May LPG Import Sees MOM Rise of 6.68%
According to GACC’s data, China’s LPG import volume was about 3,401.3kt in May 2025, up 6.68% MOM and up 6.14% YOY. Meanwhile, China’s LPG export volume totaled 90.4kt, up 15.28% MOM. China’s LPG import volume in May 2025 went up MOM, mainly influenced by the easing tariff policy.
May 2025 China LPG Import
Source: GACC
As seen from the table above, China’s propane import volume was 2,708.9kt in May, up 6.39% MOM and up 12.00% YOY. Moreover, the import volume of butane was 656kt in May, up 7.83% MOM and down 12.19% YOY. Meanwhile, China’s import volume of other LPG and olefins was relatively low. Besides, China’s import volume of liquefied ethylene, propylene, butylene and butadiene was 36.4kt, up 7.99% MOM and down 4.15% YOY.
According to SCI, the MOM increase in China’s May LPG imports was driven by the following factors. Following the Sino-U.S. trade conflict escalation, the May 13th tariff imposition deadline drove robust procurement enthusiasm among China’s traders for early-May arriving cargoes. Moreover, concentrated late-April vessel arrivals caused discharge delays, pushing partial shipments into early May. On May 12th afternoon, the Geneva Joint Statement initiated a 90-day tariff detente, reducing U.S. cargo levies to 10%. This elevated import feasibility and market activity, becoming a significant contributor to increased import volume.
According to China Customs, China imported LPG mainly from the U.S., the U.A.E., Oman, Qatar and Canada. Therein, the imported LPG volume from the U.S. and Middle East took up 81.79% of the total, down 9.7 percentage points MOM.
May witnessed significant shifts in proportions of import trade partners. Although the volume of LPG imported from the U.S. remained high, the overall proportion dropped somewhat due to rising hedging sentiment. Meanwhile, imports from Middle Eastern countries increased variably, proportions of LPG imports from other regions also rose, especially Canada, Russia, Japan and South Korea, indicating deepened import source diversification.
Main provinces and cities that imported most of LPG in May 2025 were Shandong, Zhejiang, Shanghai, Guangdong and Jiangsu. Therein, Shandong imported 893kt of LPG, ranking first and taking up 26.26% of the total. Meanwhile, LPG import volume in Zhejiang and Shanghai was 488.2kt and 457.2kt, taking up 14.35% and 13.44% of the total respectively.
May saw pronounced import increases in Shandong and Guangdong. Shandong’s growth stemmed from rising short-haul shipments imported from Japan and South Korea. Meanwhile, Guangdong’s surge reflected market pivoting toward Middle Eastern supplies, the primary LPG source for South China, where price and supply fluctuations significantly impacted the market. Anticipating bullish trends, South China traders aggressively scrambled for Middle Eastern cargoes. Their geographic and client network advantages further drove substantial supply growth in the region.
May 2025 China LPG Export
Source: GACC
In May, China’s LPG export volume totaled 90.4kt, up 12kt or 15.28% MOM and up 17.7kt or 24.32% YOY. Therein, the propane export volume was 36.4kt, up 10.51% MOM and up 19.79% YOY. Meanwhile, the butane export volume was 51.4kt, up 17.59% MOM and up 21.51% YOY. Moreover, there was limited LPG and olefins export. Besides, China’s export volume of liquefied ethylene, propylene, butylene and butadiene was relatively low in May.
In May 2025, China mainly exported LPG to Philippines, Vietnam, Hong Kong of China, Macao of China and Guam, and the volume of LPG exported to the above five countries or regions was 87.1kt or so, taking up 96.30% of China’s LPG export volume.
Although the June CP saw slightly declines, but the overall import costs were higher than expected in the wake of high premium. Meanwhile, China’s civil-use gas demand was sluggish. Accordingly, China’s LPG import arbitrage was negative, weighing on the purchasing enthusiasm. Besides, the geopolitical risk may influence the resource transportation, so it is predicted that China’s LPG import volume may go down in June 2025.
All information provided by SCI is for reference only, which shall not be reproduced without permission.
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