SunSirs: Cost Support, China LNG Market was Rising (September 4-8)
September 11 2023 09:45:37 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, domestic LNG prices fell first and then rose last week. As of September 8th, the average price of LNG in China was 4,254 RMB/ton, which is an increase of 5.82% compared to the average price of 4,020 RMB/ton on September 4th.
Last week, domestic LNG prices were first suppressed and then increased. On Tuesday, domestic LNG prices were lowered. Some of the early maintenance fluid factories have resumed work, resulting in an increase in market supply and a decrease in downstream enthusiasm for receiving goods. As the bidding price for raw gas approaches, the market has a wait-and-see mentality, and the liquid price has started to stabilize. On the afternoon of September 8th, the bidding price for raw gas from PetroChina Northwest Liquid Plant in mid September (September 10th to September 20th) was 2.61 to 2.66 RMB/square meter, with a lower price increase of 0.4 RMB/square meter compared to the previous period and a higher price increase of 0.4 RMB/square meter compared to the previous period. All 94 million cubic meters were sold. Under cost support, liquid prices have started to rise significantly.
LNG analysts from SunSirs believe that a new round of bidding for raw gas prices has increased today, leading to increased cost support and an increase in LNG prices. It is expected that the short-term rise in domestic LNG prices will be the main trend.
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