The price of domestic industrial-grade 85% formic acid has been stable recently. As of December 9, the average price of domestic 85% formic acid was the same as last week, and increased by 11.43% compared with the same period last month.
Raw material side: The raw material methanol manufacturers Guang’an Jiuyuan and Zhonghai Chemical have their equipment under maintenance; Jiutai New Materials, Xinjiang Xinye, Yangmei Fengxi, Anhui Linquan, and Xiaoyi Pengfei have their equipment restored; the overall recovery volume is greater than the loss volume, so the capacity utilization rate has increased. Methanol prices are weak and consolidated. Support for formic acid is weak.
Supply side: Some units of Luxi Chemical, the largest domestic formic acid manufacturer, have been shut down for maintenance, Asder’s supply is tight, and the overall operating rate has basically remained at a medium to low level. The spot supply in the market has decreased, and there is favorable support on the supply side.
Demand side: The downstream industries of formic acid, such as pesticides, are in the traditional off-season, and the demand for formic acid and other raw materials has decreased accordingly. Downstream customers are more inclined to purchase on demand and are relatively cautious about market demand.
Supply has decreased while supply and demand have weakened. The formic acid market has been stable in the near future, but it is expected to fluctuate due to the constraints of the demand side. It is still necessary to pay attention to the trend of raw materials and the downstream market.
Post time: Dec-09-2024