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Slow Industrial Demand Recovery Weighs On China’s LNG Demand

LNG

China’s LNG imports in May rose by 7.2% month on month to 7.7bcm, surpassing 2022 levels but imports lagged 2021 levels as a slow recovery of industrial demand and record high coal inventories weigh on spot prices, limting LNG imports, Refintiv data showed.

  • Coal stocks at major northern ports hit a record of above 30mn tonnes last week, 20-30% higher than 2021-2022, data from the China Coal Transportation and Distribution Association showed.
  • LNG demand received some support last month from an ongoing heatwave that boosts power demand for cooling.
  • Demand for LNG imports is not expected to pick up anytime soon as a slow recovery from Covid-19 weighed on demand, while declining exports dampen power demand from manufacturers, which around for around two-thirds of power use, analysts told Reuters.
  • "China has gotten used to using less LNG," said Alex Siow, gas analyst at ICIS said.
  • China is forecast to import 73mn metric tons of LNG this year, up by 15% year on year according to ICIS.
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