The global helium supply chain is tightening: China's helium imports from Qatar have collapsed to near zero, from a peak of ~65 million cubic feet in late-2025, the lowest on record. Imports from Russia have declined -50 million cubic feet over the last 2 quarters, to ~38.5 million cubic feet, the lowest since Q3 2025. The drop comes as the Iran War disrupts exports from Qatar, which supplied ~33% of global helium before the conflict, As a result, spot helium prices for immediate delivery have roughly DOUBLED over the last 4 months. Meanwhile, China has introduced new export controls on helium, despite not being a major producer itself, as the country relies heavily on imports to supply critical industries, including semiconductor manufacturing and medical equipment. China has also been an important transit route for Russian helium into Europe since direct EU imports from Russia were restricted. Helium supply is being squeezed from multiple directions.(The Kobeissi Letter)