BASF (Ludwigshafen, Germany) is a globally leading chemical producer of formic acid. The company noted early this week that it is increasing the price of the material by 85%, or EUR 30, for each metric ton in Europe and South America, with immediate effect, or as existing contract agreements allow. Overall, the company said that prices for the acid will be raised by 94%. BASF explained the significant price increase by saying that it must maintain "sustainable margin levels" in sales.

In North America, the company is raising prices by $0.02 each lb. or $44 for each metric ton of Formic Acid, in line with the 85% increase.