According to the Commodity Market Analysis System of Business Society, as of May 15th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3162.50 yuan/ton, a decrease of 3.80% compared to last Wednesday’s price.

Recently, the formic acid market has declined, and the mainstream quotation range for industrial grade 85% formic acid enterprises is between 2600-3200 yuan/ton. Recently, the main raw material methanol market price has been rising, with increased cost support. However, the demand side lacks favorable support, downstream buying intentions are not high, inquiry procurement is mainly based on demand, market transactions are average, manufacturer inventory has accumulated, and discounts are used to promote transactions. The focus of negotiations in the formic acid market has declined.

Business Society formic acid analysts believe that the current market cost support is relatively strong, but the demand side performance is flat, and market transactions are just in demand. It is expected that the formic acid market may remain stable in the short term, and the specific trend needs to pay more attention to the supply side situation.