Guosen: Qatar's helium supply disruption leads to focus on alternative gas sources and rising helium prices.

Guosen released a research report stating that the major helium producing and exporting countries in the world include the United States, Qatar, Russia, and Algeria. In recent years, China's dependence on helium imports has reached nearly 90%. The attack on the Ras Laffan Industrial City in Qatar has led to a global shortage of approximately 30% of helium supply, with no definite timeline for the resumption of production in the industrial city, causing domestic helium prices to continue to rise. To ensure the security of China's helium supply chain, it is necessary to diversify sources of helium imports, expand helium storage and transportation capacity, and develop domestic helium extraction industries. Guosen's main points are as follows: Events: On March 2, 2026, the operational facilities of Qatar Energy Company in Ras Laffan and Mesaieed Industrial City were subjected to military attacks, leading to the cessation of LNG and related product production. On March 18-19, 2026, Ras Laffan Industrial City was once again attacked by missiles, resulting in fires and damage to two main LNG production lines and supporting facilities. Ras Laffan Industrial City is the largest LNG production and export complex in the world, as well as the largest LNG terminal for shipping. It is a core LNG supply source for Europe and Asia markets and one of the largest commercial helium production bases globally, with no set timeline for resumption of operations. The majority of global helium resources come from countries such as the United States, Qatar, Russia, and Algeria, accounting for 88% of global helium resources according to the US Geological Survey. The main helium producing countries and their respective shares in 2024 according to Lonzhong Information are: the United States 44%, Qatar 34%, Russia 9%, and Algeria 6%. China's import dependence on helium resources is high, with import sources continually changing. Calculations by the General Administration of Customs and Sublime China Information show that China's helium import dependence was around 87% in 2024-2025. The main import sources of helium for China are Qatar, Russia, and the United States. Due to complex international relations, China's imports from the United States have been decreasing annually, while imports from Qatar and Russia have been increasing. With the completion of helium plants in Russia starting in 2022, China's helium imports from Russia have rapidly increased to 44% in 2025, up 43.4% from 2022. The attack on Ras Laffan Industrial City in Qatar has caused a global shortage of around 30% of helium supply, with no definite timeline for the resumption of operations in the industrial city, leading to an increase in domestic helium prices. As of March 31, 2026, the mainstream transaction price for high-purity helium in China ranged from 80-146 RMB/m, an increase of 19-56 RMB/m compared to before the conflict. The average price for bottled high-purity helium in Jiangsu province reached 725 RMB per bottle, an increase of 150 RMB per bottle. It is expected that due to the time needed for the resumption of operations at Ras Laffan Industrial City, helium prices in China will continue to rise. To ensure the security of China's helium supply chain, it is necessary to diversify helium import sources, expand helium storage and transportation capacity, and develop domestic helium extraction industries. In addition to Qatar, Russia's helium production has rapidly developed in recent years. From 2021-2023, factories such as Amour-1 in Russia's Amur region and the Yakutsk refining plant were put into operation. It is expected that from 2024-2030, factories such as Amour-2, Amour-3, and Yarakt in Russia will be successively put into operation, boosting Russia's supply capacity in the global helium market. Russian gas can be transported to China by land, and since 2024, China's imports of Russian gas have rapidly increased, providing a certain level of stability to the Chinese market. Furthermore, with the rapid development of China's high-tech enterprises and the increasing importance of supply security in the electronic industry chain under geopolitical risks, multiple government agencies have conducted surveys on China's helium resources since 2018. Enriched helium resources have been found in oil and gas fields in the Tarim Basin, Chaidamu Basin in western China, Sichuan Basin in central China, Inner Mongolia Erdos Resources Basin, Bohai Bay Basin in eastern China, and North Jiangsu Basin. Since 2019, China's helium production capacity has entered a stage of vigorous development. According to Sublime China Information, China's helium production capacity reached 14.66 million cubic meters in 2025, with a compound annual growth rate of 116% from 2019-2025. China's helium production reached 4.63 million cubic meters in 2025, with a compound annual growth rate of 90% from 2019-2025.