According to the Commodity Market Analysis System of Shengyi Society, 85% of industrial formic acid in China has been operating steadily recently. As of March 4th, the reference price of Shengyi Society was 3050 yuan/ton, an increase of 3.39% compared to the same period in February and a decrease of 6.87% compared to the same period last year, reaching the highest level in 2025.

Raw material methanol: Some domestic methanol projects are undergoing maintenance, but the start of production has slightly declined; However, the port’s imports in February and March were relatively low, supported by stable external procurement of olefin raw materials from the mainland. The overall sales pressure in upstream production areas was not high, and traditional downstream demand procurement was essential. The raw material methanol was running steadily at a high level.

Raw material sulfuric acid: The domestic sulfuric acid market is showing a slight upward trend, with an increase of 20-60 yuan/ton. The trading atmosphere in the sulfuric acid market is good, and the demand in the terminal market is increasing. The shipment is still relatively good, and the market price is gradually increasing. In the short term, the price of sulfuric acid may continue to rise.

Downstream pesticide demand: The fertilizer and pesticide industry has entered the peak production season, with short-term demand expanding. Some products have limited instantaneous production, resulting in supply shortages and price increases. However, most products are focused on stability.

The formic acid data analyst from Shengyi Society believes that the upstream support for formic acid is strong, and downstream demand is improving. It is expected that formic acid prices will remain stable and strong in the short term.