BASF raises price of formic acid
The company said the increase was effective immediately or as existing contracts permit. It added that prices for Formic Acid 94% will also be hiked accordingly on a pro rata basis.
A spokesperson for BASF told us: "The price increases are necessary to restore sustainable margin levels as well as to further maintain BASF’s high quality and service standards."
The group has formic acid production plants at its integrated Verbund sites in Ludwigshafen, Germany and in Nanjing in China, with another site in Geismar, Louisiana, currently under construction.
In animal nutrition, formic acid works as a feed preservative. Potassium formate, a salt of formic acid, is used as a de-icing agent used on roads and airport runways. Both formic acid and potassium formate also have applications in the oilfield industry as part of the drilling and completion process, as well as in shale gas exploration.
