Liquid oxygen:

In March, the average price of liquid oxygen in China was RMB 401 per tonne, up 14.57% month-on-month but down 13.58% year-on-year. On the supply side, Longzhong Data’s survey of more than 240 domestic producers showed total liquid-oxygen output of about 510,000 tonnes, a 4% increase from the previous month. In March, air-separation capacity utilization fluctuated upward, leading to a modest rise in liquid-oxygen supply; upstream producers were eager to ship, resulting in limited inventory pressure. On the demand side, demand remained solid in the first half of the month, with brisk trading and sustained price increases; however, demand began to soften in the latter half, putting downward pressure on shipments from upstream suppliers and leading to inventory build-up, which in turn triggered a decline in prices.

Longzhong forecasts that the liquid oxygen market in April 2025 will likely trade in a range-bound manner, with prices expected to experience mild fluctuations. On the supply side, according to Longzhong’s data-driven research and projections, new air separation units are slated to come on stream in East China in the coming period, and overall capacity utilization is expected to rise steadily, leading to a gradual increase in liquid oxygen output. This will put upward pressure on manufacturers’ inventories, prompting operators to focus primarily on shipments. On the demand side, liquid oxygen prices are likely to remain stable in the first half of April; however, as the peak steel season approaches in the latter half, demand for liquid oxygen should receive a modest boost. Taken together, Longzhong projects that the average price of liquid oxygen in April 2025 will be around RMB 410 per tonne.

Liquid nitrogen:

Since March, the liquid nitrogen market has followed an “inverted U” price trend, with average prices trending upward. In the first and middle parts of March, maintenance activities in many regions led suppliers to shift from a supply-driven to a demand-driven stance, resulting in supply-demand imbalances and upward price pressure in numerous markets. By the latter half of the month, the initial positive impact of earlier maintenance in several areas gradually faded, giving way to a mixed performance of price increases and decreases; liquid nitrogen prices briefly declined before rebounding, supported by temporary surges in local demand in regions such as Shaanxi and Shanxi. As of March 31, the monthly average price of liquid nitrogen stood at RMB 415 per tonne, up 8.36% month-on-month but down 9.19% year-on-year.

In April, the liquid nitrogen market across various regions is expected to show mixed price movements, with average prices edging higher. April coincides with the Spring Festival maintenance period, during which conditions vary by region: some areas continue to undergo maintenance, leading to lower capacity utilization, while in other areas maintenance has concluded, resulting in increased supply. Meanwhile, demand is on an upward trajectory. Accordingly, Longzhong Information forecasts a modest price increase for the liquid nitrogen market in April, with the monthly average price potentially reaching RMB 420 per tonne.

Liquid argon:

This month, the liquid argon market has continued its upward trend. In the first half of the month, price increases in southern China dominated, driven by improving end-user demand that supported a rebound in regional prices. The upward price momentum spread from coastal to inland regions and from south to north; in northern China, reduced supply combined with price hikes in neighboring areas spurred a halt to the decline and a subsequent rebound. In the middle and latter part of the month, bolstered by improving downstream demand and favorable supply-side constraints, prices nationwide rose steadily.

In April, the liquid argon market is expected to trend steadily upward. The downstream photovoltaic installation rush is forecast to peak in April; driven by policy measures, downstream PV procurement volumes are anticipated to rise, thereby providing further support for liquid argon demand. Meanwhile, most production units are scheduled for maintenance in April, leading to a reduction in supply. With supply contracting and demand expanding, this dynamic will further underpin a steady price increase.

Carbon dioxide:

In March, the average national price of carbon dioxide in China was RMB 319 per tonne, down 0.60% month-on-month and 6.18% year-on-year. The nationwide average price of carbon dioxide edged lower during the month. On the supply side, as March began, carbon-dioxide producers became more active, with increased instances of plant start-ups and shutdowns; overall, capacity utilization rose slightly, up 0.98% month-on-month. On the demand side, cooler temperatures and the Spring Festival holiday dampened downstream demand for dry ice and oilfield well injection, resulting in weaker support for the carbon-dioxide market. Consequently, supply and demand dynamics diverged.

In April, as the weather gradually warms up, manufacturers are resuming operations one after another or launching new production facilities, leading to improved supply-and-demand dynamics. Downstream sectors such as oilfield well injection, mechanical welding, and large-scale chemical production are also restarting post-holiday, boosting demand. Consequently, prices are likely to rise slightly, with overall price movements expected to be modestly upward. The average domestic price in April is forecast to reach RMB 330 per tonne.