Shifting Dynamics in South Korea's Helium Market
- AKAP
- Sep 16, 2024
- 1 min read
South Korea experienced a record drop in imports from Qatar, its primary supplier, in Aug'24. LTM to Jul'24, volumes averaged 25mmcf/month, but in Aug'24, volumes fell 40% to 15mmcf. Meanwhile, Russian volumes remained strong, with a YTD to Aug'24 average of 3mmcf/month, while prices dropped to a record low of US$446/mcf, ~23% lower than pricing from Qatar and the US (the only two sources for South Korea pre-Russia). Notably, US prices are currently at YTD US$625/mcf, though US volumes have remained steady, averaging 11mmcf/month YTD, despite cheaper Russian options. This could be because Russia is producing at its current capacity or that there are limited buyers that are willing to take Russian helium in South Korea given wider sanction on Russia.