According to the Commodity Market Analysis System of Shengyi Society, formic acid has been rising again and again recently. As of March 17th, the average price of 85% formic acid in China was 3325 yuan/ton, an increase of 9% from 3050 yuan/ton at the beginning of March; An increase of 12.7% compared to the beginning of the year at 2950 yuan/ton; Compared to the same period last year, the price of 3300 yuan/ton has increased by 0.76%.

Shortage of supply

Rising raw material prices

Domestic methanol production remains at a relatively high level, with downstream MTO units restarting. At the same time, traditional demand is relatively stable, and the actual performance is good, which helps to boost the rise of formic acid.

According to the formic acid data analyst from Shengyi Society, the supply of formic acid in the market has decreased, coupled with the rise of raw materials, resulting in a strong operation. It is expected to continue to maintain a high level in the near future, but specific market news and changes in supply and demand still need to be monitored.