# Hydrogen: Trading

India's tenders set the first real green hydrogen price

Source page: https://www.materialinsights.org/chemicals/hydrogen/trading/

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 Review](https://www.iea.org/reports/global-hydrogen-review-2025)free research site · International Energy Agency

annual global data on hydrogen demand, production, projects and costs
[JMK Research](https://jmkresearch.com/)freemium research site · Indian clean energy research firm

Indian green hydrogen and ammonia tenders and prices
[pv magazine India](https://www.pv-magazine-india.com/)free newsletter · pv magazine group

Indian renewable and green hydrogen tender news
[gasworld](https://www.gasworld.com/)freemium newsletter · industrial gases trade publisher

industrial gas companies, hydrogen projects and markets

## Other sections

- [Summary](https://www.materialinsights.org/chemicals/hydrogen/index.md)
- [Overview](https://www.materialinsights.org/chemicals/hydrogen/overview/index.md)
- [Correlation](https://www.materialinsights.org/chemicals/hydrogen/correlation/index.md)
- [Production route](https://www.materialinsights.org/chemicals/hydrogen/routes/index.md)
- [Production](https://www.materialinsights.org/chemicals/hydrogen/production/index.md)
- [Feedstocks](https://www.materialinsights.org/chemicals/hydrogen/feedstocks/index.md)
- [Cycles](https://www.materialinsights.org/chemicals/hydrogen/cycles/index.md)
- [Movement](https://www.materialinsights.org/chemicals/hydrogen/movement/index.md)
- [Regulation](https://www.materialinsights.org/chemicals/hydrogen/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/chemicals/hydrogen/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/chemicals/hydrogen/emissions/index.md)
- [Relationships](https://www.materialinsights.org/chemicals/hydrogen/links/index.md)