According to the commodity market analysis system of SunSirs: the domestic formic acid market has been stable recently. As of June 3, the domestic industrial-grade 85% formic acid SunSirs benchmark price was 2,450 RMB/ton, down 50 RMB/ton from before the holiday.

Demand side: Downstream purchases on demand, overall demand is relatively stable, merchants' spot prices follow the market, and actual transactions are mainly stable.

Cost: Upstream soda ash, prices fluctuate, soda ash prices in North China remain stable, light soda ash mainstream market quotes are around 1,350-1,500 RMB/ton; heavy soda ash mainstream market quotes are around 1,450-1,550 RMB/ton. The supply-side equipment is under maintenance, capacity utilization is not high, downstream market is weak, entry into the market is just needed to follow up, and the market trading atmosphere is weak.

Raw material methanol is weak: From May 1 to 30 (as of 15:00 in the afternoon), the average price of domestic methanol market in East China ports fell from 2,440 RMB/ton to 2,245 RMB/ton, with a price drop of 7.99% during the period, a maximum amplitude of 10.96%, and a year-on-year price drop of 19.82%.

Formic acid data analysts at SunSirs believe that: both demand and supply are weak, formic acid has no upward momentum for the time being, and it is expected to remain weak in the short term.

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