Russian helium imports in China began to increase in Oct'23, with new records being set almost every month. Starting with 7mmcf in Oct'23, volumes have risen almost 4x to ~28mmcf by Feb'24. Each month, we observe a new province commencing trade with Russia, although it still appears to be dominated by the Guangdong and Shanghai Provinces, which account for 70% of the trade. Regarding pricing, we believe that Russia's strategy in China is to undercut prices from other suppliers to grab more market share, with an average price of ~US$415/mcf. The Shandong Province imported Russian volumes at US$791/mcf in February 2024, but this might be an anomaly. It is also noteworthy that Russian volumes seem to be replacing Qatari volumes, although we will need to observe this trend over the next few months to confirm it.
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