The global argon gas price trend experienced pronounced year-on-year declines in late 2024, driven primarily by sustained oversupply conditions and stable energy prices across major producing regions. According to data assessed under CIF Nhava Sheva benchmarks, liquid argon gas prices remained under heavy downward pressure throughout the final quarter of the year, reflecting weakened industrial demand and increased production capacity.In October 2024, argon gas prices dropped to 419 USD/MT, marking a steep 28% YoY decline compared to 586 USD/MT in October 2023. This significant reduction stemmed from consistent oversupply in international markets, as air separation units (ASUs) operated at high output levels despite softer demand from steelmaking, electronics, and metal fabrication industries. Additionally, stable energy prices contributed to reduced production costs, further anchoring lower price levels.
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The downward trajectory intensified in November 2024, when prices fell to 415 USD/MT, representing a dramatic 40% YoY decline from 692 USD/MT in November 2023. Market analysts highlighted that increased inventories, limited export opportunities, and slow recovery in manufacturing sectors contributed to price stagnation. Buyers continued adopting a cautious procurement approach, relying on existing stocks rather than initiating fresh bulk purchases, which kept market liquidity subdued.
By December 2024, argon gas prices remained stagnant at 415 USD/MT, still showing a substantial 38% YoY drop compared to 673 USD/MT in December 2023. Despite slight improvements in downstream activities toward year-end, supply levels continued to outweigh demand, restricting any upward price movement. The persistent global surplus of industrial gases, coupled with moderate energy expenses and limited disruptions in logistics, added to the overall price softness.
Expert Market Research predicts that argon gas prices in 2025 are likely to remain low, with oversupply expected to continue influencing market behavior. Unless significant capacity adjustments or unexpected surges in industrial consumption occur, price recovery may be gradual and limited. The outlook also reflects steady operating rates among producers and consistently moderate power costs, which reduce pressure on production expenses and, in turn, cap potential price increases.
Despite these downward trends, marginal improvements may emerge if global manufacturing activity strengthens or if producers recalibrate output to stabilize supply-demand dynamics. Industries such as welding, steel processing, semiconductor manufacturing, and specialty chemicals will remain key consumption segments to watch as they have the potential to shift market momentum.
As the global argon gas market moves into 2025, stakeholders are encouraged to monitor procurement strategies, inventory levels, and industrial performance indicators closely. These elements will play a pivotal role in shaping short-term pricing behavior and identifying potential stabilization opportunities.