According to the Commodity Market Analysis System of Shengyi Society, the price of formic acid has shown a stable trend recently. As of December 2nd, the benchmark price of 85% formic acid in Shengyi Society’s domestic market was 2910 yuan/ton, which was the same as the same period last week (November 25th), with a month on month increase of 2.83% and a year-on-year decrease of 0.51%.

Stable factors
The market inventory is at a median level, and the supply and demand relationship is relatively balanced. There has been no serious shortage or backlog of inventory that has led to significant price fluctuations.
The overall shipment pace of most enterprises is stable, although there are slight changes in shipment volume on some dates, it has not fundamentally impacted the overall market supply and demand pattern.
In the short term, there is a lack of obvious upward or downward driving factors, the market mentality is relatively stable, and the willingness of enterprises to quote is stable.
Fluctuating factors
A factory in Liaocheng has started a one month parking wheel inspection on December 1st, and a factory in Feicheng is expected to undergo maintenance in December. Dual factory maintenance will to some extent reduce market supply. If demand remains stable or increases during the maintenance period, it may lead to an imbalance between market supply and demand, thereby driving up prices. However, at the same time, the market inventory showed a continuous accumulation trend at the end of November. If the inventory accumulation speed accelerates, it may exert some pressure on prices and offset the supply reduction caused by some maintenance.
The formic acid data analyst of Shengyi Society believes that although a factory in Liaocheng has started maintenance, the impact of the initial maintenance on market supply has not yet been fully manifested, and the current inventory is at a median level, which can to some extent buffer the pressure of reduced supply. However, as the maintenance continues, the market supply will gradually decrease. If inventory does not continue to accumulate or demand rebounds in the future, there is a possibility of price increases. Specific market changes still need to be monitored.