With immediate effect, or as existing contracts permit, BASF SE will increase its European selling prices for the following products:
- Propionic Acid will increase by + 50 EUR/mt.
- Formic Acid 85% will increase by + 40 EUR/mt.
Prices for all other concentrations of Formic Acid will be increased accordingly on a pro rata basis.
The major application of propionic acid is feed grain preservation. It is also widely used in the production of pharmaceuticals, crop protection agents, solvents, food preservatives and plastics.
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.