According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid remained stable in mid September. As of September 18th, the average market price of 85% formic acid in China was 2673 yuan/ton, which was basically the same as last week, with a monthly decline of 3.6%.
The formic acid market is mainly running steadily. Although AstraZeneca is still in a state of production reduction and tight supply, the downstream buying atmosphere is flat, with average trading on the market. Some companies are offering discounts to stimulate shipments, and the focus of the formic acid market is stable but loose.
The production and supply of raw material methanol have increased, and the unloading of foreign ships has increased compared to the previous period, resulting in an overall increase in supply; The demand is positive, especially with a significant increase in port pick-up volume this week. In addition, the impact of some vessel failures and cargo quality issues on unloading speed has led to the accumulation of port inventory. The demand side is relatively cautious about the pace of “double festival stocking”, and downstream industry profits continue to affect purchasing sentiment. The domestic methanol market is mainly focused on consolidation.
The formic acid data analyst of Shengyi Society believes that the current formic acid market performance is deadlocked, short-term cost support still exists, and the demand performance is average. It is expected that the formic acid market will remain stable with small movements in the short term, and the specific trend still needs to be closely monitored by market news.
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