[SMM Hydrogen Cost Daily Review] 20251124

Published: Nov 25, 2025 17:15

I. Coal-Based Hydrogen Production

The transaction range for anthracite in Shandong was [1,720-1,720] yuan, with an average hydrogen cost of [1.61 yuan/m³].

The transaction range for anthracite in Hebei was [1,400-1,400] yuan, with an average hydrogen cost of [1.42 yuan/m³].

The transaction range for anthracite in Shanxi was [920-920] yuan, with an average hydrogen cost of [0.98 yuan/m³].

The transaction range for anthracite in Henan was [1,020-1,020] yuan, with an average hydrogen cost of [1.10 yuan/m³].

II. Natural Gas-Based Hydrogen Production

The transaction range for natural gas in Eastern Guangdong was [4,330-4,340] yuan, with an average hydrogen cost of [2.08 yuan/m³].

The transaction range for natural gas in Guangxi was [4,200-4,510] yuan, with an average hydrogen cost of [2.07 yuan/m³].

The transaction range for natural gas in Shanxi was [4,290-4,330] yuan, with an average hydrogen cost of [2.06 yuan/m³].

The transaction range for natural gas in Hebei was [4,368-4,585] yuan, with an average hydrogen cost of [2.16 yuan/m³].

The transaction range for natural gas in Shandong was [4,480-4,720] yuan, with an average hydrogen cost of [1.99 yuan/m³].

The transaction range for natural gas in the Pearl River Delta was [4,340-4,370] yuan, with an average hydrogen cost of [1.89 yuan/m³].

The transaction range for natural gas in Hubei was [4,200-4,500] yuan, with an average hydrogen cost of [1.88 yuan/m³].

The transaction range for natural gas in Henan was [4,300-4,420] yuan, with an average hydrogen cost of [1.89 yuan/m³].

The transaction range for natural gas in Guizhou was [4,210-4,470] yuan, with an average hydrogen cost of [1.88 yuan/m³].

The transaction range for natural gas in Sichuan was [4,090-4,420] yuan, with an average hydrogen cost of [1.85 yuan/m³].

The transaction range for natural gas in Zhejiang was [4,450-4,730] yuan, with an average hydrogen cost of [1.98 yuan/m³].

The transaction range for natural gas in Inner Mongolia was [4,210-4,480] yuan, with an average hydrogen cost of [1.88 yuan/m³].

The transaction range for natural gas in Heilongjiang was [4,460-4,620] yuan, with an average hydrogen cost of [1.96 yuan/m³].

III. Propane-to-hydrogen production

Northeast propane transaction range [4030-4510], average hydrogen cost was [2.59 yuan/m³]

East China propane transaction range [4490-4530], average hydrogen cost was [2.71 yuan/m³]

Shandong propane transaction range [4520-4730], average hydrogen cost was [2.78 yuan/m³]

South China propane transaction range [4510-4590], average hydrogen cost was [2.72 yuan/m³]

Four. Methanol-to-hydrogen production

Northeast methanol transaction range [2400-2420], average hydrogen cost was [2.20 yuan/m³]

East China methanol transaction range [2060-2240], average hydrogen cost was [2.04 yuan/m³]

Central China methanol transaction range [2050-2200], average hydrogen cost was [2.06 yuan/m³]

North China methanol transaction range [1960-2120], average hydrogen cost was [1.93 yuan/m³]

South China methanol transaction range [2030-2050], average hydrogen cost was [1.53 yuan/m³]

Northwest China methanol transaction range [1550-2090], average hydrogen cost was [1.39 yuan/m³]

Southwest China methanol transaction range [1820-2130], average hydrogen cost was [1.49 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] 20251124 - Shanghai Metals Market (SMM)