An Uptick in Trading Activities Elevates the Global Methyl Formate Market

Antwerp, Belgium- The global market saw a strengthening in the price trend for Methyl Formate in April 2023 on top of recovered demand from the downstream derivative market. Trades of Methyl Formate from major enterprises to the global market remain affected due to constraints on supply and strong demand, which revised the prices for the overseas suppliers.

In Belgium, Methyl Formate benchmark prices indicate cost support due to optimistic trading activity and the quick depletion of product stockpiles, which also gave manufacturers a chance to raise the price trend. Due to an increase in consumer demand, Methyl Formate exports from Belgium to other European regions also surged. In April 2023, the price of Methyl Formate in Belgium surged to USD 1988/ton FD Antwerp with an incline of 10.01%.

South Korea's strong Methyl Formate market was attributed to surging market fundamentals and low product inventories among the enterprises. Despite the weak feedstock Methanol, Methyl Formate prices remained higher due to rising product demand from the downstream ventures.

In the USA, trading activities also surged in the wake of low product inventory and bullish spot market discussions. Methyl Formate imports were similarly strong, with a rise in the inflows of Methyl Formate cargoes from China and Germany. Methyl Formate's downstream derivative chain saw robust trading this month as a consequence of high demand from the market for derivatives on Formic Acid. In the North American market, suppliers bought the goods in large quantities, and there were active conversations.

According to ChemAnalyst, the Methyl Formate market will remain healthy with the expectation of an uptick in purchasing activities. In the forthcoming months, the Methyl Formate industry across the globe will see an increase in consumption from its downstream Formic Acid derivative market. Fluctuations in upstream Methanol prices further support the Methyl Formate by increasing the production cost among significant enterprises.