According to the market analysis system of Shengyi Society, the price of formic acid has continued to decline recently. As of May 12th, the benchmark price of 85% industrial grade formic acid in China was 2800 yuan/ton, a decrease of 11.58% from 3166 yuan/ton at the beginning of the month and a decrease of 5.08% from 2950 yuan/ton at the beginning of the year, which is the lowest level of the year.
During the May Day holiday, shipments were obstructed
During the May Day holiday, enterprise shipments were hindered, downstream purchases were limited, inventory accumulated, and manufacturers and distributors had a strong desire to clear inventory after the holiday, resulting in a decline in prices.
Tariff policies lead to downstream wait-and-see
Although China’s formic acid exports are mainly from Southeast Asia, the tariff adjustment this time has affected downstream shipments, and the downstream wait-and-see atmosphere is dominant. There is currently no large demand for stocking up.
The formic acid data analyst from Shengyi Society believes that the current formic acid inventory and downstream purchasing intention are weak, and it is expected that formic acid will continue to operate weakly in the short term. Specific market changes need to be monitored.