According to the Commodity Market Analysis System of Shengyi Society, the formic acid market still performed poorly in early September. As of September 3, the average price of 85% formic acid was 2575 yuan/ton, a decrease of 5.55% from the same period last month at 2725 yuan/ton.
Supply side: Currently, mainstream production enterprises are facing maintenance issues, resulting in a decrease in on-site supply.
On the demand side: Downstream demand is bleak, with limited growth.
In terms of cost: The raw material methanol market has been continuously weak recently, with an increase in operating rates and an increase in imported quantities to ports. Inventory remains high, and prices are running weakly, weakening support for formic acid.
Market forecast: With the general weakening of the chemical market, the weakness of formic acid is difficult to change, and more attention needs to be paid to downstream market demand.
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