According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid in China has been running at the bottom since June, as of June 16th. The benchmark price for domestic industrial grade 85% formic acid trading is 2450 yuan/ton, a decrease of 2% from the same period last month at 2500 yuan/ton, which is the lowest level of the year.

Supply side:
The formic acid production enterprise has normal power on and sufficient supply on site.
Demand side:
Downstream traditional off-season, terminal enterprises have a strong wait-and-see attitude, low purchasing enthusiasm, and weak demand in downstream building materials and feed industries.
The pesticide market has light inquiries, average trading, and mainly requires replenishment due to urgent transactions.
From the demand side, although the export negotiations between China and the United States have eased, domestic trade orders are relatively weak during the off-season, and foreign trade shipping is hindered. The demand side lacks support for dye prices.
Raw material end:
Raw material methanol is operating strongly. According to the Commodity Market Analysis System of Shengyi Society, from June 9th to 13th (as of 10:00), the average price of methanol in East China ports in the domestic market increased from 2331 yuan/ton to 2480 yuan/ton, with a price increase of 6.39% during the cycle, a month on month increase of 1.07%, and a year-on-year decrease of 3.12%. The domestic methanol market is mainly strong, with production enterprises and port quotations increasing to varying degrees.
The formic acid data analyst of Shengyi Society believes that there is no significant improvement in the demand side of the formic acid market at present, and it is expected that the market price will fluctuate weakly.