Air Products, a Tier One company, has announced a price increase for liquid and bulk industrial gas products for its merchant customers in North America.

The hike, effective from the 1st of March 2016, signifies a 20% increment for liquid argon (Ar), as well as a 15% rise for liquid and bulk hydrogen (H2).

Liquid oxygen (O2), liquid nitrogen (N2), liquid and bulk helium (He) and liquid carbon dioxide (CO2) will also see an increase of up to 10% in price.

In a press release, the company attributed the cost impact associated with the significant slowdown in the steel market, coupled with delivery costs and demand imbalance, as the reasons for the inflation.

Air Products also specified that some of the aforementioned price adjustments could vary based on specific situations.