According to the Commodity Market Analysis System of Shengyi Society, as of October 28th, the average price quoted by domestic industrial grade 85% formic acid enterprises was 2775 yuan/ton, slightly higher than the price of 2675 yuan/ton on the 28th of last month, with a growth rate of 3.74%.

The formic acid market had limited fluctuations in October, with companies quoting 2800-3200 yuan/ton and mostly shipping according to market conditions.

The upward momentum of raw material methanol is insufficient, and the overall production in the mainland market remains at a high level. With the restart of parking facilities in the early stage, the production in the regional market continues to increase, and the port market continues to accumulate inventory. The market supply is sufficient, and the price has fluctuated at a low level recently, weakening the cost support of formic acid.

Downstream industries such as pharmaceuticals, rubber, leather, and pesticides have a strong demand for raw material procurement, and market transactions are orderly. The focus of negotiations in the formic acid market is generally stable.

The formic acid analyst from Shengyi Society believes that the current cost support is average, and the market supply and demand are still acceptable. It is expected that the domestic industrial grade formic acid market will stabilize and operate in the short term, and more attention still needs to be paid to market news guidance.