April China LNG Import Hiked 13% Y-O-Y
According to CGAC's latest data, China’s LNG import volume hiked in April to 5.1 million tons, up 21.56% M-O-M and 12.91% Y-O-Y, while Australia recorded a historical high of per month export volume to China.
The total natural gas import volume of April reached 7.72 million tons, including 5.1 million tons of LNG and 2.63 million tons of PNG at the average price of $398.52/mt and $326.77/mt respectively.
The LNG import volume rebounded in March and peaked to the highest level of the off-peak season shows the fact that China’s national economy resumed fast from the coronavirus outbreak and ran stably with the optimistic prospect. The LNG import cost also dropped to a new low since October 2017, and with the bearish spot market and oil meltdown, it is estimated the import cost will continue to narrow and touch the bottom in July and August. Shored up by the low-cost advantage, it is expected that the LNG import will continue encroaching on domestic natural gas production and piped gas import, and China’s LNG import will remain flourishing in 2020.
Worth to mention that Australia’s LNG export to China recorded a historical new high this April by 2,798,049 metric tons from April 2019’s 2,788,795 metric tons. The January to April accumulative volume also reached 9.7 million tons, taking up 47.5% of China’s total LNG import.
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