Price trend

According to the Commodity Market Analysis System of SunSirs, the domestic industrial grade 85% formic acid market continued to operate steadily in early November, with an average price of 2,775 RMB/ton, unchanged from the same period in October.

Analysis review

Market situation: The decline in raw material prices has weakened support for formic acid, and downstream industries continue to make essential purchases. The formic acid market is mainly stable. On November 4th, the latest quotation for formic acid (use grade: industrial grade; content: ≥ 85.0%; grade: superior product; industrial water purification) from Zhangzhou Sanan Chemical Co., Ltd. was 3,000 RMB/ton, and the latest quotation for formic acid (use grade: industrial grade; content: ≥ 85.0%; grade: superior product) from Liaocheng Yuanze Chemical Products Co., Ltd. was 2,800 RMB/ton.

Upstream methanol, the domestic methanol market has recently surged and fallen, with no practical support for downstream demand, and market sentiment is cold. It is expected that the reduction in import volume in the later stage and the expected restrictions on the use of natural gas at home and abroad will further provide support for the methanol market, leading to a strong and volatile trend in its prices.

Market outlook

The formic acid data analyst from SunSirs believes that there are favorable factors from upstream methanol, which may provide certain support for the formic acid market. Specific market changes still need to be monitored.

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