According to the Commodity Market Analysis System of Shengyi Society, the domestic market for 85% industrial grade formic acid experienced a slight upward trend before the holiday. As of January 24th, the price of 85% formic acid was 3000 yuan/ton, an increase of 1.69% from 2950 yuan/ton on January 1st; Compared to the same period last year, the price of 3150 yuan/ton decreased by 1.76%.

On the demand side: With the Spring Festival approaching, downstream formic acid suppliers are stocking up before the holiday, driving on-site transactions. Manufacturers are able to ship smoothly, reducing pressure on formic acid inventory and tightening supply, resulting in an upward trend in formic acid prices.

On the raw material side: Prior to the Spring Festival, the Chinese methanol market showed a range oscillation trend, with significant price fluctuations. The rise in international crude oil prices has boosted market confidence, but insufficient market demand at high prices and increased shipping costs have put pressure on the market. Enterprises offer discounts on shipments to maintain low inventory, while the port market remains relatively firm due to low shipment volumes.

The formic acid data analyst from Shengyi Society believes that pre holiday demand is improving, inventory pressure is easing, formic acid prices are rising, and companies are starting production after the holiday. Demand is expected to continue to rise, and the formic acid market is expected to operate strongly.