According to the monitoring data of the business agency, on July 1, 2020, the reference price of 85% formic acid purified water was 1816.67 yuan / ton. As of July 31, the reference price was 1783.33 yuan / ton, which was 1.84% lower than the price at the beginning of the month. In July, the formic acid market showed a steady downward trend.

2、 Market analysis

In July, the domestic industrial grade formic acid market rose as a whole, and the market gradually improved. In the first ten days of July, due to the sufficient supply of goods in the market and the recession of foreign trade export, the inventory of manufacturers in formic acid market has been in a saturated state. The prices quoted by dealers and manufacturers continued to decline for four consecutive weeks. Most of the quotations at the end of the month began to stabilize. Both dealers and manufacturers slightly reduced their quoted prices, with an increase of 50-300 yuan / ton. The market price of formic acid was in a stable state. In late July, most of the enterprises’ prices rose or fell in different ranges, but most of them have risen to around 1800 yuan / ton, and the output of manufacturers is relatively saturated. Some dealers have not adjusted their prices in recent months due to the low competition pressure of market supply. At present, formic acid market has been rising steadily, some of which are still affected by foreign trade.

The domestic liquid ammonia Market of formic acid upstream products fluctuated in July, with the overall price rising and falling in the range of 50-100 yuan / ton; the domestic caustic soda market also showed a stable trend in July, and the downstream products were mainly purchased on demand. The upstream raw material support is good, and the downstream leather and pesticide industry demand is normal.

3、 Future forecast

According to formic acid analysts of the business agency, the domestic formic acid market is in a stable state, with raw materials supporting the formic acid market well, and the market supply is in a relatively saturated state. The market price of formic acid in August may maintain the current quotation if the supply side remains unchanged.