IGX traded volume reaches 40.7 million MMBtu marking a 72% Y-oY increase in the 1st half of this fiscal

The Indian Gas Exchange (IGX) recorded a trading volume of 40.7 million MMBtu (1,026 MMSCM) in the first half of fiscal year 2026, a 72% year-on-year increase. Of the total volume, 42% was free-market gas and 58% came from domestic HPHT gas at ceiling prices, with 1,031 trades conducted.

Indian Gas Exchange (IGX), during the first half of the fiscal year 2026, traded a record volume of 40.7 million MMBtu (1,026 MMSCM), marking a 72% increase on a year-on-year basis. During H1FY’26, out of the 40.7 million MMBtu traded volume, around 42% was free-market gas and 58% was domestic HPHT gas at the ceiling price. A total of 1,031 trades were executed in H1FY26. The most liquid contract was the monthly contract, accounting for 64% of the total volume, followed by fortnightly (12%), day-ahead (8%), weekly (7%), daily (4%), intraday (3%), six-month (1%), and three-month (1%). The most active delivery point was Gadimoga (44% of total trades), followed by Dahej (17%).

In September ’25 IGX achieved a monthly trade gas volume of 5.8 million MMBtu (145 MMSCM), marking an 88% increase on a year-on-year basis. The growth was primarily driven by power sector demand, with 40% of the volume traded in intraday and day-ahead contracts in September ’25, comprising 51 trades in intraday and 30 trades in day-ahead contracts. Around 81% of the traded volume was free-market gas, while 19% was domestic HPHT gas at the ceiling price (₹889 or $10.04/MMBtu). Nearly 10.6 MMSCM of domestic gas with pricing freedom was traded by producers at Bokaro (CBM), KG Basin, and Hazira-ONGC delivery points. Selan Exploration Technology Limited became the fifth domestic producer to sell its volume through IGX during the month.

Indian Gas Exchange’s benchmark price index, GIXI®, for September 2025 was ₹1,040/$11.8 per MMBtu, down 9% YoY and up by 3% MoM. Prices trended downward, in line with international markets, due to lower gas demand. International prices also declined in September 2025 compared to August 2025, with European and Asian spot gas benchmarks as follows: TTF at $11/MMBtu (down 1% MoM, 7% YoY) and WIM-Ex Dahej at $12.1/MMBtu (down 2% MoM, 13% YoY), while US Henry Hub was higher at $3/MMBtu (up 5% MoM, 28% YoY).

GIXI®-West was ₹1,046/$11.8 per MMBtu, similar to GIXI®-All India, whereas GIXI®-East and GIXI®-South were lower by 10% and 8%, respectively, due to transmission and tax differentials. GIXI®-Dahej for September 2025 was ₹1,015/$11.5 per MMBtu, similar to the previous month. GIXI®-Dahej traded at a discount of $1.3/MMBtu (11%) compared to the WIM-Ex Dahej settled price for September 2025.

 A total of 176 trades were executed in September 2025. The most active delivery point for free-market gas was Dabhol, while Mallavaram was the most active for ceiling-price gas. Other active delivery points included Dahej, Jaya, Mhaskal, Gadimoga, KG Basin, Bokaro, and Hazira-ONGC. During the month, 51 trades were executed in intraday contracts, followed by 41 in daily, 35 in monthly, 30 in day-ahead, 10 in fortnightly, and 9 in weekly contracts.

Exchange-traded deliveries were 6.6 million MMBtu (~5.5 MMSCMD) during the month.