According to the Commodity Market Analysis System of Shengyi Society, the market price of 85% concentrated formic acid in China has remained stable in recent times. As of November 10th, the benchmark price of formic acid Shengyi Society was 2830 yuan/ton, unchanged from last week.
Supply side: high stability, expected maintenance in the later stage
The formic acid supply side is operating at high load as a whole. The capacity utilization rate of production enterprises is almost saturated, maintaining full load production, overall supply capacity remains high, and market supply is sufficient. The main factories and manufacturers in Liaocheng area are planning to carry out equipment maintenance work soon. Although the current supply has not been affected, this maintenance plan may have a phased impact on the subsequent local supply, and continuous attention should be paid to the maintenance progress and actual impact scope.
Demand side: rigid dominance, stable shipment
The demand side is always dominated by rigid procurement. The procurement demand of downstream enterprises remains stable, with no significant fluctuations in shipment volume and stable inventory consumption. Despite the expectation of a subsequent period of concentrated procurement in the market, with demand possibly heating up in stages, as of November 10th, there has been no substantial increase in demand on the demand side and it is still operating steadily.
Export end: order contraction, export decline
The export market has performed poorly, with a continuous decrease in the number of newly signed orders compared to the previous period. The export volume has shown a downward trend, which has weakened its support for the overall market and become one of the factors affecting market sentiment.
According to the formic acid data analyst from Shengyi Society, the supply and demand pattern of the formic acid market will remain dynamically balanced in the short term, taking into account both the supply and demand sides and the performance of the export market. Despite the potential impact of maintenance by major factories in Liaocheng on the supply side, the overall supply is currently abundant, the demand side is rigid and stable, and the impact of export decline is relatively limited. Therefore, it is expected that the price of formic acid will continue to operate steadily in the short term.
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