According to the Commodity Market Analysis System of Shengyi Society, the domestic formic acid price rebounded weakly in mid to late October and continued to operate steadily. As of October 21, the domestic formic acid price of 85% was 2771 yuan/ton, up 3.74% from 2675 yuan/ton before the holiday and unchanged from last week.

The price of raw material methanol storage has fallen, providing insufficient support for formic acid

Recently, the price of methanol spot market has fallen from a high level, and the price of port spot market has decreased with the market. With the adjustment of macro policies and changes in market environment, the positive support for the methanol market in the early stage has gradually weakened. The overall supply of methanol in the mainland market remains at a high level. In the short term, manufacturers in the main production areas mainly rely on inventory discharge due to the increasing inventory pressure. This has further intensified the supply pressure on the methanol market, leading to downward pressure on prices.

The formic acid data analyst from Shengyi Society believes that the current formic acid raw material support is insufficient, and there is no significant improvement in market demand. The formic acid market may experience weak fluctuations.