According to the Commodity Market Analysis System of Shengyi Society, in late November, the domestic formic acid market remained stable with an upward trend of 85%. As of November 25th, the average price of formic acid was 2850 yuan/ton, an increase of 2.7% from 2775 yuan/ton at the beginning of the month.

Raw material side: The raw material methanol is stable, moderate, and strong. Recently, some methanol enterprises have shut down their equipment for maintenance, resulting in more losses than recoveries and a decrease in capacity utilization. The favorable factors affecting the methanol supply side; In addition, some olefin plants still have plans to continue outsourcing methanol, and the supply and demand in the methanol market are still acceptable. Prices have been raised, but the increase is limited, which has limited support for formic acid.

Supply and demand side: Recently, the main manufacturers of formic acid have a high operating rate, and the market supply is loose. Formic acid downstream procurement on demand, with average enthusiasm. Both supply and demand sides have no favorable support for formic acid.

According to data analysts from Shengyi Society, there is currently sufficient supply of formic acid in the market, limited terminal demand, and no favorable factors. It is expected that the formic acid market will continue to operate steadily at a low level, and specific trends still need to be monitored based on market information.