SunSirs: China Domestic LNG Prices rose first and then suppressed in August
August 31 2023 10:48:16 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, as of August 30th, the average price of LNG in China was 3,668 RMB/ton, which is 1.05% higher than the average price of 3,630 RMB/ton on August 1st.
Domestic LNG prices rose first and then fell this month. In mid to early August, the price of raw gas increased, providing favorable cost support. In some regions, the maintenance of liquid plants has led to a tightening of market supply and an increase in downstream restocking willingness. Under favorable factors, the price of LNG in China has increased. In late August, some maintenance fluid factories resumed work and market supply increased. Downstream demand is poor, delivery capacity is limited, market supply exceeds demand, and heavy vehicles in the market increase. Domestic LNG prices have declined. On the afternoon of August 30th, the bidding price for raw gas from PetroChina Northwest Liquid Plant in early September (August 31st to September 10th) was 2.21-2.26 RMB/square meter, with a lower price increase of 0.15 RMB/square meter compared to the previous period and a higher price increase of 0.14 RMB/square meter compared to the previous period. All 94 million cubic meters were sold.
LNG analysts from SunSirs believe that the price of LNG has slightly increased recently. At present, the market is still in a situation of oversupply, with average downstream demand. Today, the bidding price of raw gas has risen, boosting the cost side. It is expected that the price of LNG in China will rise in the short term.
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