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Chinese LNG Imports See Strong Growth This Summer

LNG vessel

China imported 4.53 million mt of liquefied natural gas (LNG) in June 2019, up 14.9% year on year and 10,000 mt or 2.3% month on month, data from the General Administration of Customs (GAC) shows.

The imports accounted for 60.2% of China’s total natural gas imports, an increase of 5.8 percentage points year on year and 1.6 percentage points month on month.

China’s imports of natural gas in June were 7.52 million mt, up 3.4% year on year and down 40,000 mt or 0.5% month on month. The country imported 2.99 million mt of gaseous natural gas (GNG) in the month, down 10.3% year on year and 140,000 mt or 4.5% month on month.

The import value of natural gas was $3.10 billion in June, up 7.9% year on year, while that of LNG and GNG were $2.01 billion and $1.09 billion, respectively, up 9.7% and 4.8% year on year.

It is calculated that the natural gas import price averaged $412/mt in June, up $4.1/mt or 1.0% month on month, while that of LNG and GNG averaged $443.7/mt and $363.9/mt, respectively, up $0.9/mt or 0.2% and $5.4/mt or 1.5% month on month. Related: Oil Flat, Seesaws On Demand Fears

China exported 230,000 mt of GNG in June, up 4.5% year on year and 60,000 mt or 35.3% month on month. The export value was $120 million, up 6.0% year on year, data from GAC shows.

It can be calculated that GNG export price averaged $512.6/mt in June, down $18.1/mt or 3.4% month on month.

From January to June, China accumulatively imported 46.92 million mt of natural gas, up 11.6% year on year, including 28.37 million mt of LNG and 18.55 million mt of PNG, up 19.3% and 1.6% year on year, respectively.

The import value was $21.10 billion in the period, up 27.7% year on year, and that of LNG and PNG were $14.32 billion and $6.78 billion, respectively, up 31.5% and 20.3% year on year.

China exported 1.06 million mt of GNG in total in the first six months of this year, flat year on year, with the export value up 8.0% year on year to $500 million.

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By JLC International

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