SunSirs: Due to Negative Factors, Domestic LNG Prices Fell (March 20-24)
March 28 2023 13:51:54 SunSirs (John)
Price trend
According to data monitoring by SunSirs, as of March 24th, the average price of LNG in China was 4,252 RMB/ton, a decrease of 3.58% compared to the average price of 4,412 RMB/ton on March 20th.
Analysis review
Domestic LNG prices continued to decline this week. Cost support weakened due to lower feed gas prices. Under cost pressure, domestic LNG prices had been continuously lowered. As of the 24th, the market had sufficient supply and terminal demand was weak. The heating season in the north was about to end, industrial operating rates was low and t oversupply in the market was significant. Affected by the continuous price reduction of domestic LNG, imported LNG also followed the downward trend. Under the influence of negative factors, domestic LNG prices had fallen to a low level.
Market outlook
LNG analysts from SunSirs believe that the domestic LNG market had been in a downturn recently, with weak downstream demand and overall oversupply in the market. It is expected that the domestic LNG market will continue to be weaker in the short term.
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