, the benchmark price of 85% industrial grade formic acid in China was 3100 yuan/ton, an increase of 29.17% month on month and 13.76% compared to the same period last year.
The dual support of supply and demand drives up prices
Supply side: The continuous control of production volume by manufacturers in the early stage has led to a tightening of the supply side, and currently there is a shortage of market supply.
Demand side: Increased export demand, currently in the export cycle, with tight market inventory.
Methanol oscillation operation at the raw material end
The domestic methanol market is showing signs of recovery. Northwest olefin factories are increasing their external procurement volume, coupled with favorable effects such as ongoing maintenance of some facilities and low inventory levels in enterprises. Upstream companies are selling at high prices, while downstream companies are passively following suit.
The formic acid data analyst from Shengyi Society believes that the formic acid market is currently in short supply and still has upward momentum. It is expected that formic acid prices will further rise, but specific changes in market conditions still need to be monitored.
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