# Low-carbon hydrogen and e-fuels: Trading

How India's auctions set the world's lowest green prices

Source page: https://www.materialinsights.org/energy/green_hydrogen_carriers/trading/

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

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

Indian green hydrogen and ammonia tenders
[gasworld](https://www.gasworld.com/story/etfuels-chooses-humber-site-for-uk-e-saf-project-using-us-e-methanol/2254692.article/)freemium newsletter · industrial gas trade publisher

hydrogen and e-fuel projects
[GreenAir News](https://www.greenairnews.com/)free newsletter · GreenAir

SAF and e-SAF policy and projects
[Strategy& (PwC) e-SAF research](https://www.strategyand.pwc.com/nl/en/industries/energy-utilities/scaling-esaf-europe.html)free research site · PwC Strategy&

e-SAF cost estimates for Europe

## Other sections

- [Summary](https://www.materialinsights.org/energy/green_hydrogen_carriers/index.md)
- [Energy overview](https://www.materialinsights.org/energy/green_hydrogen_carriers/energy/index.md)
- [Correlation](https://www.materialinsights.org/energy/green_hydrogen_carriers/correlation/index.md)
- [Science and limits](https://www.materialinsights.org/energy/green_hydrogen_carriers/science/index.md)
- [Value chain](https://www.materialinsights.org/energy/green_hydrogen_carriers/valuechain/index.md)
- [Unit economics](https://www.materialinsights.org/energy/green_hydrogen_carriers/economics/index.md)
- [Engineering methods](https://www.materialinsights.org/energy/green_hydrogen_carriers/methods/index.md)
- [Equipment and suppliers](https://www.materialinsights.org/energy/green_hydrogen_carriers/equipment/index.md)
- [Overview](https://www.materialinsights.org/energy/green_hydrogen_carriers/overview/index.md)
- [Production route](https://www.materialinsights.org/energy/green_hydrogen_carriers/routes/index.md)
- [Production](https://www.materialinsights.org/energy/green_hydrogen_carriers/production/index.md)
- [Feedstocks](https://www.materialinsights.org/energy/green_hydrogen_carriers/feedstocks/index.md)
- [Cycles](https://www.materialinsights.org/energy/green_hydrogen_carriers/cycles/index.md)
- [Movement](https://www.materialinsights.org/energy/green_hydrogen_carriers/movement/index.md)
- [Regulation](https://www.materialinsights.org/energy/green_hydrogen_carriers/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/energy/green_hydrogen_carriers/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/energy/green_hydrogen_carriers/emissions/index.md)
- [Relationships](https://www.materialinsights.org/energy/green_hydrogen_carriers/links/index.md)