Hydrogen: Trading
India's tenders set the first real green hydrogen price
India's tenders set the first real green hydrogen price What this tab covers How it is bought and sold: buyers and sellers, price benchmarks and who publishes them, exchanges, contract types, traders, how Indian buyers price it, recent price points, and good sources to follow.Who buys, and where
- Refiners and ammonia makers produce their own
- Merchant on-site supply contracts from Air Products, Linde and Air Liquide
- Tube trailers and cylinders from industrial gas distributors for small users
Who sells, and from where
- Industrial gas companies selling over-the-fence and by pipeline (US Gulf Coast, Rotterdam, Antwerp)
- Chlor-alkali producers selling by-product hydrogen locally
Price benchmarks
| Benchmark | Publisher | Basis |
|---|---|---|
| No liquid spot benchmark; price-agency assessed cost indices (e.g. S&P Global hydrogen production cost assessments) | S&P Global, Argus | modelled cost, daily |
| India green hydrogen tender prices | SECI, IOCL, BPCL, HPCL | discovered tariff, fixed for 15-25 years |
Exchanges
| Venue | Contract | Notes |
|---|---|---|
| EEX (Hydrix index) | hydrogen price index for Europe, not a liquid future | launched 2023 (indicative) |
Contract types
- 15-20 year on-site supply contracts with take-or-pay and gas pass-through
- Pipeline supply contracts
- Fixed-price green hydrogen offtake (India, 25 years at Panipat)
- Contracts for difference (EU Hydrogen Bank auctions, UK HAR)
Traders and distributors
- Industrial gas majors rather than traders; hydrogen derivatives (ammonia, methanol) are traded by Trammo, Koch, Yara
How Indian buyers price it
- Grey hydrogen is priced internally off pooled gas or LNG cost; about $2.1/kg on average (JMK Research 2025)
- Green hydrogen via fixed-price tenders: Rs 397/kg at IOCL Panipat (2025)
- SIGHT incentives reduce bid prices for early years
Recent price points
| Date | Price | Basis | Source |
|---|---|---|---|
| May 2025 | Rs 397/kg (about $4.6/kg) | green H2 delivered, Panipat, 25-year fixed | JMK Research (May 2025) |
| Sep 2025 | $4.39/kg | green H2, BPCL/HPCL tender bid (Ocior Energy) | PTI via The Week (25 Sep 2025) |
| 2025 | about $2.1/kg | grey hydrogen average cost, India | JMK Research (May 2025) |
Good sources to follow
IEA Global Hydrogen Reviewfree research site · International Energy Agencyannual global data on hydrogen demand, production, projects and costs
JMK Researchfreemium research site · Indian clean energy research firmIndian green hydrogen and ammonia tenders and prices
pv magazine Indiafree newsletter · pv magazine groupIndian renewable and green hydrogen tender news
gasworldfreemium newsletter · industrial gases trade publisherindustrial gas companies, hydrogen projects and markets