LUDWIGSHAFEN, Germany — May 31, 2016 — BASF is raising prices for Formic Acid 85% by 30 EUR per metric ton or $35 per metric ton in Europe and South America with immediate effect or as existing contracts permit. Prices for Formic Acid 94% will be increased accordingly on a pro rata basis. In North America, BASF is raising prices by $0.02 per pound or $44 per metric ton for Formic Acid 85%. Prices for all other concentrations of Formic Acid will be increased accordingly on a pro rata basis.
Formic acid is a high-quality intermediate used in a broad range of applications. In animal nutrition, for example, it is used as a feed preservative. Potassium formate, a salt of formic acid, is an environmentally acceptable and highly efficient de-icing agent used on roads and airport runways. Both formic acid and potassium formate are also used in the oilfield industry as part of the drilling and completion process, as well as in shale gas exploration. Moreover, formic acid is a powerful descaling agent and disinfectant. BASF is the world’s leading producer of formic acid, with production plants at its integrated Verbund sites in Ludwigshafen, Germany; Nanjing, China; and Geismar, Louisiana.
Posted May 31, 2016