According to the Commodity Market Analysis System of Shengyi Society, the domestic industrial grade 85% formic acid market has continued to operate steadily since November, with an average price of 2775 yuan/ton, which is the same as the same period in October.

Supply side

The current production facilities of mainstream formic acid production enterprises in China have not been scheduled for maintenance, and the operating rate remains at a medium to high level. The supply of formic acid in the market is relatively sufficient, and the source of goods is relatively loose. It is expected that there will be no factors on the supply side that provide favorable support for market prices in the short term.

In terms of demand

Downstream buying enthusiasm is not high: downstream customers of formic acid tend to purchase on demand and have a relatively cautious view of market demand. The actual transaction price of the order was slightly lower than market expectations, and due to insufficient demand and price competition, it is difficult for the transaction volume in the market to increase significantly. It is expected that the demand side will not provide favorable support for market prices in the short term.

In terms of raw materials

The overall performance of the methanol market is relatively stable. The purchasing enthusiasm of downstream enterprises has increased, and some enterprises have started to replenish inventory, maintaining stable market transaction volume. However, the continued accumulation of port inventory and the expectation of imports entering the port in the later stage have suppressed the rise in methanol prices.

The formic acid data analyst from Shengyi Society believes that currently, the supply and demand of the formic acid market are weak, coupled with no positive news on the raw material side. It is expected that the formic acid market will continue to operate weakly and fluctuate, and specific market changes need to be monitored.