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Air Products sees Chinese Helium Market Stabilising Following Lowered Pricing

Air Products reported its Q1’24 results on 30th April. It said that it continues to monitor economic uncertainties, including China's economy and activities in the electronic industry throughout Asia. However, it is beginning to see some potential improvement in the electronics market, especially in Asia, with its major customers’ volumes are picking up across nitrogen, argon, and especially helium. In terms of the helium market, Air Products is adjusting to business conditions in China and new Russian helium supply. That situation has stabilised and it expects a stable situation for the balance of the year. It has lowered prices to stabilise the situation. This is in line with our Chinese helium pricing estimates, which has fallen 20% y/y, YTD to Mar'24 to US$469/mcf. Russian volumes have entered the Chinese market at a low price (around US$400/mcf), which has compelled China's other major supplier, Qatar, to also lower prices to stay competitive. This trend is also seen across other Asian countries. Note: Qatar and Russia make up >90% of China's helium imports.

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