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[Update]: We have just released v1.9.0 with Logarithmic Axis. Please checkout gallery page for Logarithmic Scale.
1. We checked, valueFormatString is working fine. Can you pleasse create a jsfiddle with reproducing the issue.
2. Are you looking for logarithmic axisY? Here is an example. If this doesn’t suite your requirements, could you please provide us a pictorial representation to understand better.