工业气体市场4月大多上涨，液氩（LAr）普遍上行，部分地区的液氧（LO2)、液氮（LN2）价格上升但在华南一些地方下降。
Industrial gases markets advanced mostly in April, liquid argon (LAr) rallied broadly, liquid oxygen (LO2) and nitrogen (LN2) also edged up in many regions but weakened in a few locations in the South.
随着国内公布Covid-19病例的不断下降，绝大多数企业和工厂已经复工，少数行业的生产已接近春节前的水平。但由于社会消费仍有很大克制、出口市场严重萎缩，许多行业仍尚未全面恢复生产，一些甚至进一步收缩。工业气体产品，包括液体产品消耗需求的回升犹豫不决、程度不大。
As China reports less and less Covid-19 cases, most businesses and factories have reopened in April, and productions in a few industries have slogged back to near pre-Spring Festival levels. But stymied by restrained consumer spending and cratered export markets, businesses in many industries are yet to recuperate fully, some were slashed further. Consumption demand for industrial gas products, including liquid products, recovered hesitantly and only marginally.
缺少量上的支撑，4月内不少地方又有空分装置停产或降负荷运行，气体生产下降。由于库存液位原本较低，许多地方的液氩供应收紧，但南方部分区域的液氧、液氮供应明显增加。
Lacking volume support, production assets were shuttered or turned down, and production of gas products in many locations declined in April. Whilst liquid argon supply has fallen in most regions due to low initial inventory stockpiling, oxygen and nitrogen supply topped up in parts of Southern China.
受担心供应紧张的影响，液氩价格上下摇摆但普遍收涨。同样受供应因素的推动，大部分地区的液氧、液氮价格有所上升，但华南和东南一些地方的氧、氮价格回落。
Liquid argon swayed about but ended higher in most locations due to perceived reductions in supply. Also functions of supply, liquid oxygen and nitrogen moved up in most locations, but softened in South and Southeastern China.
市场表现（数据：e-Gas）（至4月30日）
上海：液氩价格收涨200元/T（25%）至1000/T，但相比去年同期下降了400/T （28.6%）；液氧上升50/T（8.3%）至650/T，同比降低200/T（23.5%）；液氮价格提高50/T（8.3%）至650/T，同比减少100/T（13.3%）。
Market performance(data: e-Gas) as of April 30
Shanghai: liquid argon closed RMB 200/T (25%) higher to 1000/T, but that was 400/T (28.6%) lower if compared to that at the same time last year; liquid oxygen edged up 50/T (8.3%) to 650/T, or 200/T (23.5%) less YoY; and liquid nitrogen added 50/T (8.3%) to 650, or 100/T (13.3%) lower YoY.
江苏：液氩上行100/T（11.8%）至950/T，但同比下降400/T（29.6%）；液氧价格升高100/T（20%）至600/T，同比减少200/T（25%）；液氮上涨50/T（10.6%）至520/T，同比下滑100/T（16.1%）。
Jiangsu: liquid argon stepped up 100/T (11.8%) to 950/T, or 400/T (29.6%) less YoY; liquid oxygen leapt 100/T (20%) higher to 600/T, or 200/T(25%) lower YoY; and liquid nitrogen settled 50/T (10.6%) more to 520/T, declining 100/T (16.1%) YoY.
浙江：液氩上升100/T（10.5%)至1050/T，同比下跌400/T（27.6%）；液氧仍维持在600/T不变，同比减少100/T（14.3%）；液氮价格提高50/T（8.3%）至650，同比亦有50/T（8.3%）的升幅。
Zhejiang: liquid argon price improved 100/T (10.5%) to 1050/T, or 400/T (27.6%) less YoY; liquid oxygen price was unchanged at 600/T, or 100/T (14.3%) lower YoY; and liquid nitrogen advanced 50/T (8.3%) to 650/T, also 50/T (8.3%) better YoY.
山东：液氩爬高150/T（21.4%）至850/T，同比下降150/T（15%）；液氧价格平收550/T，但同比减少350/T（38.9%）；液氮维持550/T不变，或与去年同期相同。
Shandong: liquid argon climbed up 150/T (21.4%) to 850/T, or 150/T (15%) less YoY; liquid oxygen was flat at 550/T, or 350/T (38.9%) lower YoY; and nitrogen price was also unchanged at 550/T, the same as a year ago.
华北：液氩攀升100/T（16.7%）至700/T，同比下降200/T（22.2%）；液氧价格上涨200/T（36.4%）到750/T，但同比降低200/T（21.1%）；液氮价格本月未有变化，仍为400/T，比2019年4月末减少了100/T（20%）。
Northern China: liquid argon rallied 100/T (16.7%) to 700/T, fallen 200/T (22.2%) YoY; liquid oxygen surged 200/T (36.4%) to 750/T, or 200/T (21.1%) lessYoY; and liquid nitrogen was unchanged at 400/T, representing a drop of 100/T (20%) from that at the end of April in 2019.
e-Gas预期，工业气体需求会在5月继续缓慢回升，但因有大量的停产产能伺机进场，价格上升的空间有限。
e-Gas expect demand for gas production to continue to increase gradually in May, but we see limited market upside in consideration of the scope of slack capacities that await impatiently to be unleashed.
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