For the Quarter Ending March 2026
Oxygen Prices in APAC
- In China, the Oxygen Price Index rose by 2.46% quarter-over-quarter, reflecting marginal net gains from demand uptick.
- The average Oxygen price for the quarter was approximately USD 361/MT, on FOB Shanghai during seasonal demand.
- Oxygen Spot Price softened in March due to weaker steel demand and elevated port iron ore inventories.
- Oxygen Price Forecast anticipates mild recovery as industrial activity normalises, subject to energy-cost and logistics pressures.
- Oxygen Production Cost Trend remained stable as subsidised electricity contained expenses despite rising LNG and diesel shipping premiums.
- Oxygen Demand Outlook is moderate; steel sector cautious production reduces immediate consumption growth despite seasonal medical and industrial restocking.
- Oxygen Price Index reflected balanced market conditions with ample ASU availability, port congestion and steady export enquiries.
- Major producers ran at normal rates, consolidation improved efficiency, limiting sharp upside despite geopolitical freight cost pressures.
Why did the price of Oxygen change in March 2026 in APAC?
- Sufficient ASU output and high iron ore stocks reduced downstream oxygen demand, pressuring spot prices.
- Higher energy and shipping costs from Strait of Hormuz disruptions increased marginal production expenses, capping producers' pricing flexibility.
- Pre-Lunar New Year port congestion and cautious steel mill restarts limited urgent purchasing and softened March demand.
Oxygen Prices in North America
- In the United States, the Oxygen Price Index remained stable-to-slightly firm quarter-over-quarter, supported by steady industrial activity and balanced ASU operating rates.
- The average Oxygen market tone stayed stable, with medical and industrial consumption holding consistent through the quarter.
- Oxygen Spot Price softened slightly in March as steel production moderated and downstream mills reduced short-term oxygen pull.
- Oxygen Price Forecast signals mild upward pressure, driven by higher logistics costs, energy-linked inflation, and seasonal industrial restocking.
- Oxygen Production Cost Trend remained mostly steady, as electricity-linked costs were contained despite rising diesel and LNG transportation premiums.
- Oxygen Demand Outlook stayed moderate, supported by medical, fabrication, and industrial gas applications, though steel sector caution limited stronger gains.
- The Oxygen Price Index reflected balanced supply conditions, with ample ASU output and stable domestic distribution networks.
- U.S. producers operated normally, though freight delays and elevated insurance premiums added mild cost pressure to delivered offers.
Why did the price of Oxygen change in March 2026 in the USA
- Softer steel production reduced short-term oxygen demand, pressuring spot sentiment.
- Higher logistics, diesel, and LNG-linked transportation costs increased marginal delivered costs.
- Balanced ASU output and stable inventories limited volatility, keeping prices mostly steady with slight firmness.
Oxygen Prices in Europe
- In Europe, the Oxygen Price Index moved slightly higher quarter-over-quarter, supported by energy-linked cost inflation and steady industrial consumption.
- The average Oxygen market tone remained balanced-to-firm, with medical and fabrication demand holding stable despite weaker steel output.
- Oxygen Spot Price softened in early March but stabilized as port congestion and longer transit times tightened regional distribution.
- Oxygen Price Forecast anticipates mild upward pressure, driven by elevated electricity costs, freight inflation, and geopolitical-linked logistics risks.
- Oxygen Production Cost Trend increased as power prices, LNG premiums, and diesel freight rates rose across European industrial hubs.
- Oxygen Demand Outlook remained moderate, supported by medical gases, welding, fabrication, and industrial maintenance cycles.
- The Oxygen Price Index reflected steady ASU availability, though regional logistics inefficiencies added mild tightness.
- European producers operated normally, but energy-cost volatility and port delays limited downward price movement.
Why did the price of Oxygen change in March 2026 in Europe
- Rising electricity and freight-linked costs increased production and delivered expenses, supporting firmer offers.
- Port congestion and longer transit times constrained prompt supply, limiting spot softness.
- Moderate industrial and medical demand kept procurement steady, preventing deeper price declines.
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.
