According to the Commodity Market Analysis System of the Business Society, as of October 27th, the average price quoted by formic acid companies was 3375.00 yuan/ton, a decrease of 2.17% compared to October 1st.

In October, the domestic industrial grade 85% formic acid market remained stable, with some companies experiencing price fluctuations. During the month, the price of raw material sulfuric acid steadily decreased, while the price of raw material methanol fluctuated slightly, and cost support weakened. After the Double Festival, downstream inquiries and procurement followed up on demand, with the majority of shippers actively shipping and some companies lowering prices. As inventory pressure gradually eased, the market trading atmosphere was still good. Shippers shipped according to the market, and the market remained stable and stable. On the 27th, the quotation range for industrial grade 85% formic acid enterprises was between 3300-3500 yuan/ton.

Import and export: According to customs statistics, the import volume of formic acid in China was 1208 kilograms in September 2023, and the export volume of formic acid in China was 22641859 kilograms in September 2023.

Business Society formic acid analysts believe that recent cost support is limited, with downstream flexible purchases being the main focus. The overall market transaction remains in demand, and it is expected that in the short term, the domestic industrial grade 85% formic acid market may remain stable and operate on a wait-and-see basis. More attention needs to be paid to market news guidance.