For the Quarter Ending June 2026
Hydrogen Prices in APAC
- In India, the Hydrogen Price Index rose by 7.95% quarter-over-quarter, driven by tighter merchant availability.
- The average Hydrogen price for the quarter was approximately USD 357.67/MT, per terminal assessments reported.
- Hydrogen Spot Price weakened as import arrivals exceeded merchant demand, pressuring prompt trading at terminals.
- Hydrogen Price Forecast shows recovery potential in summer if refinery restocking and industrial demand improve.
- Hydrogen Production Cost Trend rose as natural gas feedstock firmed, raising SMR operating expenses nationwide.
- Hydrogen Demand Outlook muted as refineries and fertilizer prioritised captive production instead of spot purchases.
- Hydrogen Price Index movements reflected inventory cushioning at Dahej as import arrivals eased spot tightness.
- Operational SMR and refinery units maintained output, constraining merchant opportunities while buyers awaited subsidy clarity.
Why did the price of Hydrogen change in June 2026 in APAC?
- Subdued downstream procurement from refineries and fertilizer plants reduced demand, exerting downward pressure on prices.
- Stable LNG arrivals and smooth Dahej operations maintained inventories, limiting sellers ability to push offers.
- Rising natural gas feedstock costs raised production expenses but insufficient to offset weak spot demand.
Hydrogen Prices in North America
- In the USA, the Hydrogen Price Index remained stable during the quarter, supported by balanced production and steady industrial demand.
- The average Hydrogen Price Index reflected adequate domestic availability as integrated producers maintained uninterrupted operations.
- Hydrogen Spot Price remained largely unchanged in June as long-term contracts and sufficient merchant supply balanced market conditions.
- Hydrogen Price Forecast indicates a stable near-term outlook, with demand from refining, ammonia, petrochemicals, and clean energy expected to support market fundamentals.
- Hydrogen Production Cost Trend remained relatively steady as natural gas feedstock and utility costs experienced only moderate fluctuations.
- Hydrogen Demand Outlook remained healthy, supported by refining, ammonia production, methanol manufacturing, petrochemical processing, electronics, fuel-cell technologies, and emerging low-carbon energy projects.
- The Price Index reflected stable domestic production, efficient distribution networks, and balanced supply-demand fundamentals throughout the quarter.
- Reliable logistics and continuous plant operations ensured adequate product availability while limiting market volatility.
Why did the price of Hydrogen change in June 2026 in North America?
- Stable hydrogen production and uninterrupted operations ensured adequate market supply throughout the quarter.
- Moderate natural gas and electricity cost movements kept production costs relatively balanced.
- Consistent consumption from refineries, ammonia producers, petrochemical manufacturers, and clean energy projects supported stable market sentiment.
Hydrogen Prices in Europe
- In Europe, the Hydrogen Price Index remained stable to slightly firm during the quarter, supported by balanced industrial demand and steady production.
- The average Hydrogen Price Index reflected limited volatility as adequate regional supply and reliable pipeline distribution maintained market balance.
- Hydrogen Spot Price remained stable through June, with long-term supply contracts limiting fluctuations in the merchant market.
- Hydrogen Price Forecast indicates a balanced near-term outlook, supported by demand from refining, ammonia, methanol, and clean energy applications.
- Hydrogen Production Cost Trend remained influenced by natural gas, electricity, and carbon compliance costs, although overall production economics stayed relatively stable.
- Hydrogen Demand Outlook remained steady, driven by refining, ammonia production, methanol manufacturing, petrochemicals, electronics, steel decarbonization, and fuel-cell applications.
- The Price Index reflected stable operating rates, reliable pipeline infrastructure, and sufficient merchant hydrogen availability across the region.
- Consistent industrial consumption and uninterrupted production minimized market volatility throughout the quarter.
Why did the price of Hydrogen change in June 2026 in Europe?
- Stable production rates and reliable supply infrastructure maintained balanced product availability across the region.
- Moderate fluctuations in natural gas and electricity costs influenced production economics without causing significant supply disruptions.
- Consistent demand from refineries, fertilizer manufacturers, and chemical producers supported stable market conditions throughout June.
For the Quarter Ending March 2026
Hydrogen Prices in APAC
- In India, the Hydrogen Price Index rose by 5.19% quarter-over-quarter, driven by balanced domestic supply.
- The average Hydrogen price for the quarter was approximately USD 331.33/MT on a national basis.
- Hydrogen Spot Price remained range-bound as import volumes matched contractual demand and supply stayed constrained.
- Hydrogen Price Forecast indicates near-term upside risks from logistics cost inflation and stronger downstream procurement.
- Hydrogen Production Cost Trend eased as feed-gas prices softened, offset by higher terminal handling charges.
- Hydrogen Demand Outlook remains firm with steady refinery and fertiliser offtake and emerging project inquiries.
- Hydrogen Price Index displayed firmness as domestic supply tightness and geopolitical freight pressures elevated parity.
- Inventory and export demand remained balanced, while major producers maintained disciplined run-rates avoiding material outages.
Why did the price of Hydrogen change in March 2026 in APAC?
- Tighter merchant availability increased buyer competition as domestic production remained captive, constraining open market volumes.
- Higher terminal fees and freight due to regional conflict pushed landed costs, pressuring spot offers.
- Consistent refinery and fertiliser offtake maintained demand while buyers delayed contract decisions awaiting policy clarity.
Hydrogen Prices in North America
- In the United States, the Hydrogen Price Index remained firm during Q1 2026, supported by steady industrial demand and natural gas-linked production economics.
- Hydrogen Production Cost Trend remained elevated as natural gas feedstock, electricity, and pipeline distribution costs influenced supplier margins.
- Hydrogen Demand Outlook stayed healthy from refinery hydrotreating, ammonia production, chemicals, and electronics sectors.
- Hydrogen Price Forecast suggests stable-to-firm movement in the near term if natural gas costs remain elevated and refinery demand continues strong.
- Gulf Coast producers maintained regular operating rates, ensuring balanced merchant and captive supply availability.
- Merchant buyers continued contractual procurement, while spot demand remained moderate.
- Infrastructure investments in blue and clean hydrogen projects supported long-term market sentiment.
Why did the price of Hydrogen change in March 2026 in North America?
- Natural gas and power costs directly influenced steam methane reforming production economics.
- Refinery and ammonia sector demand remained steady, supporting baseline offtake.
- Balanced supply conditions and reliable pipeline networks kept March market sentiment firm but controlled.
Hydrogen Prices in Europe
- In Germany, the Hydrogen Price Index remained firm through Q1 2026, reflecting higher energy-linked production costs and steady industrial demand.
- Hydrogen Production Cost Trend stayed elevated due to electricity, natural gas, carbon compliance, and logistics expenses.
- Hydrogen Demand Outlook remained stable from refining, ammonia, steel decarbonization pilots, glass, and specialty chemicals sectors.
- Hydrogen Price Forecast indicates cautious upside potential if power costs remain high and green hydrogen demand accelerates.
- Industrial gas producers maintained normal operating rates, while merchant availability stayed sufficient across core markets.
- Long-term investments in electrolyzer capacity and hydrogen corridors supported positive sentiment.
- Buyers largely relied on contracts, with limited discretionary spot purchases.
Why did the price of Hydrogen change in March 2026 in Europe?
- Elevated electricity and natural gas costs increased production cash costs for conventional hydrogen units.
- Stable demand from refining, chemicals, and pilot steel applications sustained procurement needs.
- Controlled supply availability and carbon-cost pressures supported firmer March pricing sentiment.
For the Quarter Ending December 2025
APAC
- In India, the Hydrogen Price Index fell by 0.65% quarter-over-quarter, reflecting balanced supply and steady demand.
- The average Hydrogen price for the quarter was approximately USD 358.00/MT, indicating muted volatility and firm refining demand.
- Hydrogen Spot Price remained range-bound across coastal hubs, supporting steady procurement amid balanced refinery and fertilizer demand.
- Hydrogen Price Forecast suggests limited near-term volatility as refinery throughput and import parity keep merchant offers anchored.
- Hydrogen Production Cost Trend shows modest upward pressure from imported LNG and administered gas ceiling adjustments impacting reformers.
- Hydrogen Demand Outlook remains stable with refining and fertilizer consumption anchoring volumes despite nascent green hydrogen uptake.
- Hydrogen Price Index stability reflected ample inventories, smooth terminals, and consistent offtake from export-oriented refineries.
- Operational reliability at major producers limited outages, keeping merchant supply available and mitigating sudden upward price pressure.
Why did the price of Hydrogen change in December 2025 in APAC?
- Balanced refinery throughput and steady fertilizer procurement kept hydrogen supply-demand near equilibrium, minimizing price movements.
- Imported LNG firmness and administered gas ceiling adjustments produced modest production cost pressure on reformers.
- Logistical constraints and truck-dependent bulk deliveries raised delivered costs, while inventories and berthing contained shortages.
North America
- In North America, the Hydrogen Price Index remained broadly stable during the quarter ending December 2025, reflecting balanced merchant supply and steady downstream demand.
- The regional hydrogen market experienced muted volatility, with contract-linked volumes dominating transactions and limiting spot-driven Price Index fluctuations.
- Hydrogen Spot Price activity stayed range-bound across the US Gulf Coast and Midwest hubs, supported by stable refinery hydrogen networks and fertilizer offtake.
- The Hydrogen Price Forecast indicated limited short-term movement, as refinery operating rates and captive hydrogen integration continued to anchor merchant market availability.
- The Hydrogen Production Cost Trend showed mild upward pressure from natural gas input costs and maintenance-related operating expenses at steam methane reforming units.
- The Hydrogen Demand Outlook remained steady, supported by consistent refinery consumption, ammonia production, and industrial hydrogen use, while low-carbon hydrogen adoption stayed limited in scale.
- Adequate pipeline-linked inventories and reliable on-purpose production restricted any sharp Price Index movement during the quarter.
- Logistics conditions remained manageable, with stable pipeline flows and limited disruption from rail or truck-based hydrogen deliveries.
- Why did the price of Hydrogen change in December 2025 in North America?
- Stable refinery throughput and uninterrupted SMR operations kept hydrogen supply well-aligned with demand in December.
- Incremental increases in natural gas input costs exerted mild pressure on production economics but were largely absorbed by existing contracts.
- Sufficient merchant availability and disciplined spot procurement prevented any notable Price Index escalation toward year-end.
Europe
- In Europe, the Hydrogen Price Index remained largely range-bound through the quarter ending December 2025, reflecting cautious industrial demand and stable supply availability.
- Merchant hydrogen activity was dominated by contract deliveries, limiting spot market influence on the overall Price Index.
- Hydrogen Spot Price conditions stayed steady across Northwest Europe, supported by consistent refinery operations and industrial gas distribution networks.
- The Hydrogen Price Forecast pointed to limited near-term volatility, as hydrogen demand from refining and chemicals remained stable amid subdued industrial output.
- The Hydrogen Production Cost Trend showed mild cost pressure from elevated power prices and natural gas volatility impacting reformer operating economics.
- The Hydrogen Demand Outlook remained stable, with refining and chemical applications offsetting slower momentum in hydrogen mobility and green hydrogen projects.
- Comfortable inventory positions and reliable producer operations helped cap Price Index movement across major European hubs.
- Logistics remained smooth, with pipeline infrastructure and regional storage availability minimizing delivery-related disruptions.
Why did the price of Hydrogen change in December 2025 in Europe?
- Stable refinery demand and consistent industrial consumption kept hydrogen supply-demand balanced during December.
- Energy input cost volatility raised production cost concerns but did not translate into immediate Price Index adjustments.
- Year-end slowdown in discretionary industrial procurement reduced spot market activity, keeping December price movement limited.
For the Quarter Ending September 2025
APAC
- In India, the Hydrogen Price Index fell by 0.4% quarter-over-quarter, reflecting balanced supply and demand.
- The average Hydrogen price for the quarter was approximately USD 333.67/MT, reflecting steady refinery feedstock.
- Hydrogen Spot Price stayed rangebound, while Hydrogen Price Index showed limited volatility and steady production.
- Hydrogen Production Cost Trend remained contained as MoPNG gas price ceilings limited feedstock cost escalation.
- Hydrogen Demand Outlook is subdued, supported by steady refinery and fertilizer consumption, limited industrial growth.
- Hydrogen Price Forecast signals rangebound pricing near levels absent significant feedstock disruptions or policy changes.
- High inventories and refinery output pressured offers, while export interest provided support to Price Index.
- Operational reliability at producers limited upside, while green hydrogen project delays tempered longer-term optimism.
Why did the price of Hydrogen change in September 2025 in APAC?
- Balanced refinery throughput and steady domestic feedstock availability kept upward pressure on hydrogen prices minimal.
- MoPNG gas price ceilings constrained production cost rises despite LNG import volatility and rupee-driven effects.
- High inventories, subdued industrial procurement, delays to green hydrogen projects suppressed buying and price upside.
North America
- In the US, hydrogen production remained steady with strong output from refineries and electrolyzer projects.
- Hydrogen Demand Outlook is moderate, supported by petrochemical use and industrial hydrogen adoption.
- Hydrogen Production Cost Trend remained contained due to regulated gas supply and efficient operational processes.
- Infrastructure expansion continued cautiously, with new pipelines and storage projects progressing slowly.
- Operational reliability at producers limited disruptions, while delays in green hydrogen projects constrained new capacity deployment.
- Supply-demand balance was maintained through stable refinery output and strategic reserves.
Why did hydrogen activity change in September 2025 in the USA?
- Stable gas supply and refinery throughput maintained steady production levels.
- Operational reliability at producers kept output consistent.
- Delays in new projects and moderate industrial uptake tempered growth in hydrogen activity.
Europe
- In Germany, hydrogen production remained stable due to consistent renewable energy supply and natural gas availability.
- Hydrogen demand was steady, supported by industrial and mobility applications, while large-scale projects advanced cautiously.
- Hydrogen Production Cost Trend remained contained due to regulated electricity tariffs and pipeline access agreements.
- Hydrogen Demand Outlook is moderate, with steady consumption in refineries and chemical plants offsetting slower uptake in transport.
- Operational reliability at major producers was strong, while delays in new electrolyzer deployments tempered growth expectations.
- Storage capacity and high inventories balanced market pressures, while cross-border hydrogen trade supported supply stability.
Why did hydrogen activity change in September 2025 in Europe?
- Consistent renewable and natural gas availability supported stable production.
- Operational reliability at major producers maintained output despite project delays.
- Steady industrial consumption and cross-border trade moderated fluctuations in activity.
