The Chinese Formic Acid market experienced a decent price decline in June xxxx, defying the trend of high freight costs. This unexpected downturn was attributed to a low downstream textile and leather industry impacting both the supply and demand sides of the market. The utmost low interest from the consumer segment weakened the demand for Formic Acid from crucial downstream industries like textiles and preservatives. This weakness stemmed from the off-season for these sectors, resulting in flat downstream buying and an overall stagnant market atmosphere. With a limited demand, manufacturers found themselves accumulating stocks of Formic Acid. This excess supply further pressured prices downward.
Faced with a mountain of unsold products, some companies resorted to offering substantial discounts to stimulate shipments. This tactic led to a loosening of negotiation prices, with buyers holding the upper hand to settle at USD xxx/MT Formic Acid FOB, Qingdao, China at...
