According to the Commodity Market Analysis System of Shengyi Society, 85% formic acid in China has experienced a significant drop recently. As of May 20th, the benchmark price of Shengyi Society formic acid was 2500 yuan/ton, a decrease of 10.71% within 5 days and 26.47% within 30 days.
On the supply side, top companies are all operating at high rates. There is sufficient supply on site.
In terms of demand: The main demand for formate salt market is average, and there is an overall urgent need for replenishment. The demand in the leather industry is weak, with small inquiries in the terminal market being the main focus, and trading is sluggish. It is expected that the demand market will be mainly focused on consolidation and observation in the short term.
In terms of cost: The market position of methanol has been consolidated. As of May 20th, the benchmark price of methanol in Shengyi Society was 2426 yuan/ton, a decrease of 6.3% within 5 days; The sulfuric acid market is running smoothly. As of May 20th, the benchmark price of sulfuric acid in Shengyi Society is 595 yuan/ton, and there has been no increase in the past 5 days.
The formic acid data analyst of Shengyi Society believes that the recent high formic acid production rate, high inventory, and cost decline will lead to weak formic acid prices in the near future. Specific changes in market supply and demand still need to be monitored.
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