In August, Formic Acid market rose strongly, with a year-on-year increase of more than 150%

In August, the market trend of Chinese Formic Acid 85% industrial grade was strong, and the price rose sharply, with a monthly increase of 48.35%. In the first half of the month, the cost side support was acceptable, the supply side Formic Acid market inventory was low, the demand side-export market performed well, the downstream terminal factories procurement was carried out on demand, the market atmosphere was positive, the focus of negotiation was higher, and the half month increase was 9.89%. In the second half of the month, the supply side was still tight, the domestic main downstream just followed up steadily, coupled with export support, the market was good, the cargo holders had no intention of going low and had a strong upward mentality. The average price quoted by suppliers on the 30th was 4500 CNY / ton, an increase of 33.66% in the first half of the month. Compared with August 1, the price increased by 48.35%, increased by 64.63% year-on-year in a three-month cycle, and increased by 159.62% compared with the same period last year.

The Formic Acid market rose strongly in August. On the whole, the supply side support was obvious and the demand side followed up steadily. At present, the market is still in a rising trend. It is expected that the Formic Acid market may operate at a high level in the short term.