Global helium trade flow fell 20% to 152mmcf in Jun'24 vs Jan-May'24 average due to weak Asian demand. China, the biggest consumer, experienced a 20% decrease during this period as well. Recent Chinese PMI data indicates sluggish manufacturing activities, which also impact related helium industries. Weak helium exports to Asia were seen from Qatar and the US whose exports to Asia fell 23% and 32% respectively compared to the Jan-May'24 average. However, Russian volumes to Asia reached record levels of 35mmcf (+19% for the same period) as Russia ramps up production from Amur. We have already seen countries like China trying to replace Qatari and US volumes with Russian helium. The June trend might suggest a transition, with Qatar and US Asian contracts ending while Russian imports remain robust.
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