Price trend

According to the Commodity Market Analysis System of Shengyi Society, the market price of formic acid first rose and then fell this month. As of August 27th, 80% of domestic manufacturers and traders’ mainstream offer prices for formic acid are around 2628 yuan/ton, a decrease of 4.22% from the beginning of the month. The highest price point appeared in the middle of this month at 2722 yuan/ton, and the lowest point appeared at the end of the month at about 2628 yuan/ton.

On the demand side: There is no positive news in the downstream product market, and the overall market is dominated by replenishment of essential needs. The support for pharmaceuticals and pesticides has weakened, and the demand in the leather industry is poor. Overall demand support is stable.

In terms of cost: With the continuous increase in operating rate and import volume, the supply of raw material methanol is sufficient. As of around August 27th, the domestic methanol production is 2500 yuan/ton.

Market forecast: The supply of formic acid in the market is not satisfactory, and the actual situation of downstream procurement is average. It is expected that the price will fluctuate slightly to maintain stability.