Formic acid, as the simplest organic acid in structure, possesses properties of both carboxylic acids and aldehydes. Its applications in chemical, pharmaceutical, and agricultural fields continue to deepen, driving steady expansion of the global market. Currently, the global formic acid market is showing sustained growth, with diversified demand drivers and increased supply-side capacity jointly propelling its scale to new heights.
Formic acid prices have remained stable recently. As of November 24, the benchmark price of domestic industrial-grade 85% formic acid was the same as the same period last week (November 17), up 3.93% month-on-month and up 2.11% year-on-year.
Supply side: Operations are currently stable, but maintenance plans remain a potential variable.
Overall supply remained stable, with production capacity operating at normal levels. Market focus was on the situation of a major factory in Liaocheng: after suspending price quotations on November 16th, the factory resumed normal shipments on the 17th, maintaining prices at the same level as the previous weekend. Although shipments were moderate, they did not have a substantial impact on market supply.
The scheduled maintenance at the major Liaocheng factory, originally planned for mid-November, has been postponed to late November, and market sources indicate that another large factory has maintenance plans for late November. If the maintenance plans of several large factories are successfully implemented in late November, it may trigger a temporary contraction in supply, becoming a key factor influencing the subsequent market supply pattern.
Demand side: Primarily driven by essential needs, with insufficient incremental growth.
Demand was lackluster, characterized by “primarily essential needs with limited incremental growth.” With the recent end of the procurement cycle, end-user purchasing activity declined, with most adopting a just-in-time purchasing strategy, resulting in a relatively quiet market.
With no major positive or negative news released on either the supply or demand side, prices are likely to remain stable. In the medium to long term, the implementation of major factory maintenance plans in the latter half of this month needs close monitoring. A temporary contraction in supply could disrupt the current balance; specific market developments will require close observation.
Post time: Nov-24-2025