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Base Year
Historical Period
Forecast Period
Carbon monoxide prices in Germany, the highest-cost reporting region, fell 6.0% across 2025, declining from USD 0.50/KG in Q1 to USD 0.47/KG by Q4 as methane feedstock cost softness and weak European chemical synthesis demand weighed on the market. Globally, the average fell from USD 0.370/KG to USD 0.365/KG, a 1.4% decline, with a volatile alternating pattern. For the remainder of 2026, a global average of USD 0.36-0.46/KG is expected, with recovery on Middle East natural gas supply disruptions and growing acetic acid and carbonylation sector demand.
Carbon monoxide is produced industrially by the partial oxidation of natural gas or light hydrocarbons in the steam reforming and autothermal reforming processes, as a component of synthesis gas alongside hydrogen, or by the gasification of coal and coke in integrated chemical complexes. The largest pull comes from acetic acid production via the Monsanto or Cativa carbonylation process, where carbon monoxide and methanol react to produce acetic acid at high rates. Additional demand comes from oxo synthesis or hydroformylation of olefins to produce aldehydes and alcohols for plasticiser and detergent alcohol manufacturing, isocyanate production via phosgene carbonylation, and polycarbonate synthesis. Natural gas and methane feedstock costs, acetic acid and carbonylation sector demand, and regional production capacity all feed into the price.
The balance of supply and demand for carbon monoxide through the rest of 2026 leans cautiously firm. Natural gas and methane feedstock costs firmed from Middle East LNG supply disruptions. Acetic acid and oxo synthesis demand is recovering with improving chemical and polymer sector activity.
The main upside risk is a sharp natural gas cost increase alongside accelerating acetic acid and carbonylation sector demand growth. The main downside risk is continued soft European chemical synthesis activity and adequate methane supply that limits global price recovery.
| Region | 2026 Price Range (USD/KG) | Outlook |
| Global Average | 0.36 - 0.46 | Natural gas firming and acetic acid demand support tone |
| United States | 0.38 - 0.48 | Steady acetic acid and oxo synthesis demand holds firm |
| China | 0.24 - 0.34 | Large coal gas capacity keeps it the most affordable |
| Germany | 0.50 - 0.60 | High energy costs keep it the most expensive |
| India | 0.36 - 0.46 | Growing acetic acid and carbonylation demand holds a firm middle |
US carbon monoxide prices averaged USD 0.40/KG in Q1 2026, up 11.1% from USD 0.36/KG in Q4 2025. Middle East LNG supply disruptions raised natural gas feedstock costs sharply. Acetic acid and oxo synthesis sector procurement maintained consistent buying through the quarter.
Why did the price of Carbon Monoxide change in Q1 2026 in the United States?
Middle East LNG supply disruptions raised natural gas feedstock costs sharply, elevating the steam reforming production cost floor. Acetic acid and oxo synthesis sector procurement lifted buying from carbon monoxide producers. Isocyanate and polycarbonate sector demand provided additional consistent buying support.
Chinese carbon monoxide prices averaged USD 0.31/KG in Q1 2026, up 10.7% from USD 0.28/KG in Q4 2025, the lowest among the tracked markets. Post-Lunar New Year acetic acid and chemical synthesis restocking lifted procurement. Firmer domestic natural gas and coal costs raised the production floor despite large domestic gas production capacity.
Why did the price of Carbon Monoxide change in Q1 2026 in China?
Post-holiday acetic acid and chemical synthesis restocking lifted procurement. Firmer domestic natural gas and coal feedstock costs raised the production cost floor. Large domestic coal gas and steam reforming capacity kept China the most affordable source despite the quarterly recovery.
German carbon monoxide prices averaged USD 0.53/KG in Q1 2026, up 12.8% from USD 0.47/KG in Q4 2025, the highest among the tracked markets. Elevated European natural gas and energy costs sharply elevated steam reforming production expenses. Recovering acetic acid and carbonylation sector demand maintained consistent buying.
Why did the price of Carbon Monoxide change in Q1 2026 in Germany?
Elevated European natural gas and energy costs sharply raised steam reforming production expenses. Middle East LNG disruptions added supply premiums to European gas markets. Recovering acetic acid, oxo synthesis, and isocyanate sector demand maintained consistent procurement from European chemical producers.
Indian carbon monoxide prices averaged USD 0.41/KG in Q1 2026, up 10.8% from USD 0.37/KG in Q4 2025. Growing acetic acid and carbonylation chemical sector demand supported buying. Firmer import-linked natural gas and LNG costs raised the production floor through the quarter.
Why did the price of Carbon Monoxide change in Q1 2026 in India?
Growing acetic acid and carbonylation chemical sector demand lifted procurement. Firmer import-linked natural gas and LNG feedstock costs raised the production floor. Middle East LNG freight premiums elevated the landed cost of natural gas feedstock for domestic steam reforming operations.
US carbon monoxide prices averaged USD 0.36/KG in Q4 2025, declining on the quarter. Year-end chemical synthesis procurement moderation and soft natural gas costs reduced buying urgency. The market eased near USD 0.36/KG into year-end.
Why did the price of Carbon Monoxide change in Q4 2025 in the United States?
Year-end acetic acid and chemical synthesis procurement moderation reduced buying urgency. Soft natural gas feedstock costs eased the production cost floor. Adequate domestic supply maintained comfortable availability near USD 0.36/KG.
Chinese prices averaged USD 0.28/KG in Q4 2025, declining on the quarter. Seasonal chemical synthesis demand moderation and large domestic coal gas capacity maintained downward pressure. Soft natural gas costs eased the market near USD 0.28/KG.
Why did the price of Carbon Monoxide change in Q4 2025 in China?
Seasonal chemical synthesis demand moderation reduced procurement urgency. Large domestic coal gas and steam reforming capacity maintained competitive pricing. Soft natural gas costs eased the production floor near USD 0.28/KG.
German prices averaged USD 0.47/KG in Q4 2025, declining on the quarter. Reduced chemical synthesis procurement and softer natural gas costs eased the European production floor near USD 0.47/KG.
Why did the price of Carbon Monoxide change in Q4 2025 in Germany?
Reduced acetic acid and carbonylation sector procurement slowed buying. Softer natural gas feedstock costs eased the European production cost floor. Adequate domestic supply maintained balance near USD 0.47/KG.
Indian prices averaged USD 0.37/KG in Q4 2025, declining modestly. Seasonal chemical synthesis demand moderation and softer natural gas import costs reduced buying urgency near USD 0.37/KG.
Why did the price of Carbon Monoxide change in Q4 2025 in India?
Seasonal acetic acid and chemical synthesis demand moderation reduced procurement urgency. Softer import-linked natural gas and LNG costs eased the production floor. The market eased near USD 0.37/KG into year-end.
Global carbon monoxide prices showed a volatile alternating pattern through 2025, with a Q2 decline, a Q3 chemical synthesis season recovery, a Q4 softening, and a sharp Q1 2026 surge. The average fell from USD 0.370/KG in Q1 2025 to USD 0.363/KG in Q2, recovered to USD 0.370/KG in Q3, eased to USD 0.365/KG in Q4, then surged to USD 0.413/KG in Q1 2026, a net gain of about 11.6% over the window. Natural gas feedstock cycles and acetic acid and carbonylation sector demand dynamics drove the pattern.
| Quarter | Price (USD/KG) | QoQ Change | Direction |
| Q1 2026 | 0.413 | +13.2% | ↑ Rising |
| Q4 2025 | 0.365 | -1.4% | ↓ Falling |
| Q3 2025 | 0.370 | +1.9% | ↑ Rising |
| Q2 2025 | 0.363 | -1.9% | ↓ Falling |
| Q1 2025 | 0.370 | - | - Stable |
| Q2 2026 | In Progress | - | - In Progress |
Carbon monoxide prices showed a broadly declining but volatile pattern through 2025. The global average opened at USD 0.370/KG in Q1 and closed near USD 0.365/KG in Q4, a full-year decline of about 1.4%. Alternating acetic acid and chemical synthesis demand cycles and natural gas feedstock cost swings created the characteristic quarterly oscillation through the year.
US prices fell from about USD 0.38/KG in Q1 2025 to USD 0.36/KG by Q4, a decline of 5.3%. Soft natural gas costs and weaker chemical synthesis demand weighed on H2 despite the brief Q3 acetic acid sector recovery.
Chinese prices firmed from roughly USD 0.25/KG in Q1 2025 to USD 0.28/KG by Q4, a gain of 12.0%, the strongest in the dataset. Growing domestic acetic acid and chemical synthesis demand drove the consistent firming. China held the lowest price level throughout.
German prices fell from about USD 0.50/KG in Q1 2025 to USD 0.47/KG by Q4, a decline of 6.0%. Soft European chemical synthesis demand and lower natural gas costs weighed on the market. Germany maintained the highest price level throughout.
Indian prices firmed from roughly USD 0.35/KG in Q1 2025 to USD 0.37/KG by Q4, a gain of 5.7%. Growing acetic acid and carbonylation chemical sector demand drove the consistent firming through the year.
Expert Market Research: Your Source for Real-Time Carbon Monoxide Price Intelligence
Expert Market Research tracks carbon monoxide prices continuously across every major producing and consuming region. The team traces causation through natural gas and methane feedstock economics, acetic acid and carbonylation sector demand cycles, and regional steam reforming capacity. Contact Expert Market Research today for carbon monoxide pricing data, bespoke market analysis, and strategic procurement advisory.
Acetic acid production via the Monsanto or Cativa carbonylation of methanol takes the largest share. Oxo synthesis or hydroformylation of olefins for plasticiser and detergent alcohol production, isocyanate synthesis via phosgene, and polycarbonate production also consume significant volumes globally.
The Q1 2026 average was USD 0.40/KG in the United States, USD 0.31/KG in China, USD 0.53/KG in Germany, and USD 0.41/KG in India. Germany remains the highest-priced market due to elevated European natural gas and energy costs.
The global average fell from USD 0.370/KG in Q1 2025 to about USD 0.365/KG in Q4, a full-year decline of around 1.4%. A volatile alternating quarterly pattern reflected competing chemical synthesis demand cycles and natural gas feedstock cost dynamics.
Acetic acid and chemical synthesis demand cycles created alternating quarterly procurement moves. Natural gas feedstock cost swings from LNG market dynamics amplified the pattern throughout the year.
The global average is expected in the USD 0.36 to 0.46/KG range for the rest of 2026, with recovery on firmer natural gas feedstock costs and growing acetic acid and carbonylation sector demand globally.
Germany sits highest on natural gas and energy costs, the United States and India hold a firm middle on acetic acid and carbonylation demand, and China prices lowest on large domestic coal gas and steam reforming capacity.
For real-time pricing intelligence, contact the Expert Market Research team directly.
Prices respond mainly to natural gas and methane feedstock costs, acetic acid and oxo synthesis demand cycles, and steam reforming capacity utilisation. Middle East LNG supply events and chemical sector investment cycles are key near-term signals.
Carbon monoxide is produced captively at integrated chemical complexes across North America, Europe, and Asia Pacific. Any natural gas or coal cost shift ripples across carbon monoxide markets within one to two quarters.
Buyers can use quarterly trends and forecasts to time acetic acid and oxo synthesis feedstock contracts around demand cycles, build cover when natural gas signals tightening, and monitor LNG import costs as the primary upstream feedstock signal.
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