During May xxxx, hydrogen prices in India remained firm supported by rising natural gas input costs and stable downstream utilization. SMR-based hydrogen manufacturing costs are still high since the Ministry of Petroleum and Natural Gas (MoPNG) kept the cap price for locally produced gas at USD x.xx/MMBtu (GCV basis) for ONGC/OIL fields.
Despite regional security concerns along the Indo-Pak border, refining operations continued undisrupted in Gujarat and Punjab, contributing to uninterrupted hydrogen output. With refineries operating at xxxx of capacity in March and fertilizer blending activity ahead of Kharif season, hydrogen demand stayed resilient. Outlook for late Qx remains cautiously bullish amid geopolitical uncertainties and firm LNG price expectations.
Hydrogen production via steam methane reforming remained stable, driven by full-capacity operations across major Indian refiners including RIL and IOCL. The notified APM ceiling price of USD x.xx/MMBtu continued...
