For the Quarter Ending December 2021
The price of Carbon monoxide in the fourth quarter of 2021, has significantly increased in North America with a healthy growth of exports from the US, Canada, and Mexico. The imports have also witnessed growth in Canada and US owing to the increased trading activity downstream chemical industry across the region. Several industrial gas producers in North America have announced positive bid price revisions due to high energy costs and improved production rates. As per the National Centre of Biotechnology Information of the U.S., increasing employment of low levels CO with CO2 to inhibit microbial growth on meat in the packaging sector has also supported the hike in Carbon Monoxide demand.
An overall rise in the pricing trend of Carbon monoxide was observed in the Asia Pacific region during the fourth quarter of 2021. The tightening of industrial gas markets over the last few months resulted from a combination of robust demand growth while economies rebound from intense weather conditions. This in turn brought about tighter-than-expected inventory levels and limited supplies of the product. Higher commodity prices, particularly that of energy has kept the upward price trajectory of Carbon Monoxide across the Asia Pacific region. Also, inadequacy of conservative petroleum resources and advancement in solid-to-gas conversion technologies have revived attention to carbon monoxide to be used as fuel, which added to the optimism to demand rise in Asia.
In the fourth quarter of 2021, the price of carbon monoxide has witnessed an increment in trading activities in Europe. The robust global demand has supported the European expansion of exports and imports by 2 percent and 5 percent, respectively. Increasing demand from the chemical industry, including pharmaceuticals, construction, bulk chemical manufacturing, food and beverages, continues to drive product demand. Syngas is a gaseous mixture of carbon monoxide combined with hydrogen and other gases, used as a fuel for many industrial applications has also contributed as a market opportunity to keep up the prices throughout the quarter.
For the Quarter Ending September 2021
Carbon Monoxide pricing remained firm for a larger part of Q3. Several industrial gas manufacturers announced positive revision in their offered prices due to high energy cost and improved production rates. Air Products & Chemicals, Inc. revealed in September that it will raise its prices of liquid and bulk industrial gas products for merchant customers in North America, effective Oct. 1 or as contracts permit. Several industrial gas companies announced to further increase the surcharge and monthly service charges along with the product pricing. The adjustments will also be applicable for Carbon Monoxide
The prices of Carbon Monoxide rose effectively during the 3rd quarter of 2021 across the Asia Pacific region. In India, the domestic market of Carbon Monoxide witnessed a gradual revival in the past three months with a marginal increment in inquiries from the gas buyers. Besides, the shortness of material in the European market further led to a rise in the industrial gas prices across the globe. Consequently, as a spillover effect, Carbon Monoxide prices in the quarter ending September reached USD 28708 per MT.
In the European region, rebound in industrial activities was particularly strong in Q3, both from large Industries and industrial merchant sellers. The electronics sector also recorded strong growth in the second half of the year. The healthcare business line stayed at a high level in Q3 with teams strongly committed to the fight against the pandemic. Air Liquide in its Q3 results announced to invest in a large-scale hydrogen and Carbon Monoxide production unit with integrated CO2 recycling.