SunSirs: Supply Exceeds Demand and China LNG Prices Fall (July 24-28)
July 31 2023 11:04:00 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the price of LNG in China fell this week. As of July 28th, the average price of LNG in China was 3,816 RMB/ton, which is 2.55% lower than the average price of 3,916 RMB/ton on July 24th.
Domestic LNG prices have fallen this week. This week, downstream restocking demand has weakened, and the situation of oversupply in the market has increased, leading to a strong bearish sentiment in the industry. Combined with the impact of imported gas price reductions, domestic gas shipments are under pressure. At present, there is a backlog of heavy vehicles in the market, and there has been no improvement on the demand side. Liquid factories are often reducing prices. On the afternoon of July 28th, a new round of bidding for raw gas began, with a focus on market stability and wait-and-see.
LNG analysts from SunSirs believe that the domestic LNG market has continued to weaken recently. There are currently no positive factors due to market inventory and poor demand during the off-season. It is expected that the domestic LNG prices will be weak in the short term, and it is recommended to pay attention to the bidding results of raw gas.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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- 2024-03-27 SunSirs: China Domestic LNG Market has Stopped Rising and Fallen (March 18-25)
- 2024-03-21 SunSirs: Daily Report of China Commodity Data (March 21, 2024)
