In Q2, the prices of Green Hydrogen in the US market saw a decline. This can be attributed to weak demand from the fuel industry and other downstream sectors. However, there was some positive news with the announcement of a $9.5 Billion investment for clean hydrogen from the president’s bipartisan infrastructure law. Ongoing research and development efforts across the federal government also contributed to the market dynamics. Despite the weak demand, there was an adequate inventory level to meet the needs of the downstream industry. Plants were operating at a lower rate due to the lackluster demand. Additionally, the decrement in Natural Gas prices led to reduced production costs. The rising interest rate and decreased international market demand further added to the overall pessimistic market view. Hence, by the end of June, the prices of Green Hydrogen had decreased to USD 3500/MT FOB California.
The prices of Green Hydrogen in the Indian market showed mixed trends in Q2. Prices initially decreased in April, but then incrementally rose in May and June. This can be attributed to the fluctuation in energy prices, particularly the increase in Coal prices during the last two months of Q2. The demand from the downstream industry remained constant but weak, which impacted market growth. However, plants were able to maintain a stable rate of operation due to the stable demand. There was also an adequate inventory level in the market, supported by a consistent flow of imports from the international market. Demand from the fuel and green ammonia industry experienced a decline, leading to hesitance in the market for large order procurement. However, in April, sellers offered discounts to stimulate market transactions due to the high inventory level. On the contrary, June witnessed firm and high demand in both domestic and international markets.
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Throughout Q2, there was a decrement in the prices of Green Hydrogen in Europe. This can be attributed to declining energy prices, especially the decrease in LNG prices during the second quarter. The market saw a free flow of cheap imports, leading to ample inventory levels to meet the demand from the downstream industry. Sellers also offered discounts to boost market transactions due to the high inventory levels and a drop in the manufacturing sector, indicated by PMI for Germany remaining below 50. Plants operated at a lower rate due to weak demand from the downstream industry, while rising interest rates created negative market sentiments. Demand from the fuel industry declined, and there was reluctance in the market for large order procurement. Consequently, by June, the prices of Green Hydrogen in the Netherlands market were reported at 6822/MT DEL Rotterdam.
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