According to the Commodity Market Analysis System of Shengyi Society, the domestic industrial grade 85% formic acid has shown a continuous upward trend recently. As of December 17th, the average price of formic acid was 2950 yuan/ton, an increase of 6.31% compared to the same period last month at 2775 yuan/ton, and an increase of 3.51% compared to the beginning of the month at 2850 yuan/ton. It has been rising continuously for three months since September.
Since May, the price of formic acid has been continuously falling. In order to stabilize the price, China’s largest formic acid production enterprise has chosen to reduce production and offer lower prices. Some of the equipment has been shut down, and the supply in the field has sharply decreased, resulting in an increase in formic acid prices.
On the raw material side, the domestic methanol market was mainly on the rise during the week. Changes in Middle Eastern facilities may lead to a decrease in import volume, depletion of port inventory, shutdown of the Southwest natural gas to methanol plant, planned maintenance of the Zhongyuan Dahua 50 plant, and a decrease in supply from mainland China, resulting in an increase in methanol prices.
The formic acid data analyst from Shengyi Society believes that there is still positive support for the raw material methanol, coupled with a decrease in on-site supply, and formic acid prices are strongly supported. It is expected that there will be strong fluctuations in the short term, and specific market information still needs to be monitored.
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