According to the Commodity Market Analysis System of the Business Society, as of November 16th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 3400 yuan/ton, which was unchanged compared to Monday’s price and increased by 25.15% compared to the same period last year.

Recently, the domestic industrial grade 85% formic acid market has been operating steadily, with holders shipping according to the market. On November 16th, the quotation range for industrial grade 85% formic acid was between 3100-3500 yuan/ton. Recently, the upstream sulfuric acid market prices have been operating steadily, while the upstream methanol market has experienced slight fluctuations. The cost side changes have little impact on the formic acid market. Enterprises mainly ship goods, while downstream inquiries and procurement remain in demand. The overall market trading changes are limited.

Business Society formic acid analysts believe that currently, the upstream sulfuric acid price is temporarily stable, while the upstream methanol is operating in a narrow range with limited cost impact. Downstream industries such as pharmaceuticals, rubber, leather, and pesticides are mainly in need of procurement, and the market atmosphere is average. It is expected that the domestic industrial grade 85% formic acid market may stabilize and operate in the short term, and more attention still needs to be paid to market news guidance.