The Indian Gas Exchange (IGX) witnessed steady trading activity in July 2025, with the Indian Gas Price Index (GIXI) settling at ₹1,023 or $11.9 per MMBtu. This marked a 3% increase month-on-month (MoM), although it reflected an 8% decline year-on-year (YoY). The mild price rise on a monthly basis was driven by a correction in international gas prices and subdued demand from the domestic power sector, which has been a consistent trend over recent months.
Internationally, spot gas prices registered a mixed trend during July 2025. European and Asian benchmarks such as the Title Transfer Facility (TTF) stood at $11.7 per MMBtu, recording a 10% MoM decline but remaining 13% higher on a YoY basis. The West India Marker (WIM) was priced at $13.1 per MMBtu, while the U.S. Henry Hub (HH) settled at $3.3 per MMBtu, down by 10% MoM but significantly higher YoY, showing a 48% rise.
Regionally within India, GIXI-West was in line with the national average at ₹1,025 or $11.9 per MMBtu. However, GIXI-East and GIXI-South trailed slightly, with prices lower by 3% and 1% respectively, attributed primarily to transmission costs and tax differentials. GIXI at Dahej, one of the most active LNG terminals, stood at ₹1,009 or $11.7 per MMBtu, recording a 3% MoM rise. Notably, GIXI-Dahej was trading at a 15% discount ($1.7 per MMBtu) to the WIM-Ex Dahej benchmark for the same month.
IGX reported a total traded volume of 4.15 million MMBtu (equivalent to 105 MMSCM) in July 2025, showing a modest increase of 3% MoM and 2% YoY. The rise in volume was largely due to increased domestic gas sales from upstream producers. Of the total traded volumes, 47% were free market gas, while 53% was domestic high-pressure high-temperature (HPHT) gas traded at the government ceiling price of ₹867 or $10.04 per MMBtu. Additionally, nearly 5 MMSCM of domestic gas with pricing freedom was traded at delivery points such as Bokaro (CBM), KG Basin, and Hazira-ONGC.
During the month, IGX facilitated a total of 116 trades. The most active delivery points were Dahej for free market gas and Gadimoga for ceiling price gas. Other delivery points that saw significant activity included Jaya, Mhaskal, KG Basin, Bokaro, Dabhol, Hazira, and Hazira-ONGC. Among the different contracts, the Fortnightly segment witnessed the highest trading interest with 43 trades, followed by 28 trades in the Monthly contract, 16 in Day-Ahead, 11 in Intraday, and 9 trades each in Daily and Weekly contracts.
Exchange-traded gas deliveries during July totalled 6.3 million MMBtu, translating to an average of approximately 5.1 MMSCMD. In a positive development for the platform, Sanron Energy Private Limited joined IGX as a proprietary member, increasing the total number of registered members to 51. The exchange currently facilitates trading at 21 delivery points, comprising 6 LNG terminals, 12 domestic gas field landfall points, and 3 pipeline interconnections.
IGX offers a diverse range of delivery-based spot contracts including Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly (up to 12 months), as well as two long-duration contracts for 3-month and 6-month periods. These contracts are linked to key global and domestic benchmarks such as GIXI, Japan Korea Marker (JKM), West India Marker (WIM), and Dated Brent.
