According to the Commodity Market Analysis System of Shengyi Society, as of August 22, the average price quoted by domestic industrial grade 85% formic acid enterprises was 2750 yuan/ton, a decrease of 1% from last week.
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Recently, mainstream formic acid companies have carried out equipment maintenance, resulting in a reduction in on-site supply sources.
But downstream procurement enthusiasm is poor, and formic acid prices have not increased due to reduced supply.
On the cost side, the upstream methanol price of formic acid fluctuated upwards, supporting manufacturers to maintain high quotes, and some downstream markets have recovered. Some regional market quotes have been raised, but the overall market demand has not fully recovered, and industry players have shown a clear wait-and-see attitude.
The data analyst of Shengyi Society believes that the formic acid market is supported by multiple positive factors, but the negative impact of procurement is dragging down price increases, and it is expected that the formic acid market will fluctuate.
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