India's helium demand was weak in 2022, despite strong economic growth, as we believe it struggled to compete for volumes from Qatar, due to the global helium shortage. Volumes dropped by 9% y/y in 2022, to ~120mmcf, with the weakest volumes seen in December, when imports fell to 7mmcf. Qatari imports were particularly weak last year falling 14% y/y. Qatari pricing averaged U$381/mcf in 2022, which was +15% y/y. Our database of individual ISO shipments shows some shipments selling for well over US$1,000/mcf in 2022. Growth in imports is expected over the next two years considering the start-up of new transfill facilities by AirLife and space tourism companies planning operations by 2024.
Indian helium imports by exporter (mmcf)
Note: Singapore imports are likely to be re-exports from Singapore to India