According to the Commodity Market Analysis System of Business Society, as of March 20th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3300.00 yuan/ton, which is basically the same as the reference price of 3300.00 yuan/ton on March 15th.

From the data monitoring chart of Business Society, it can be seen that the formic acid market has stabilized after rising since March. Recently, the domestic industrial grade 85% formic acid market has continued to operate steadily. The mainstream quotation range of enterprises is between 3100-3400 yuan/ton, and the waiting sentiment of holders for the market has not changed significantly compared to the previous period. New orders in the market are mainly in demand.

Cost side: In this cycle, the domestic methanol market prices have fluctuated narrowly, and the narrow consolidation operation may continue in the future, which may have limited impact on the formic acid market. The price of raw material sulfuric acid has slightly increased, and the market atmosphere is active. The future market may remain strong, supporting or continuing the formic acid market.

Supply and demand side: Formic acid is widely used, with a wide variety of downstream products. Terminal factories are in high demand when entering the market, and the demand side is relatively stable. The overall shipment of formic acid in the market is still acceptable.

Business Society formic acid analysts believe that the short-term cost side has little impact, and the market has a strong wait-and-see atmosphere. Holders are actively shipping, and it is expected that the formic acid market will remain stable and slightly volatile in the short term. The specific trend still needs to pay attention to downstream demand.