According to the data of the block list of business cooperatives, as of October 28, the average price quoted by formic acid enterprises was 2533.33 yuan/ton, down 27.62% compared with the price on October 1, down 35.04% year-on-year in a three-month cycle, and down 68.53% compared with the same period last year.

In October, the market price of domestic industrial grade 85% formic acid fell sharply. From the supply and demand side, the enterprise started normally, the new installation line has been opened, and the market supply has increased significantly. On the demand side, domestic downstream pharmaceutical, rubber, leather, pesticide and other industries have followed up on demand, and export orders have performed fairly well. However, the market pressure is highlighted due to the increased supply of goods. The inventory is gradually under pressure. The enterprise is actively shipping, and the price has fallen.

In terms of cost, the reference price of upstream caustic soda was 1174.00 on October 27, a decrease of 5.17% compared with October 1 (1238.00); The upstream liquid ammonia market in Shandong stopped falling and stabilized on October 27; For upstream sulfuric acid, the domestic sulfuric acid market price was temporarily stable on October 27. On October 27, the reference price of sulfuric acid was 422.00, up 42.57% compared with October 1 (296.00); The upstream methanol market continued to decline on October 27. On October 27, the reference price of methanol was 2808.00, a decrease of 6.79% compared with October 1 (3012.50). The price of upstream products rose and fell this month, with limited support for formic acid.

According to the formic acid analysts of the business community, at present, the main raw material methanol is mainly weak, the cost support is weak, the supply support is insufficient, and the demand performance is fair. The market transaction is mainly on demand. It is expected that in the short term, the domestic industrial grade 85% formic acid market will be weak, and more attention should be paid to the market news guidance.