After entering China and India, Russian helium volumes have reached South Korea. The country imported 1mmcf in Jan'24 followed by 2mmcf in Feb'24 at prices of US$489/mcf and US$519/mcf respectively. This is similar to the trend seen in China beginning in Oct'23 when imports started surging. Russian volumes appear to be priced between the lower Chinese pricing (~US$400/mcf) and the higher Indian pricing (~US$800/mcf). It seems that Russia is aiming to gain a competitive edge against Qatar in the Chinese market with lower pricing, but this may not be the case in South Korea, where it is simply trying to enter the market. Overall, LTM imports were down 8% y/y averaging 39mmcf/month while LTM pricing averaged US$504/mcf (+28% y/y).
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