According to the Commodity Market Analysis System of Shengyi Society, 85% of the domestic industrial grade formic acid market operated steadily in January. As of January 20th, 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%.

In January, the domestic market price of 85% industrial grade formic acid was roughly around 3000 yuan/ton. Upstream methanol is weak and fluctuating, while downstream markets are average, with a strong wait-and-see atmosphere. Enterprise quotations are mainly at 3000 yuan/ton. As the Mid Autumn Festival approaches, the cost impact is not significant, and inventory is under pressure. Downstream stocking enthusiasm is poor, and some companies have lowered prices to reduce inventory. After the holiday, it is expected that the market will remain cautious and the price of formic acid will remain stable.

In terms of cost, the domestic methanol production rate is high and the output is increasing, while downstream demand enterprises face significant cost pressure and limited demand growth. In addition, factors such as high port inventory and increased arrival forecasts may exert some pressure on market prices.

According to the formic acid data analyst from Shengyi Society, the upstream of formic acid is currently under pressure, while downstream users maintain their demand for purchasing. It is expected that 85% of industrial formic acid will operate stably in the short term, and specific market information still needs to be monitored.