After the surge in Russian volumes seen in China since Oct'23, we see volumes picking up in other parts of Asia as well. India has been importing ~2mmcf/month since Jan'24 and now, we see South Korea and Taiwan also starting to import from Russia. South Korea imported only 1-2mmcf in Q1'24 but in Apr'24, it imported 4.5mmcf. We have seen a similar surge in China, where imports started slowly and then tripled in a span of 2-3 months. Taiwan imported 1mmcf in Jan'24 and then 2mmcf in Mar'24. Like India and South Korea, these may also start increasing in the coming months. South Korean pricing from Russia has averaged at US$510/mcf YTD to Apr'24 while Taiwan is on the higher side at US$580/mcf. These prices are within the average price ranges from other suppliers for the respective countries.
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