Since June, the global helium market has faced its worst supply crisis in a decade. A triple blow—U.S. Federal Reserve sales cut by 33%, persistent delays from Russia's Amur plant, and summer maintenance on three Qatar lines—has sent spot prices to $850 per thousand cubic feet, up 212% year-to-date.

Semiconductors, healthcare, and aerospace are hit hard. TSMC and Samsung have rationed helium, cutting some mature-node output by 15%; U.S. hospitals suspend non-emergency MRIs; three July rocket launches are postponed. AGA president says "this crisis far exceeds 2012 levels."

Governments act fast. The U.S. adds helium to its critical minerals list; the EU approves a "European Helium Corridor"; China aims to raise self-sufficiency from 18% to 35% by 2027. Analysts expect the shortage to last until Q4, with long-term relief relying on recycling technology.