According to the Commodity Market Analysis System of Shengyi Society, as of July 30th, the domestic market price of 85% formic acid was 2725 yuan/ton, an increase of 1.83% from 2675 yuan/ton at the beginning of the month.

After a month of stable operation, the formic acid market saw a price increase due to the reduction in production by mainstream enterprises and a decrease in on-site supply.

Raw material side: The methanol plant for raw materials will undergo maintenance and restart next week, with sufficient inventory and mixed positive and negative factors, which will provide limited support for the upward trend of formic acid market prices.

Supply and demand side: Mainstream manufacturers are parking, and the spot quantity is average, which is favorable for the rise in formic acid prices. Downstream replenishment is basically on demand, with no significant improvement and no positive support.

The formic acid analyst from Shengyi Society believes that there is positive support on the supply side of formic acid, but the enthusiasm on the demand side is not high. It is expected that the formic acid market will mainly operate stably, and the specific trend needs to pay more attention to market news guidance.