According to the Commodity Market Analysis System of Shengyi Society, in mid January, the domestic market for 85% industrial formic acid remained stable. As of January 13th, the average price was 2950 yuan/ton, an increase of 0.85% from 2925 yuan/ton in the same period last month and a decrease of 6.35% from 3150 yuan/ton in the same period last year.
Raw material end:
The raw material methanol has undergone a narrow adjustment, and the market transaction atmosphere is limited. Downstream demand replenishment is the main trend, and prices remain stable with small fluctuations. The downstream market is still weak, and demand is unlikely to improve. Manufacturers have a positive shipping sentiment.
Demand side:
The downstream pesticide, rubber, leather, and pharmaceutical industries of formic acid are procured based on market demand, with rigid demand being the main focus. This stable downstream demand provides support for the formic acid market.
The formic acid data analyst from Shengyi Society believes that the cost support for formic acid is average, and market transactions are mainly driven by rigid demand. It is expected that 85% of domestic industrial formic acid prices will remain stable in the short term, but specific changes in market conditions still need to be monitored.
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