Formic Acid Prices Up Nearly 49% Since August, Now at a Period High
November 6, 2026
China's domestic formic acid market has moved sharply higher over the past three months. In Shandong, a key producing region, formic acid 85% (premium grade) was priced at about RMB 2,680 per tonne on 6 November — up 48.89% from about RMB 1,800 per tonne at the start of August — the highest level of the past three months.
Three Phases Since August
August to late September — the first climb. Prices rose steadily from about RMB 1,800 to about RMB 2,488 per tonne, a gain of roughly 38%.
Late September to mid-October — correction and calm. The market gave back part of the rise, dropping to about RMB 2,008 per tonne and holding there for several weeks.
Mid-October to now — a steep second climb. From about RMB 2,008, prices moved up in sharp steps to about RMB 2,680 per tonne by 6 November, taking out the September high.
Producer Offers: Luxi Chemical Steps Up Again and Again
The market move is being led from the producer side. Luxi Chemical, one of China's main formic acid producers, raised its 85% ex-works offer in steps through late October: RMB 2,500 per tonne on 26 October, then a single-day increase of RMB 200 to RMB 2,700 on 29 October, and a further RMB 100 to RMB 2,800 on 2 November.
On 2 November, Luxi Chemical also began a planned maintenance shutdown at its Phase-1 formic acid unit — 100,000 tonnes per year of capacity — with the restart date still to be announced. While that unit is offline, spot availability from one of the market's anchor producers is reduced, which supports the firmer offers.
What This Means for Buyers
Price references from the summer no longer reflect the market: a buyer budgeting at August levels is now looking at costs almost 49% higher on the domestic market. Export quotations follow the domestic trend, and in a market moving in steps, offer validity is often short.
Two practical points if you are buying formic acid this quarter:
- Confirm the price validity window when you request a quote — a price held for 30 days is rare while the domestic market is stepping up week by week.
- If your demand is firm, splitting volume across two shipments can average out single-week spikes instead of placing the full quantity on one day's price.
Formic Acid 85% From Theone Chemical
Theone Chemical supplies formic acid 85% for export, sourced from verified factories. Our formic acid comes through producers such as Luxi Chemical, the major integrated chemical group among our partner factories and a key source for our formic acid 85%. Send us your quantity and destination port through the inquiry form and we will quote against the current market, with the validity window stated up front.