Cost support weakened, Chinese Formic Acid prices down

Till March 16, the average quotation price of formic acid enterprises was 2566.67 CNY / ton, down 2.52% compared with last Monday (March 8), down 3.14% compared with February 16, and up 11.59% over the same period in three months.

The formylic acid market is weak recently. In terms of cost, the price of upstream raw materials has been lowered recently, and the support for methanoic acid has been weakened. On the demand side, the downstream industries maintain the fixed demand to buy, the market trading atmosphere is general, the negotiation to delivery at reduced price, and the market focus moves down.

Recently raw material prices have been reduced, cost support has been weakened, and the downstream wait-and-see market is dominant. It is expected that in the short term, formic acid market will be weak and stable, and more attention should be paid to the changes of raw material market prices.