Imported LNG prices in China showed a slight downtrend due to the continuous price decrease of domestically-produced LNG, despite a reduction in the imports arriving at ports, according to OilChem.
China's 14 LNG terminals received a total of 20 cargoes or 1.38 million tonnes of LNG during the week ended December 14, a decrease of 21.67% compared to last week's 1.76 million tonnes. However, the imported LNG prices dropped 0.94% from the prior week to Yuan 6,037/t, far less significant than the 11.30% decline in the prices of domestically-produced LNG, data from OilChem showed.
The price decrease in the imported LNG was attributed to the contantly falling domestically-produced LNG prices, as the snowfall in the north part of China curbed vehicle transportations, forcing LNG plants to cut the prices to maintain optimal inventory levels.
In addition, with the expectation of long-term snowfall, low-priced domestically-produced LNG strongly lashed imported goods in view of regional arbitrage. For example, the delivery price of domestically-produced LNG, which flowed from the Southwest China into the South China, was much lower than the local imported LNG prices, weighing on imported LNG sales in South China.
Looking ahead, a total of 19 cargoes are expected to arrive at 10 domestic LNG terminals next week, with a volume of 1.29 million tonnes. Moreover, with the snowy season in the north gradually weakening, domestically-produced LNG prices will definitely have a significant rebound on smooth transportations, and at that time, imported LNG sales will also have an obvious improvement.
Imported LNG Arrivals at Ports
Arrival Date |
Place of Origin |
Receiver |
Quantity (t) |
Dec 8 2023 |
Australia |
CNOOC Yuedong LNG Terminal |
75,500 |
Dec 8 2023 |
Indonesia |
CNOOC Shenzhen Diefu LNG Terminal |
76,400 |
Dec 8 2023 |
Papua New Guinea |
PetroChina Rudong LNG Terminal |
77,400 |
Dec 10 2023 |
Qatar |
PetroChina Dapeng LNG Terminal |
95,400 |
Dec 10 2023 |
Malaysia |
Shanghai Yangshan LNG Terminal |
64,300 |
Dec 10 2023 |
Australia |
CNOOC Zhuhai LNG Terminal |
72,200 |
Dec 11 2023 |
US |
CNOOC Tianjin LNG Terminal |
74,300 |
Dec 11 2023 |
Trinidad and Tobago |
CNOOC Shenzhen Diefu LNG Terminal |
74,700 |
Dec 11 2023 |
Indonesia |
Sinopec Tianjin LNG Terminal |
72,200 |
Dec 11 2023 |
US |
Sinopec Tianjin LNG Terminal |
74,800 |
Dec 11 2023 |
Indonesia |
PetroChina Putian LNG Terminal |
64,400 |
Dec 12 2023 |
Qatar |
PetroChina Caofeidian LNG Terminal |
61,900 |
Dec 12 2023 |
Australia |
Sinopec Qingdao LNG Terminal |
75,600 |
Dec 13 2023 |
Russia |
CNOOC Shenzhen Diefu LNG Terminal |
66,100 |
Dec 13 2023 |
Qatar |
CNOOC Zhejiang Ningbo LNG Terminal |
58,800 |
Dec 13 2023 |
Australia |
Sinopec Beihai LNG Terminal |
62,700 |
Dec 13 2023 |
Nigeria |
Shanghai Yangshan LNG Terminal |
66,300 |
Dec 14 2023 |
Malaysia |
PetroChina Hainan LNG Terminal |
8,300 |
Dec 14 2023 |
Australia |
CNOOC Guangdong Dapeng LNG Terminal |
64,000 |
Dec 14 2023 |
Qatar |
Sinopec Qingdao LNG Terminal |
95,700 |
Source: OilChem
China LNG Prices
Source: OilChem
Written by Sunny Fang, fss@oilchem.net
Edited by Aggie Hu, huchenying@mysteel.com