China LNG Imports Fall to Lowest Since Covid Hit Demand in 2020
(Bloomberg) -- China's liquefied natural import gas imports fell to a five-year low last month on weak demand and higher European prices luring cargoes there.
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Inward shipments were at 4.5 million tons for the month, according to Kpler data, resulting in China coming in behind Japan as the biggest importer for the second month in a row. Asia's largest economy took the least LNG since early 2020 when Covid-19 shut down many factories and curbed demand, forcing Chinese buyers to declare force majeure.
It's been a relatively warm winter in China, and there are ample supplies in storage and industrial demand is fairly low, said Wei Xiong, head of China gas research at Rystad Energy. The brimming inventories are likely to continue to weigh on imports through the end of the heating season, she said.
Some Chinese gas firms have been reselling spot cargoes over the past few months to take advantage of more attractive prices abroad, particularly in Europe.
Reselling activity is expected to remain high in 2025, following the imposition of the 15% tariff by China on US LNG, Xiong said.
--With assistance from Will Wade.
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