According to the market analysis system of Shengyi Society, as of July 23, the average quotation price of formic acid enterprises was 2678 yuan/ton, a decrease of 6.02% compared to the same period last month, a decrease of 3.53% compared to the beginning of July, and a stable price compared to last week.

Market situation: Recently, the domestic industrial grade 85% formic acid market price has remained stable. Upstream product prices are mainly consolidating, with the main raw material methanol price falling, and the cost support is average. The supply side is mainly stable, while downstream is mostly off-season, with low enthusiasm for inquiry and procurement, poor demand performance, and pressure on enterprise shipments.

In terms of cost: Upstream caustic soda prices were weak last week (7.15-7.20). According to monitoring data, the average market price in Shandong was around 817 yuan/ton at the beginning of last week, and by the weekend, the average market price in Shandong was 809 yuan/ton, with a price reduction of 0.7%; Upstream liquid ammonia, on July 22nd, the reference price of liquid ammonia was 2799, an increase of 0.59% compared to July 15th (2783); Upstream methanol, according to monitoring data, the domestic methanol market price on July 22 was 2497 yuan/ton, a decrease of 2.95% from July 15.

The formic acid analyst from Shengyi Society believes that the recent fluctuations in raw material prices and average demand performance suggest that the formic acid market is expected to remain stable in the short term.