March 3, 2015
BASF raises prices of Formic Acid in Europe
Leading chemical firm BASF has announced it is raising prices of Formic Acid 85% by €40 (US$45) per metric tonne in Europe "effective immediately or as existing contracts permit."
Prices for Formic Acid 94% will be increased accordingly on a pro rata basis, it added.
Formic acid is a high-quality intermediate used in a broad range of applications. In animal nutrition, 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, and has production plants at its integrated Verbund sites in Ludwigshafen, Germany; and Nanjing, China.
It is currently building another formic acid plant at its site in Geismar, Louisiana, USA.
Known as the world's largest chemical producer, with around 113,000 employees, BASF achieved sales of over €74 billion ($83 billion) in 2014.
For more information about BASF, visit www.basf.com.