According to the Commodity Market Analysis System of Shengyi Society, formic acid has shown a fluctuating trend recently. As of September 1st, the benchmark price of 85% industrial grade formic acid Shengyi Society was 3353 yuan/ton, up 25.59% month on month and 25.75% year-on-year.
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The arrival of the “golden nine and silver ten” on the demand side may lead to positive downstream expectations
The pressure on foreign trade supply has eased, and the volume of export orders has shrunk month on month. From the perspective of the domestic market, the “Golden September and Silver October” are approaching, and downstream industries such as pharmaceuticals are gradually recovering, which may increase the demand for formic acid. However, the current formic acid price is at a high point this year, and terminal purchasing intentions are becoming cautious.
Large factories have maintenance plans, and inventory pressure may be alleviated
According to market news, a large factory in Liaocheng plans to carry out equipment maintenance this month. As a result of this expectation, the high inventory of formic acid is expected to ease, and prices may rise.
According to the data analyst of Shengyi Society, the price of formic acid is expected to rise due to multiple favorable factors.
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