Global helium supply tightens as Qatar exports disrupted and Chinese imports plunge
Helium imports from Qatar to China have fallen to near zero amid the Iran War, while Russian imports also decline. Spot helium prices have roughly doubled in four months.
The global helium supply chain is facing severe strain. China's helium imports from Qatar have collapsed to nearly zero, down from a peak of ~65 million cubic feet in late 2025—the lowest on record. Imports from Russia have also fallen by 50 million cubic feet over the past two quarters, reaching ~38.5 million cubic feet, the lowest since Q3 2025.
The disruption is largely tied to the Iran War, which has interrupted exports from Qatar—a supplier of roughly 33% of global helium before the conflict. As a result, spot helium prices for immediate delivery have approximately doubled over the last four months.
Meanwhile, China has introduced new export controls on helium, despite not being a major producer itself. The country relies heavily on imports to support critical industries such as semiconductor manufacturing and medical equipment. China also serves as a key transit route for Russian helium into Europe, following restrictions on direct EU imports from Russia.
Source: The Kobeissi Letter