According to the bulk list data of business society, the average price of 85% domestic industrial formic acid enterprises was 2650 yuan / ton on January 1, 2021. As of December 29, the average price of domestic formic acid enterprises was 4300 yuan / ton, which increased by 62.26% during the year. The lowest price in the year was 2433.33 yuan / ton on April 27, and the highest price in the year was 8050 yuan / ton on October 14, with a maximum amplitude of 230.82%.

According to the monthly rise and fall chart of formic acid from January 2021 to November 2021, it can be seen that the monthly price of formic acid increased more or decreased less in 2021, and the overall trend increased. The market fell in February, April and November, and rose in other months. The largest increase was in September (78.15%) and the largest decrease was in November (46.28%).

In the first quarter (January March), the price of formic acid increased slightly, with an increase of 8.18%. In January, the market quotation of formic acid remained high and stable, and the downstream pesticide, rubber, leather and pharmaceutical industries collected goods according to the market demand, dominated by rigid demand. In February, raw material prices rose and fell, the downstream market entry enthusiasm was general, the market transaction atmosphere was flat, and the market fell. In March, the formic acid market fluctuated and rose. Affected by the device failure of a manufacturer, the market supply was tight and the market price rose.

In the second quarter (April June), the price of formic acid first fell and then rose, and then operated steadily, with an overall decline of 7.26%. In April, 85% of the domestic formic acid market fell weakly, the prices of manufacturers and dealers decreased in varying degrees, the raw material prices were weak in the middle of the year, the inventory was high in the late day, and the market price continued to decline. After the May Day holiday, there is replenishment demand in the downstream, the market trading atmosphere is good, and the offer of cargo holders rises. With the rise of raw material prices, the rise of costs superimposes export demand, and the overall offer and transaction focus of formic acid market move upward. In June, the formic acid market was high and stable.

In the third quarter (July September), the price of formic acid soared by 189.76%. In July, the overall trend of domestic industrial grade 85% formic acid market rose, with a monthly increase of 9.64%. In August, the inventory of formic acid market was low, and the domestic main downstream just needed to follow up steadily. In addition, with export support, the market atmosphere was positive, the mentality was strong, and the price rose sharply, with a monthly increase of 48.35%. In September, the raw material side operated strongly, the supply of goods in the market was tight, and the export support was still stable. The domestic main downstream continued to focus on just demand. In addition, the holiday was approaching, the downstream prepared goods orderly, the enterprise shipped smoothly, and the focus of market trading continued to rise, with a monthly increase of 78.15%.

In the fourth quarter (October December), the price of formic acid fell. As of December 29, the decline in this stage was 46.36%. In October, the formic acid market was high and stable. In November, the market price of domestic industrial grade 85% formic acid fell sharply, mainly the price of raw materials, the cost support continued to loosen, the market confidence weakened, and the price of formic acid fell sharply. In December, the price of formic acid stopped falling and rose again, with limited cost support, dissatisfaction with the operating load of enterprises and shortage of market supply. The sharp decline in the price of formic acid in the early stage stimulated the purchase enthusiasm of the downstream, the market trading atmosphere warmed up and the price rose.

Future forecast:

To sum up, the price of domestic industrial grade 85% formic acid will rise sharply in 2021. At present, the raw material methanol market is mainly in the doldrums, the caustic soda market is relatively strong, the liquid ammonia market is temporarily stable, the sulfuric acid price rises slightly, the cost side support is general, and there is still some support on the supply and demand side. It is expected that the formic acid market may be stable, medium and strong in the short term, so more attention should be paid to the guidance of market news.