According to the Commodity Market Analysis System of Shengyi Society, as of April 21, the average price of 85% industrial grade formic acid in China was 3400 yuan/ton, which remained unchanged compared to the beginning of the month and increased by 3.03% compared to the same period last year at 3300 yuan/ton.

There is no significant change in the overall trading of 85% industrial grade formic acid in China, and the cargo holders will ship according to the market conditions. From a cost perspective, the average price of raw material methanol in East China ports fell from 2459 yuan/ton to 2415 yuan/ton last week (April 14-18), a month on month decrease of 8.98% and a year-on-year decrease of 10.25%. The supply of methanol in the coastal market is increasing, but market confidence is insufficient, and the overall port market is still showing a weak trend. Due to the shutdown of some facilities and tight supply in some regions of the mainland methanol market, coupled with low inventory levels of enterprises, traders have a positive attitude towards purchasing goods. Production enterprises have raised prices to ship, and the overall methanol market in mainland China is operating strongly, with strong cost support from the formic acid market. From the demand side, downstream rubber, pharmaceutical, and pesticide industries are mainly engaged in essential procurement, with a relatively balanced supply and demand and a stable market focus.
The formic acid data analyst from Shengyi Society believes that there is currently cost support and downstream demand replenishment. It is expected that in the short term, the domestic industrial grade formic acid market will remain stable at 85%, and more attention needs to be paid to market news guidance.