According to the Commodity Market Analysis System of Shengyi Society, domestic formic acid saw a slight increase in mid February. As of February 17th, the average price of 85% formic acid in China was 2975 yuan/ton, an increase of 0.85% from 2950 yuan/ton at the beginning of the month.

From the supply side perspective, mainstream formic acid enterprises are producing normally with little inventory pressure. Due to the long-term stable market situation, most manufacturers hold a high price mentality and are unwilling to easily lower prices.

On the demand side, as the fertilizer use period approaches, the enthusiasm for terminal pickup in Northeast and North China regions continues to increase. While the operating rate of compound fertilizer production enterprises is gradually increasing, the release of inventory is also accelerating. The demand for formic acid has also rebounded.

From the perspective of raw materials, the abundant supply of coal and natural gas resources and the loose supply of methanol raw materials have led to a steady increase in domestic methanol production, increasing supply pressure while downstream demand remains weak, resulting in significant accumulation of domestic social inventory. Against the backdrop of weak supply and demand structure, domestic methanol maintains a weak and volatile trend.

The formic acid data analyst from Shengyi Society believes that the demand side is improving, and there is an upward trend in domestic formic acid. However, the raw material side is weakening, and the transmission of upward momentum is insufficient. The price of formic acid has slightly increased, and it is expected that the market will operate steadily in the future. Specific attention still needs to be paid to market trends and changes in supply and demand.