Russian Volumes Reach India; Prices hit US$800/mcf

As Russia ramps up Amur production, increasing helium volumes are being seen imported in Asian countries. After China, India is looking like a prospective target market for Russia given the geographical proximity and as it has been a big crude oil buyer despite western sanctions on Russia. In Nov-Dec'23, ~3 ISO containers were shipped into India at prices ranging from US$650/mcf to US$800/mcf. This is more expensive than the average monthly price paid for Qatari volumes, which YTD to Oct'23 stood at ~US$560/mcf. The Russian price range is also higher than what was seen in China where Russian imports were cheaper than Qatari imports, but notably that was backed by larger volumes. We have not seen Russia exports from Amur make it further afield as yet but data from elsewhere is yet to come in for late 2023.

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