Jun 2025 China LPG Import Arrivals See MOM Drop of 14.14%
According to SCI’s shipment data, China’s LPG import arrivals were about 2,395.9kt in June 2025, down 14.14% MOM, and mainly influenced by import costs, operating rates of deep-processing units, tariff policy, etc. China’s LPG import costs were relatively high in July 2025, and the deep-processing demand was normal. Accordingly, it is estimated that China’s LPG import arrivals may inch down in July 2025.
According to SCI’s shipment data, China’s LPG import arrivals were 2,395.9kt in June 2025, down 394.5kt or 14.14% MOM, and down 639.1kt or 21.06% YOY.
In June, the international LPG spot prices remained high. Israel-Iran tensions disrupted Hormuz Strait transit, while pre-existing high inventory at ports subdued procurement activity. Overall, China’s LPG import arrivals saw declines in June 2025.
According to SCI’s data, the operating rates of most deep-processing units moved upward. Post-tariff easing, traders’ feedstock concerns gradually subsided. Accordingly, the overall deep-processing unit operating rate rose notably. Therein, the operating rate of the light ends cracking industry dropped notably due to the unit shutdown. Overall, the demand for imported propane and butane improved. Backed by increments in operating rates of butane dehydrogenation and MA units, the demand for butane was stronger than that for propane.
In June 2025, China’s LPG import arbitrage became positive, and the PDH unit profits further weakened. The international LPG spot prices remained high in the first half of June in the wake of geopolitical situation. The international crude oil prices went down in the second half of June, weighing down the international LPG prices. Considering that sales of civil-use gas underperformed in June, the improvement in China’s LPG import arbitrage was limited. PDH unit profits dropped and then improved, hindering the market procurement.
The June CP significantly exceeded industry expectations, so China’s LPG import costs rose notably, weighing on the operation enthusiasm. Moreover, the former import volume was relatively high, so the port inventory was high. Accordingly, most importers intended to consume inventory in June 2025.
It is estimated that China’s LPG import arrivals in July 2025 will probably go down MOM. China’s LPG import costs went down in July due to the low July CP, supporting the procurement enthusiasm. However, China’s LPG demand was sluggish, as the civil-use gas market entered the consumption slack season. Importers consumed inventory slowly, so the overall procurement activity underperformed. Moreover, it is estimated that the operating rate of the deep-processing industry may be stable, giving thin support to imports. Overall, it is predicted that China’s LPG import arrivals may see minor declines in July 2025.
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