According to the Commodity Market Analysis System of Business Society, as of May 22, the average price quoted by domestic industrial grade 85% formic acid enterprises was 2937.50 yuan/ton, a decrease of 7.11% compared to last Thursday’s price.
Recently, the domestic industrial grade 85% formic acid market has been experiencing a downward trend. Recently, the main raw material methanol market has risen first and then fallen, with strong cost support. The supply and demand face a certain bearish situation in the market, with sufficient supply of goods, but limited follow-up on the demand side. Downstream buyers mainly choose to buy at lower rigid demand, and the intention of holders to offer discounts and take orders has increased. The focus of negotiations in the formic acid market has declined. On the 22nd, the mainstream quotation range for industrial grade 85% formic acid enterprises was between 2600-3000 yuan/ton.
Business Society’s formic acid analysts believe that under the current pressure of supply in the formic acid market, profit margins are being adjusted, and coupled with weak cost support, it is expected that in the short term, the formic acid market may continue to consolidate weakly, and more attention should be paid to market news guidance.
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