In May, the market price of industrial grade 85% formic acid in China fell. According to the Commodity Market Analysis System of Shengyishe, as of May 28th, the average price quoted by formic acid companies was 2937.50 yuan/ton, a decrease of 10.65% compared to the price on May 1st (formic acid reference price of 3287.50 yuan/ton).

From the monitoring chart of Business Society data, it can be seen that the industrial grade 85% formic acid market experienced an overall decline in May. In the first half of the month, the price of raw material methanol in the market rose and cost support increased, but demand support was weak. Downstream buying was flat, and inquiries and purchases were mainly in demand. Manufacturers accumulated inventory to promote transactions, and the focus of negotiations in the formic acid market declined. In the second half of the month, the raw material methanol market surged and fell, and cost support weakened from strong to weak. The supply side has sufficient supply of goods, but the demand follow-up is limited, resulting in a bearish supply and demand side. Enterprises are actively selling at a profit margin, and the formic acid market has stabilized after a decline.

Future Market Forecast:

Business Society formic acid analysts believe that the current cost face has limited market impact, and downstream users need to follow up on dips. The market atmosphere is average, and it is expected that in the short term, the domestic industrial grade 85% formic acid market may operate steadily, and more attention should be paid to market news guidance.