[SMM Hydrogen Cost Daily Review] 20251203

Published: Dec 4, 2025 09:15

I. Coal-to-Hydrogen

In Shandong, the coke transaction range was [1,720-1,720], and the average hydrogen cost was [1.6 yuan/m³].

In Hebei, the coke transaction range was [1,400-1,400], and the average hydrogen cost was [1.4 yuan/m³].

In Shanxi, the coke transaction range was [920-920], and the average hydrogen cost was [0.97 yuan/m³].

In Henan, the coke transaction range was [1,020-1,020], and the average hydrogen cost was [1.08 yuan/m³].

II. Natural Gas-to-Hydrogen

In eastern Guangdong, the natural gas transaction range was [4,330-4,340], and the average hydrogen cost was [2.08 yuan/m³].

In Guangxi, the natural gas transaction range was [4,200-4,510], and the average hydrogen cost was [2.07 yuan/m³].

In Shanxi, the natural gas transaction range was [4,020-4,240], and the average hydrogen cost was [1.99 yuan/m³].

In Hebei, the natural gas transaction range was [4,088-4,425], and the average hydrogen cost was [2.07 yuan/m³].

In Shandong, the natural gas transaction range was [4,410-4,640], and the average hydrogen cost was [1.96 yuan/m³].

In the Pearl River Delta, the natural gas transaction range was [4,340-4,370], and the average hydrogen cost was [1.89 yuan/m³].

In Hubei, the natural gas transaction range was [4,210-4,440], and the average hydrogen cost was [1.87 yuan/m³].

In Henan, the natural gas transaction range was [4,220-4,320], and the average hydrogen cost was [1.85 yuan/m³].

In Guizhou, the natural gas transaction range was [4,270-4,450], and the average hydrogen cost was [1.89 yuan/m³].

In Sichuan, the natural gas transaction range was [4,020-4,404], and the average hydrogen cost was [1.83 yuan/m³].

In Zhejiang, the natural gas transaction range was [4,350-4,740], and the average hydrogen cost was [1.96 yuan/m³].

In Inner Mongolia, the natural gas transaction range was [4,410-4,300], and the average hydrogen cost was [1.81 yuan/m³].

In Heilongjiang, the natural gas transaction range was [4,340-4,570], and the average hydrogen cost was [1.94 yuan/m³].

III.Propane-to-Hydrogen

In northeast China, the propylene oxide transaction range was [3,950-4,510], and the average hydrogen cost was [2.57 yuan/m³].

In east China, the propylene oxide transaction range was [4,540-4,640], and the average hydrogen cost was [2.75 yuan/m³].

In Shandong, the propylene oxide transaction range was [4,560-4,810], and the average hydrogen cost was [2.81 yuan/m³].

In south China, the propylene oxide transaction range was [4,770-4,810], and the average hydrogen cost was [2.84 yuan/m³].

IV. Hydrogen Production from Methanol

In Northeast China, the methanol transaction range was [2,420-2,440], with an average hydrogen cost of [2.21 yuan/m³].

In East China, the methanol transaction range was [2,120-2,360], with an average hydrogen cost of [2.1 yuan/m³].

In Central China, the methanol transaction range was [2,150-2,290], with an average hydrogen cost of [2.12 yuan/m³].

In North China, the methanol transaction range was [2,120-2,170], with an average hydrogen cost of [2 yuan/m³].

In South China, the methanol transaction range was [2,120-2,120], with an average hydrogen cost of [1.58 yuan/m³].

In Northwest China, the methanol transaction range was [1,560-2,100], with an average hydrogen cost of [1.39 yuan/m³].

In Southwest China, the methanol transaction range was [1,880-2,270], with an average hydrogen cost of [1.55 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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
[SMM Hydrogen Cost Daily Review] 20251203 - Shanghai Metals Market (SMM)