[SMM Hydrogen Cost Daily Review] 20251117

Published: Nov 18, 2025 17:15

I. Coal-to-hydrogen

Shandong anthracite transaction range [1720-1720], average hydrogen cost was [1.62 yuan/m³]

Hebei anthracite transaction range [1400-1400], average hydrogen cost was [1.42 yuan/m³]

Shanxi anthracite transaction range [920-920], average hydrogen cost was [0.97 yuan/m³]

Henan anthracite transaction range [1020-1020], average hydrogen cost was [1.10 yuan/m³]

II. Natural gas-to-hydrogen

Guangdong Eastern natural gas transaction range [4330-4340], average hydrogen cost was [2.08 yuan/m³]

Guangxi natural gas transaction range [3980-4130], average hydrogen cost was [1.95 yuan/m³]

Shanxi natural gas transaction range [4220-4360], average hydrogen cost was [2.06 yuan/m³]

Hebei natural gas transaction range [4350-4670], average hydrogen cost was [2.17 yuan/m³]

Shandong natural gas transaction range [4540-4720], average hydrogen cost was [2.00 yuan/m³]

Pearl River Delta natural gas transaction range [4340-4370], average hydrogen cost was [1.89 yuan/m³]

Hubei natural gas transaction range [4230-4530], average hydrogen cost was [1.90 yuan/m³]

Henan natural gas transaction range [4290-4470], average hydrogen cost was [1.90 yuan/m³]

Guizhou natural gas transaction range [4240-4470], average hydrogen cost was [1.89 yuan/m³]

Sichuan natural gas transaction range [4040-4400], average hydrogen cost was [1.83 yuan/m³]

Zhejiang natural gas transaction range [4510-4730], average hydrogen cost was [1.99 yuan/m³]

Inner Mongolia natural gas transaction range [4210-4480], average hydrogen cost was [1.88 yuan/m³]

Heilongjiang natural gas transaction range [4490-4590], average hydrogen cost was [1.96 yuan/m³]

III. Propane-to-hydrogen

Northeast propane transaction range [4000-4410], average hydrogen cost was [2.55 yuan/m³]

East China propane transaction range [4480-4540], average hydrogen cost was [2.71 yuan/m³]

Shandong propane transaction range [4540-4750], average hydrogen cost was [2.79 yuan/m³]

South China propane transaction range [4480-4630], average hydrogen cost was [2.73 yuan/m³]

IV. Hydrogen production from methanol

Northeast methanol transaction range [2410-2,430], with an average hydrogen cost of [2.21 yuan/m³]

East China methanol transaction range [2,015-2,220], with an average hydrogen cost of [2.02 yuan/m³]

Central China methanol transaction range [2,025-2,210], with an average hydrogen cost of [2.05 yuan/m³]

North China methanol transaction range [2,000-2,170], with an average hydrogen cost of [1.96 yuan/m³]

South China methanol transaction range [2,010-2,020], with an average hydrogen cost of [1.51 yuan/m³]

Northwest China methanol transaction range [1,630-2,080], with an average hydrogen cost of [1.41 yuan/m³]

Southwest China methanol transaction range [1,840-2,180], with an average hydrogen cost of [1.51 yuan/m³]

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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[SMM Hydrogen Cost Daily Review] 20251117 - Shanghai Metals Market (SMM)