According to the Commodity Market Analysis System of Shengyi Society, as of February 10th, 85% formic acid in China was priced at 2950 yuan/ton, unchanged from the beginning of the year.

From an upstream perspective, with the gradual recovery of logistics after the Spring Festival, freight rates in various regions will further decline and tend towards normal levels; At the same time, considering the demand for inventory and replenishment in some traditional downstream areas after the Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival) Festival, it will further support the methanol market in the mainland.

On the demand side, after the Spring Festival, due to weak downstream market demand, the operating rate of compound fertilizer factories did not rebound quickly. Most factories are still executing preliminary orders and are not in a hurry to take on new orders. The factory’s shipment situation is average. At the same time, downstream distributors and grassroots growers are still in a wait-and-see attitude, and the sales atmosphere for formic acid is average.

The formic acid data analyst of Shengyi Society believes that the formic acid market is basically stable, and upstream products provide good support for the temporary storage of formic acid costs. The downstream pesticide industry has relatively stable demand for formic acid, and the sales situation is average.