What is driving the recent surge in liquid argon prices and how long can it last?

What is driving the recent surge in liquid argon prices and how long can it last?
Since May 2026, liquid argon prices have climbed over 135% nationally by August, with year-on-year gains exceeding 155%. The supply side is the primary constraint: summer heat reduces air separation unit operating rates, equipment failures increase, and multiple major producers scheduled maintenance simultaneously. Critically, argon is a byproduct of oxygen and nitrogen production, so output cannot be independently adjusted to meet demand. Regional shortages are exacerbated by the logistical limits of cryogenic transport. On the demand side, stainless steel and specialty steel production remain steady, while photovoltaic monocrystalline silicon pulling and semiconductor wafer fabrication are expanding, creating rigid demand for high-purity electronic-grade liquid argon. Premium grades command increasingly higher premiums, pulling the entire market upward.