We track shipment level data for India, which gives us insight into the trends of end users and industrial gas companies. Individual cargo (ISO size) Indian helium import data show that some end-user customers have been paying up to US$1,300/mcf of liquid helium this year. This is 2-3x higher than the average import price in the country, which YTD to Jun'23 averaged US$595/mcf (+55% y/y) - longer-term contract pricing has also been moving higher. Indian subsidiaries of large industrial gas companies import helium at fairly consistent pricing, which can be seen in the chart below. For instance, one industrial gas company has imported at the same price of US$330/mcf for 3 years. Recently, given the rise in prices, it has bumped it up to US$435/mcf. However, it may well be selling at multiple times this amount to end users in the domestic market in India given what some end-users are having to pay for individual ISOs.
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