According to the Commodity Market Analysis System of Shengyi Society, as of around the 6th of February, 85% formic acid in China was priced at 2950 yuan/ton, unchanged from the beginning of the year.

From the price detection chart of Shengyi Society, it can be seen that the formic acid market has been stable for 2 months, and the mainstream quotation range of enterprises is between 3200-2980 yuan/ton.

From a cost perspective: Due to the approaching Spring Festival and limited transportation vehicles, the transportation cost of raw material methanol is high. Methanol factories offer discounts for shipments, and downstream enterprises have poor procurement, resulting in a decline in the mainland market; The increase in port inventory and the expected decrease in imports have been realized, leading to a decline in the market.

On the demand side, the terminal factory’s entry into the market is driven by strong demand, and the demand follow-up is relatively stable. The overall shipment of formic acid in the market is still acceptable.

The data analyst of Shengyi Society believes that there is a strong wait-and-see atmosphere in the market, and the cost fluctuations are not significant. It is expected that the formic acid market will remain stable with small movements in the short term, and the specific market situation still needs to be monitored based on downstream demand.