BASF is raising prices for Formic Acid 85% by 40 EUR/mt (or 45 USD/mt) in Europe effective immediately or as existing contracts permit. Prices for Formic Acid 94% 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 sound 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, and Nanjing, China. Another formic acid plant at BASF’s site in Geismar, Louisiana, is currently under construction.
