SunSirs: Domestic LNG Prices Plummeted Significantly in March
April 06 2023 09:48:23 SunSirs (John)
Price trend
According to data monitoring from SunSirs, as of March 31, the average price of LNG in China was 4,344 RMB/ton, compared to the price of 6,036 RMB/ton on March 1, the price of LNG in China decreased by 28.03% this month.
Analysis review
According to the weekly increase and decrease from January 9, 2022 to March 27, 2023, it can be seen that domestic LNG experienced a significant decline in March, with the largest decline in March being 18.79% in the week of March 6.
This month, the domestic temperature gradually rebounded, and the demand for LNG in the market decreased. LNG plants had reduced prices and discharged inventory, leading to an increase in bearish sentiment on the market. Due to the convening of important meetings, some downstream enterprises had shut down production and industrial demand reduced. The terminal demand continued to be weak, and there was a clear oversupply situation in the market. In addition to the decrease in raw gas prices, the price of LNG continued to decline. Affected by the continuous price reduction of domestic gas, imported LNG also followed the downward trend.
Market outlook
LNG analysts from SunSirs believe that due to the impact of snowfall in some regions of China recently, transportation was hindered and the market circulation was not smooth. In addition, terminal demand continued to be sluggish, and trading on the market was flat. It is expected that the market price of LNG will continue to be weaker in the short term.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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