3月︱工業氣體（tǐ）起步（bù）回升，但路途（tú）艱辛

隨越來越多的工廠開（kāi）始複工、市場信心提升，工業氣體市場3月份全（quán）麵（miàn）回升。

Industrial gases markets advanced broadly in March as more factories restarted and sentiment improves.

經曆了一（yī）個多（duō）月的封閉隔阻（zǔ）後，國內新冠病毒的擴（kuò）散在3月份（fèn）得到了抑製。經濟重（chóng）新成為了關注的中（zhōng）心，為之，國家實（shí）施了一係列（liè）的貨幣和財政支持和刺激政策。除湖北外，大多數工廠企業已經複（fù）工。但受到員工延期（qī）到位和缺人、供應鏈斷損、訂單減少以及因其它許多國家為抑製（zhì）病毒蔓延采取關停（tíng）和封閉措施後引發全球經濟環境不（bú）斷惡化等因素的影響，生產和貿易恢複常態的進展（zhǎn）艱（jiān）難。雖然需求仍然非常疲軟，但由（yóu）華東和華南率（lǜ）先，工業氣體產品的消耗需求出現了緩慢但明確的恢複。

After more than a month of shutdowns and lockdowns, the rampage of the novel coronavirus appears to be under check in China in March. Economy is back in focus. And for that, a series of supportive and stimulating monetary and fiscal policy actions has been taken. Except in Hubei, most factories and businesses have reopened. Yet, getting back to normalcy in production and trading has been a difficult journey due to delayed arrivals and lack of workers, interruptions in supply chains, lack of orders and, lately a growingly gloomier global economic environment as a big part of the rest of the world shutters and pauses to contain the spread of the virus. Led by Eastern and Southern China, consumption demand for industrial gas products has slowly but surely recovered, though it remains very soft.

華東和其它少數地（dì）區的工業氣體生產3月份（fèn）略有增加，除此以外（wài），生產狀況的變化不（bú）大。

Production of industrial gas products expanded slightly in Eastern China and a few other regions but was otherwise little changed in March.

主要由於市場信（xìn）心的提升，外銷液（yè）氧（LO2）、液氮（LN2）、液（yè）氬（LAr），特別是液氬價格3月內明顯反彈，但交易量很小。

Principally lifted by market sentiment, merchant liquid oxygen (LO2), liquid nitrogen (LN2) and liquid argon (LAr), particularly argon pricing rebounded in March though volume was still very dry.

市場表現（數據：e-Gas）（至2020年3月31日）

上海（hǎi）：液氬價格收高（gāo）300元/T（60%）至800/T，但（dàn）與去年同期相比減少了250/T（23.8%）；液氧價格與上月持平，仍為600/T，同比下降250/T（29.4%）；液氮亦平收600/T，同比下滑150/T（20%）。

Market performance (data: e-Gas) as of March 31, 2020

Shanghai: liquid argon closed RMB 300/T (60%) higher to 800/T, but this was 250/T (23.8%) lower if compared to the same time last year; liquid oxygen was flat at 600/T, or 250/T (29.4%) less YoY; and liquid nitrogen price was also unchanged at 600/T, or 150/T (20%) lower YoY.

江（jiāng）蘇：液氬上行270/T（46.6%）至850/T，同比下降150/T（10%）；液氧（yǎng）價格提高100/T（25%）至500/T，同比減少（shǎo）300/T（37.5%）；液氮價格小幅攀高20/T（4.4%）至470/T，同比下跌150/T（24.2%）。

Jiangsu: liquid argon jumped 270/T (46.6%) to 850/T, or 150/T (15%) less YoY; liquid oxygen climbed 100/T (25%) to 500/T, or 300/T (37.5%) lower than a year ago; and liquid nitrogen edged up 20/T (4.4%) to 470/T, or 150/T (24.2%) less YoY.

浙江：液氬走高150/T（18.8%）至950/T，同比降（jiàng）低150/T（13.6%）；液氧上升50/T（9.1%）至600/T，同比減（jiǎn）少100/T（14.3%）；液氮價格跳高100/T（20%）至600/T，與2019年3月末相同。

Zhejiang: liquid argon hiked 150/T (18.8%) to 950/T, or 150/T (13.6%) lower YoY; liquid oxygen price improved 50/T (9.1%) to 600/T, or 100/T (14.3%) less YoY; and liquid nitrogen jumped 100/T (20%) to 600/T, the same as at the end of March in 2019.

山東：液氬價格增加200/T（40%）至700/T，同比下降200/T（22.2%）；液氧上漲（zhǎng）200/T（57.1%）至550/T，但同比（bǐ）降低200/T（26.7%）；液氮大（dà）幅升高250/T（83.3%）至550/T，同比提高了100/T（22.2%）。

Shandong: liquid argon rallied 200/T (40%) to 700/T, or 200/T (22.2%) less YoY; liquid oxygen price rose 200/T (57.1%) to 550/T, or 200/T (26.7%) lower YoY; and liquid nitrogen price soared 250/T (83.3%) to 550/T, or 100/T (22.2%) better YoY.

華（huá）北：液氬收漲（zhǎng）250/T（71.4%）至600/T，但同比下降了100/T（14.3%）；液氧價格提高200/T（57.1%）到550/T，同比減（jiǎn）少200/T（26.7%）；液氮（dàn）價格上升100/T（33.3%）至400/T，同比則（zé）有50/T（11.1%）的跌幅。

Northern China: liquid argon vaulted 250/T (71.4%) higher to 600/T, or 100/T (14.3%) less YoY; liquid oxygen leapt 200/T (57.1%) to 550/T, or 200/T (26.7%) lower YoY; and liquid nitrogen climbed 100/T (33.3%) to 400/T, or 50/T (11.1%) weaker YoY.   

e-Gas預期，製造（zào）活動的恢複將推（tuī）動4月份工業氣體需求的進（jìn）一步（bù）改善，但由於內外（wài）經濟（jì）較（jiào）大的不（bú）確（què）定性，外銷市場將（jiāng）震蕩波動（dòng）。

e-Gas expect recovering manufacturing activities to drive further improvement in demand for industrial gases in April, but we see increasing volatilities in merchant markets amid great external and internal economic uncertainties.