Based on shipment level import data that we track for India, we have seen 3 ISOs of helium arriving from Russia in early April at a price of >US$700/mcf. There have been 9 cargos imported up until early April at an average price of close to US$700/mcf. Another interesting data point is showing that for the first time in history, Qatar Energy has directly exported a cargo under its own name into India. Although Qatar is the major supplier to India, all previous cargoes have been shown coming from third parties such as Linde and Air Liquide. We believe that this is a sign that Qatar is becoming more active in marketing its own helium volumes rather than relying on the industrial gas companies.
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