21 Jun 2021 | 08:58 UTC

CHINA DATA: May LNG imports rise 36% on year to 7.03 million mt

Highlights

Imports up 5% on month in May

Average price of LNG imported in May up 6% on month

China imported 7.03 million mt of LNG in May, up 5% month on month and 36% from a year earlier, latest data released by the General Administration of Customs, or GAC, showed June 21.

The year-on-year jump in LNG imports was due to stronger domestic demand as well as a lower base in May 2020, when China's economic activity and gas demand had not recovered after being hit by the coronavirus pandemic earlier last year.

The growth in May, however, was slower than that in April, mainly due to higher import costs for May-delivery cargoes which was believed to have discouraged some buying interest last month, trade sources said.

Some second-tier gas companies -- which in May obtained terminal slots from China Oil & Gas Piping Network Corp., or PipeChina -- were said have postponed the utilization of the slots due to high spot LNG prices, market sources said.

The average price of LNG imported by China in May, comprising both term and spot cargoes, was about $7.39/MMBtu on a delivered basis, up 6% from April, according to S&P Global Platts' calculations based on customs data.

Platts JKM -- the benchmark price for spot LNG in Northeast Asia -- averaged $7.02/MMBtu for May delivery, up 15.5% month on month, Platts data showed.

Meanwhile, pipeline gas imports were at 3.29 million mt in May, down 3.8% month on month and up 26.2% year on year, the customs data showed.

Pipeline gas imports from Russia fell by 45.5% month on month to 379,530 mt in May, according to the data.

No maintenance schedule was reported for the China-Russia natural gas pipeline eastern route, or the Power of Siberia in May. A source with state-owned PetroChina said that the May customs' figure could reflect the volumes imported from Russia in April as the pipeline was shut for spring maintenance over April 1-7.

The average price of pipeline gas imported by China was about $5.24/MMBtu in May, up 14.4% from $4.58/MMBtu in April.

CHINA NATURAL GAS IMPORTS ('000 MT):

Imports
May-21
May-20
% change
Apr-21
% change
LNG
7,032
5,178
35.8%
6,726
4.5%
Pipeline gas
3,291
2,608
26.2%
3,420
-3.8%
Total
10,323
7,785
32.6%
10,146
1.7%
Imports
Jan-May 2021
Jan-May 2020
% change
LNG
33,231
25,483
30.4%
Pipeline gas
16,550
14,638
13.1%
Total
49,782
40,120
24.1%

TOP NATURAL GAS SUPPLIERS TO CHINA ('000 MT):

Country
Grade
May-21
May-20
% change
Apr-21
% change
Australia
LNG
2,925
2,355
24.2%
3,056
-4.3%
Turkmenistan
Pipeline gas
2,006
1,592
26.0%
1,940
3.4%
Malaysia
LNG
875
432
102.8%
841
4.0%
US
LNG
758
332
128.6%
338
124.6%
Russia
LNG & pipeline gas
638
535
19.2%
962
-33.7%
Indonesia
LNG
569
274
107.3%
521
9.2%
Qatar
LNG
544
359
51.4%
545
-0.2%
Kazakhstan
Pipeline gas
480
424
13.1%
414
15.9%
Papua New Guinea
LNG
318
310
2.5%
307
3.6%
Myanmar
Pipeline gas
247
244
1.2%
263
-5.8%
Total*
10,323
7,785
32.6%
10,146
1.7%
Country
Grade
Jan-May 2021
Jan-May 2020
% change
Australia
LNG
13,359
12,009
11.2%
Turkmenistan
Pipeline gas
9,787
9,035
8.3%
Russia
LNG & pipeline gas
4,376
2,654
64.9%
Qatar
LNG
3,994
2,999
33.2%
Malaysia
LNG
3,726
2,157
72.7%
United States
LNG
2,877
551
422.1%
Indonesia
LNG
2,349
1,954
20.2%
Kazakhstan
Pipeline gas
2,099
2,431
-13.6%
Papua New Guinea
LNG
1,384
1,219
13.5%
Myanmar
Pipeline gas
1,304
1,300
0.3%
Total*
49,782
40,120
24.1%

Source: China's General Administration of Customs

*Includes other countries

Editor:

Pritish Raj