Low-carbon hydrogen and e-fuels: Trading
How India's auctions set the world's lowest green prices
How India's auctions set the world's lowest green prices 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
- Refineries and fertiliser plants in India (IOCL, BPCL, HPCL, fertiliser PSUs) via tenders
- European importers via H2Global auctions and RFNBO mandates (indicative)
- Shipping lines (Maersk, Hapag-Lloyd) for methanol
- Airlines and fuel suppliers for e-SAF under ReFuelEU
Who sells, and from where
- Indian developers (ACME, L&T Green, AM Green, NTPC Green, Jakson, Ocior)
- Gulf projects (NEOM, Oman)
- European Energy (e-methanol)
- US blue ammonia (CF, Blue Point)
Price benchmarks
| Benchmark | Publisher | Basis |
|---|---|---|
| Argus and Platts low-carbon hydrogen and ammonia cost assessments | Argus; S&P Global | weekly, $/kg and $/t |
| Indian tender results | SECI, IOCL (via JMK Research) | per auction, Rs/kg |
Exchanges
| Venue | Contract | Notes |
|---|---|---|
| None liquid | no traded low-carbon hydrogen futures | EEX publishes a hydrogen price index (indicative) |
Contract types
- Long-term fixed-price offtake (IOCL Panipat: 25 years at Rs 397/kg)
- Double-sided auctions and contracts for difference (H2Global, Japan's price-gap support, France's planned e-SAF auction, indicative)
- Tolling of green ammonia by fertiliser makers
Traders and distributors
- Trafigura, Vitol and Mitsui-type trading houses take positions in ammonia and methanol (indicative)
How Indian buyers price it
- Priced by competitive reverse auction under SIGHT with per-kg incentives
- Benchmarked against grey hydrogen from imported LNG (about $2.1/kg in 2025) and imported ammonia CFR India
Recent price points
| Date | Price | Basis | Source |
|---|---|---|---|
| May 2025 | Rs 397/kg (about $4.6/kg) | green H2 delivered, Panipat, 25-year | JMK Research via hydrogen tile |
| Sep 2025 | $4.39/kg | green H2 bid, BPCL/HPCL | PTI via hydrogen tile |
| 2025 | Rs 49.75-64.74/kg | green ammonia, SECI auction range | SECI via ESMAP (ammonia tile) |
| 2026 | EUR 4,000-9,000+/t | e-SAF production cost estimates, Europe | PwC Strategy& (Jul 2026) |
Good sources to follow
IEA Global Hydrogen Reviewfree research site · International Energy Agencyannual data on production, projects, costs and policy
JMK Researchfreemium research site · Indian clean energy research firmIndian green hydrogen and ammonia tenders
gasworldfreemium newsletter · industrial gas trade publisherhydrogen and e-fuel projects
GreenAir Newsfree newsletter · GreenAirSAF and e-SAF policy and projects
Strategy& (PwC) e-SAF researchfree research site · PwC Strategy&e-SAF cost estimates for Europe