For the Quarter Ending December 2025
North America
• In North America, the Oxygen Price Index remained largely stable quarter-over-quarter, reflecting balanced supply conditions.
• Oxygen Spot Price held steady, as adequate regional availability offset higher transportation and distribution costs.
• The Oxygen Price Forecast points to stability, with prices expected to track energy costs rather than demand growth.
• The Oxygen Production Cost Trend showed mild upward pressure, influenced by higher electricity and maintenance expenses at air separation units.
• Oxygen Demand Outlook remained soft, with steel, fabrication, and construction sectors operating below seasonal norms.
• The Oxygen Price Index stability was supported by long-term supply contracts, limiting volatility in the spot market.
• Smooth logistics and uninterrupted plant operations ensured consistent supply across major US industrial hubs.
Why did the price of Oxygen change in December 2025 in North America?
• Stable production rates maintained adequate market supply.
• Higher energy and distribution costs were absorbed within contract pricing.
• Muted industrial demand prevented suppliers from pushing price increases.
APAC
• In China, the Oxygen Price Index rose by 0.67% quarter-over-quarter, logistics constraints elevated spot premiums.
• The average Oxygen price for the quarter was approximately USD 352.33/MT, reflecting supply pressures regionally.
• Oxygen Spot Price firmed as port delays and inland trucking cost increases sustained FOB premiums.
• Oxygen Price Forecast signals upside; Oxygen Production Cost Trend remains elevated from higher energy charges.
• Oxygen Demand Outlook stayed weak from steel and construction, Price Index decoupled due to logistics.
• Inventory levels prevented acute shortages, yet extended lead times and sanctions sustained cautious merchant buying.
• Export flows to Vietnam and Hong Kong increased, keeping FOB offers competitive against regional suppliers.
• Major producers operated nameplate rates with few outages, maintaining balanced supply and capping volatility downside.
Why did the price of Oxygen change in December 2025 in APAC?
• Port congestion, typhoon impacts and sanctions lengthened deliveries, increasing inland transport costs sustaining spot premiums.
• Elevated electricity and compliance charges nudged production cost inputs higher, reducing margin flexibility for suppliers
• Soft steel and construction demand lowered offtake; export demand and logistical friction prevented price declines.
Europe
• In Europe, the Oxygen Price Index moved marginally upward quarter-over-quarter, supported by higher energy costs and regional logistics tightness.
• Oxygen Spot Price firmed, particularly in inland markets, as winter-related transport constraints and higher fuel surcharges raised delivered costs.
• The Oxygen Price Forecast signals a steady-to-firm bias, with limited downside expected amid persistent energy cost pressures.
• The Oxygen Production Cost Trend remained elevated, driven by high electricity prices and compliance-related operating expenses.
• Oxygen Demand Outlook stayed subdued, as weak steel output and slower construction activity capped volume growth.
• The Oxygen Price Index was partially insulated from weak demand, as suppliers prioritized contract customers and managed merchant availability.
• Inventories were adequate, but extended delivery timelines in parts of Central and Eastern Europe supported spot premiums.
Why did the price of Oxygen change in December 2025 in Europe?
• Elevated power and utility costs raised air separation operating expenses.
• Winter logistics disruptions increased inland freight and handling costs.
• Weak steel demand limited upside, but cost inflation prevented price softening.
For the Quarter Ending September 2025
APAC
• In China, the Oxygen Price Index rose by 0.0% quarter-over-quarter, logistical disruptions offset weak demand.
• The average Oxygen price for the quarter was approximately USD 350.00/MT amid subdued industrial demand.
• Oxygen Spot Price remained low and supported by port congestion and delivery delays despite weak downstream activity.
• Oxygen Price Forecast indicates modest upside risk as energy cost pressures and stricter regulations persist.
• Oxygen Production Cost Trend reflects rising energy expenses and compliance costs, increasing baseline manufacturing costs.
• Oxygen Demand Outlook remains weak as steel and coating sectors underperform, limiting offtake and procurement.
• Oxygen Price Index remained stable as ample inventories offset logistical disruptions and seasonal consumption weakness.
• Export demand softness and destocking weighed on spot offers, discouraging merchants from pushing Oxygen prices.
Why did the price of Oxygen change in September 2025 in APAC?
• Heavy seasonal rainfall and flooding disrupted logistics, prolonging deliveries and supporting prices despite weak demand.
• Sufficient inventories and subdued steel production reduced offtake pressure, exerting downward influence on spot pricing.
• Higher energy and compliance costs raised production expenses, offsetting the price decline from weak demand.
North America
• In the United States, the Oxygen Price Index declined by quarter-over-quarter, reflecting subdued industrial demand and high inventories.
• Oxygen Spot Price softened in September as steel and construction sectors reduced offtake amid macroeconomic uncertainty.
• Oxygen Price Forecast remains neutral, with limited upside unless industrial activity rebounds in Q4.
• Oxygen Production Cost Trend eased slightly due to lower natural gas prices and improved liquefaction efficiency.
• Oxygen Demand Outlook was mixed—stable in healthcare and aerospace, but weak in automotive and coatings segments.
• Oxygen Price Index reflected oversupply and margin compression amid high inventory levels across Gulf Coast terminals.
• Spot market activity remained subdued, with traders cautious amid uncertain demand signals and steady domestic production.
Why did the price of Oxygen change in September 2025 in the USA?
• Weak demand from steel and construction sectors reduced spot buying, softening the Price Index.
• Lower energy costs and high inventories prompted price corrections across key distribution hubs.
• Competitive imports and slow recovery in industrial segments capped upward price movement.
Europe
• In Europe, the Oxygen Price Index rose by quarter-over-quarter, supported by seasonal healthcare demand and steady industrial consumption.
• Oxygen Spot Price firmed in September due to increased procurement from hospitals and metal processors amid tighter logistics.
• Oxygen Price Forecast remains cautiously bullish, with energy inflation and winter respiratory season expected to lift demand.
• Oxygen Production Cost Trend remained elevated due to high electricity tariffs and carbon compliance costs across Western Europe.
• Oxygen Demand Outlook was stable in healthcare and metallurgy, while chemical and environmental sectors showed moderate growth.
• Oxygen Price Index reflected disciplined production and reduced Asian imports, tightening regional availability.
• Inland transport delays and rising energy costs added pressure to delivered pricing, sustaining firm spot offers.
Why did the price of Oxygen change in September 2025 in Europe?
• Seasonal healthcare demand and restocking by metal processors lifted spot activity, supporting the Price Index.
• Elevated energy costs and carbon compliance obligations increased production expenses, sustaining firm pricing.
• Logistics constraints and reduced import flows tightened inventories, lifting spot prices across Northern Europe.
For the Quarter Ending June 2025
Asia-Pacific
• Oxygen Price Index in APAC saw an overall increase of 7.6% during Q2 2025, ending June at USD 355/MT FOB Shanghai (China). Prices rose by 3.0% in April and 4.4% in May due to tightened supply from maintenance shutdowns and logistical disruptions, before stabilizing in June amid subdued downstream demand and offsetting supply constraints such as monsoon-related port congestion and weather disruptions.
• Why did the price of Oxygen change in July 2025 in China?
• In early July, Oxygen prices in China remained stable. Soft demand from the steel and construction sectors was offset by tight supply fundamentals, stemming from port congestion, extreme weather events, and restrained plant operations.
• The Oxygen Production Cost Trend in China fluctuated throughout Q2 2025. In April and May, production costs increased due to high input prices, environmental restrictions, and maintenance shutdowns at key gas separation units.
• Oxygen Demand Outlook stayed weak across Q2 2025, especially from the steel and construction sectors. The steel sector—the largest consumer—reduced output significantly, with smelting volumes dropping for three consecutive months.
• The export momentum of Oxygen remained negligible as most Chinese supply was consumed domestically. The domestic market faced no significant inventory pressure, but exporters observed sluggish international inquiries, particularly due to limited global construction activity and a decline in galvanized sheet exports in May.
• Domestic procurement in China remained conservative throughout the quarter. Buyers, particularly from construction and metal fabrication sectors, limited purchases to short-term needs due to uncertain project pipelines, financial constraints, and seasonal lulls during holidays and monsoon disruptions.
North America
• Oxygen Price Index in the USA showed a modest increase during Q2 2025, due to a mild recovery in industrial activity and seasonal restocking. By June, prices largely stabilized as rising inventory levels met flattening demand from key downstream sectors like steel and infrastructure.
• Why did the price of Oxygen change in July 2025 in the USA?
• In early July, Oxygen prices remained stable across the U.S. Moderate industrial demand and soft construction activity were balanced by stable production rates and healthy stock levels.
• The Oxygen Production Cost Trend in the U.S. stayed relatively stable during Q2. Though energy prices were slightly elevated in April due to refinery outages on the Gulf Coast, most oxygen plants operated normally. By June, lower natural gas prices and stable electricity costs reduced the upward cost pressure for air separation units (ASUs), allowing manufacturers to maintain pricing discipline.
• Oxygen Demand Outlook in Q2 2025 remained mixed. Demand from the steel industry showed minor recovery as output rebounded from Q1 lows, though infrastructure-related consumption remained sluggish amid delays in federal funding rollouts. Medical-grade oxygen demand held steady, but did not significantly impact industrial pricing trends.
• The export momentum of Oxygen from the U.S. remained minimal during Q2, as most production was directed toward domestic consumption. Weak overseas demand for U.S.-sourced metal fabrication gases and stable Latin American markets limited export opportunities.
• Domestic procurement in the USA followed a cautious approach through Q2 2025. Construction and fabrication firms maintained just-in-time purchasing strategies due to weak order pipelines and tight working capital.
Europe
• Oxygen Price Index in Europe witnessed a marginal increase during Q2 2025, amid fluctuating energy costs and intermittent refinery maintenance activity.
• Why did the price of Oxygen change in July 2025 in Europe?
• In early July, Oxygen prices in Europe held steady. Modest industrial activity and subdued demand from the steel and construction sectors were offset by persistent structural constraints such as high energy tariffs and regional supply bottlenecks.
• The Oxygen Production Cost Trend in Europe fluctuated through Q2 2025. April and May saw elevated energy input costs due to carbon pricing volatility and high electricity rates across Germany and Central Europe. While natural gas prices eased by June, overall production costs remained higher than pre-2024 levels, especially for smaller air separation units with limited efficiency.
• Oxygen Demand Outlook remained weak across major EU countries throughout the quarter. Steelmakers operated below capacity due to muted automotive and construction demand, while infrastructure activity was constrained by inflationary pressures and delayed project rollouts. The medical sector maintained stable but non-influential volumes, leaving industrial oxygen demand largely underwhelming.
• The export momentum of Oxygen from Europe stayed limited in Q2 2025. High production and transport costs made EU-sourced oxygen less competitive in international markets.
• Domestic procurement in Europe remained restrained during the quarter. Buyers in sectors like metal fabrication, shipbuilding, and construction adopted cautious procurement strategies, favoring short-term contracts and local suppliers.
For the Quarter Ending March 2025
North America
In Q1 2025, oxygen prices in the North American region, particularly the USA exhibited a downward trend, reflective of various market dynamics. In January, prices saw a modest increase, driven by supply chain adjustments and seasonal demand variations amid harsh winter conditions. However, as February rolled in, a notable price drop occurred, influenced by a supply surplus and improved import efficiencies, particularly from Asian manufacturers. This decline was further supported by a significant reduction in freight costs, enhancing supply chain affordability.
By March, oxygen prices underwent a substantial decrease, attributed to weak downstream demand and a notable inventory accumulation. Despite pre-emptive buying by some firms anticipating tariff changes, overall consumption faltered due to project delays and subdued activity in construction, especially within residential sectors. The continuous inflow of imports and declining logistics costs contributed to further oversupply, leading market participants to adopt a cautious stance on procurement.
In summary, the significant fluctuations in oxygen prices during Q1 2025 mirrored broader trends in the construction sector, characterized by excess supply amidst inconsistent demand and economic uncertainty.
APAC
In Q1 2025, the oxygen market in the APAC region, particularly China experienced an upward price trend, driven by robust demand across healthcare and industrial sectors. In January, prices surged due to strong healthcare sector demand, with increased orders and exports reflecting growing consumer confidence. Despite moderate domestic production levels, sellers capitalized on this demand, successfully raising prices.
February continued this trend, propelled by heightened construction sector activity and robust steel production. Post-Lunar New Year recoveries and government investments in infrastructure projects significantly increased oxygen demand, particularly for steelmaking. Supply constraints emerged due to rising industrial consumption, maintaining elevated prices.
The trend persisted into March, with prices rising amid tightening supply and dwindling inventories, compounded by tariffs increasing production costs. Recovery in the real estate sector and escalating infrastructure projects further stimulated demand, particularly in steel manufacturing and related applications. Proactive ordering behaviors among buyers in anticipation of further price increases reflected positive market dynamics, establishing oxygen as a vital resource across industrial sectors. Overall, Q1 2025's oxygen market dynamics highlighted strong resilience amid evolving economic conditions in China.
Europe
In Q1 2025, the price trend for oxygen in the European region, particularly Germany closely mirrored the developments in the construction sector. January initiated the quarter with stable oxygen prices, supported by efficient manufacturing and moderate supply levels. The production levels remained consistent in response to the steady downstream, supporting the pricing stability.
February saw a slight uptick in oxygen prices primarily due to an increase in production costs influenced by rising feedstock prices. However, demand continued to lag as elevated inflation and high material costs hampered construction activities, leading to reduced purchasing of materials including Oxygen.
By March, oxygen prices stabilized once more, reflecting a balance between steady supply and subdued demand dynamics. Despite improvements in logistics and cheaper global freight rates, a sluggish construction sector, particularly in residential projects, curtailed replenishment activities thus limiting growth. Consequently, manufacturers remained cautious, with procurement limited primarily to immediate project needs rather than building up inventories. Overall, the market sentiment remained cautiously optimistic.
