An index to help companies in Europe trading low-carbon hydrogen products has been created by Argus.

The Argus EU Low-carbon Ammonia Benchmark (EULAB) is the mass-balanced, all-in cost of low-carbon (“blue”) ammonia delivered to the ports of Rotterdam, Amsterdam, or Antwerp (ARA).

In January 2026, the CBAM (Carbon Border Adjustment Mechanism) will be introduced, requiring importers to buy certificates. These certificates will cover the carbon emissions embedded in products imported from outside the EU. The cost of these certificates will increase each year.

‘Green’ products are currently being prioritized by European policy makers, but it’s anticipated that marine fuel and power generation will drive demand for blue ammonia, due to cost and availability. A huge benefit of ammonia is that it can be split into hydrogen and nitrogen, allowing the hydrogen to be used in other industrial and energy applications.

It is expected that the US will become a significant production hub for blue ammonia exports to Europe over the next decade. The newly launched EULAB index has been built from US Gulf coast autothermal reforming ammonia production, which uses local power prices, carbon capture and storage, and Henry Hub-priced natural gas. This process leaves Medium Gas Carrier vessels delivering ammonia to Europe.

A clear market reference is provided by the EULAB index, this reference can be applied to products of any origin which are delivered into Europe. Adjustments can be made to the reference to account for carbon intensities of other product technologies whether they are higher or lower.

Already the index has proven the necessity for a benchmark that is responsive and representative. Throughout the last 12 months the index has witnessed a high/low variation of 65%, alone, it fluctuated within a €269/t range.

Media chairman and chief executive Adrian Binks commented, “Our new EULAB offers price transparency and will help market participants manage input cost volatility.”