According to the Commodity Market Analysis System of Shengyi Society, formic acid experienced a slight rebound at the beginning of this week. As of May 27th, the benchmark price of 85% industrial grade formic acid in China was 2600 yuan/ton, up 4% from last week.
It is reported that Luxi Chemical has mainly focused on overseas orders recently, with no increase in domestic production. The market supply has been reduced, and the source of goods is tight, resulting in an increase in formic acid prices.
The formic acid data analyst of Shengyi Society believes that the current market inventory is low, supply is reduced, and there is a short-term upward trend in formic acid prices, which may operate strongly.