According to the Commodity Market Analysis System of the Business Society, as of November 8th, the average quoted price of 85% industrial grade formic acid enterprises in China was 3400 yuan/ton, which is the same as the price on November 1st and an increase of 3.55% compared to the same period last year.

Since November, the domestic industrial grade 85% formic acid market has seen significant stability and small fluctuations. Enterprises have flexibly adjusted their quotations based on their own situation and stored some low-priced goods. On November 8th, the quotation range for industrial grade 85% formic acid was between 3100-3500 yuan/ton.

Price influencing factors:

Supply and demand side: Recently, downstream enterprises have adopted a wait-and-see attitude, with average enthusiasm for inquiry and procurement. The positive impact on the shipment of formic acid in the market is limited, and the market trading atmosphere is flat. Some holders are offering discounts for shipment.

Cost side: At the beginning of the month, the upstream sulfuric acid price remained stable, while the upstream methanol operated weakly and steadily, resulting in insufficient support for the formic acid market. Recently, the cost has increased, coupled with a good enthusiasm for downstream procurement, and the price of sulfuric acid has slightly increased. Recently, the price of upstream methanol has fluctuated and increased, and the cost has been supported by the formic acid market.

Business Society formic acid analysts believe that currently, the upstream sulfuric acid price is stable, while the upstream methanol price is relatively strong. The cost is still supported by the formic acid market, and downstream companies need to follow up. Enterprises are actively shipping, with average supply and demand support. It is expected that the domestic industrial grade 85% formic acid market will be mainly stable in the short term, and more attention still needs to be paid to market news guidance.