According to the Commodity Market Analysis System of the Business Society, as of June 28th, the average price quoted by formic acid companies was 3875.00 yuan/ton, which is the same as the price on June 1st.

In June, the domestic industrial grade 85% formic acid market showed stable performance, with no significant changes in overall trading volume. Holders shipped according to the market, and enterprise quotations were mostly stable. The mainstream price remained around 3900 yuan/ton. From a cost perspective: In June, the price of raw material sulfuric acid stabilized first and then increased, while the price of raw material methanol fluctuated within a narrow range. The cost is still supported by the formic acid market. From the perspective of supply and demand, downstream industries such as pharmaceuticals, rubber, leather, and pesticides are mainly in demand for procurement, with orderly market transactions and relatively balanced supply and demand. The focus of negotiations in the formic acid market is stable.

Import and export: According to customs statistics, the monthly import volume of formic acid in China was 1818 kilograms in May 2023, and the monthly export volume of formic acid in China was 19787080 kilograms in May 2023.

In terms of cost: Upstream sulfuric acid, according to the Commodity Analysis System of Business Society, the domestic sulfuric acid market price increased significantly in June. The market price of sulfuric acid increased by 7.69% from 182.00 yuan/ton at the beginning of the month to 196.00 yuan/ton at the end of the month; Upstream methanol, according to the Commodity Market Analysis System of Business Society, the reference price for methanol on June 27th was 2114.17, a decrease of 2.2% compared to June 1st (2161.67).

Business Society formic acid analysts believe that there is currently some support on the cost side, with downstream restocking being the main focus. The market trend is stable, and it is expected that in the short term, the domestic industrial grade 85% formic acid market may be mainly stable, and more attention should be paid to market news guidance.