According to the Commodity Market Analysis System of Shengyi Society, the domestic formic acid market has maintained a high and stable operation recently. As of March 24th, the average price of industrial grade 85% formic acid in China was 3325 yuan/ton, an increase of 12.7% from 2950 yuan/ton at the beginning of the year and an increase of 0.76% from 3300 yuan/ton in the same period last year, which is at a high level for the year.

In terms of raw material methanol: the overall loss of the device exceeds the recovery amount, and the utilization rate of production capacity decreases. The supply of methanol is affected by favorable factors.

From the perspective of supply and demand: formic acid manufacturers maintain their current operating levels, and the average amount of spot goods in the market provides support for formic acid prices. On the demand side, downstream demand for formic acid has remained relatively stable with no significant increase in demand, and there is currently no favorable support for formic acid market prices on the demand side.

The formic acid data analyst from Shengyi Society believes that there is positive support on the formic acid supply side, but downstream procurement enthusiasm is difficult to improve. It is expected that the formic acid market price will remain stable at a high level, and specific changes in market supply and demand still need to be monitored.