According to the Commodity Market Analysis System of Shengyi Society, formic acid has been continuously rising since the fourth quarter. As of December 23, 85% of industrial formic acid in China was 2950 yuan/ton, up 10.28% from 2675 yuan/ton at the beginning of the fourth quarter.

Raw material side: The price of raw material methanol has been fluctuating at a high level recently. It is expected that the utilization rate and output of methanol production capacity will increase in the short term, and the supply of domestic goods will continue to be abundant. The number of foreign ships arriving at ports will gradually decrease, and the arrival of goods will still be mainly from terminal factories. Inventory will continue to be depleted. It is expected that the methanol market price will remain stable and weaken, and there will be no positive support for the formic acid market price.

Supply and demand side: Domestic formic acid plants are operating normally, with production levels generally maintaining above average. There is no significant shortage or tension in the supply side, and the driving effect on formic acid market prices is limited. Insufficient follow-up on downstream demand for formic acid, weak willingness to purchase formic acid, and restricted shipment by cargo holders.

The formic acid data analyst from Shengyi Society believes that there is currently sufficient supply of formic acid, and there is no obvious purchasing intention downstream. It is expected that formic acid prices will fluctuate in the short term, and specific market information still needs to be monitored.