According to the Commodity Market Analysis System of Shengyi Society, the price of industrial grade 85% formic acid in China rose in early December. As of December 2, the average price of 85% formic acid in China was 2925 yuan/ton, an increase of 5.41% from the same period last month at 2775 yuan/ton.
Raw material side: The main futures of raw material methanol have risen, and spot prices at ports have increased accordingly. The trading atmosphere in the mainland market is good, and local production has declined. In addition, factory inventories have remained at a low level, which is supported by favorable raw material inventory, and the price center has shifted upward.
Supply side: Some of the facilities of the largest domestic formic acid manufacturer have been shut down for maintenance, resulting in tight supply. Overall production has remained at a relatively low level, and the amount of spot goods on site has decreased, providing favorable support for the supply side.
Demand side: Many downstream manufacturers of formic acid have a strong demand for purchasing, and the demand side has limited support for formic acid prices.
The formic acid data analyst from Shengyi Society believes that due to the reduction in supply and the strong operation of raw materials, the formic acid market will operate steadily, but will not have a significant increase due to demand constraints. Specific attention still needs to be paid to the trend of raw materials and downstream markets.
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