Price trend

In July, the domestic industrial grade 85% formic acid market continued to operate smoothly. According to the Commodity Market Analysis System of SunSirs, as of July 27th, the average price quoted by formic acid companies was 3,875.00 RMB/ton, which was the same as the price on July 1st. The mainstream price quoted by companies remained around 3,900 RMB/ton.

Analysis review

The formic acid market operated steadily in July. During the month, the price of raw material sulfuric acid fell, while the price of raw material methanol fluctuated and consolidated in a narrow range. The cost support for the formic acid market weakened, and the supply and demand side support was relatively stable. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides mainly purchased on demand, and the market trading atmosphere was fair. Holders shipped following the market, and actual orders remained in negotiation. The formic acid market was mainly operating at a stable price.

Import and export: According to customs statistics, the monthly import volume of formic acid in China was 2,916 kilograms in June 2023, and the monthly export volume of formic acid in China was 31,719,374 kilograms in June 2023.

Market outlook

SunSirs’ formic acid analysts believe that downstream procurement remained in demand and market trading was orderly. It is expected that in the short term, the domestic industrial grade 85% formic acid market may remain stable, and more attention needs to be paid to market news guidance.

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