China became the world’s largest LNG importer in H1 2021 according various shipping sources, including ICIS LNG Edge.
China’s LNG imports surged by 28% yoy in the first half of 2021, accounting for over 40% of global LNG import growth and almost all net growth.
Strong economic recovery, mandated coal-to-gas switching, low hydro output in southeast China (-25% in Guangdong) all contributed to the strong growth in LNG imports.
In addition, China’s storage build-up, an estimated 2-3 bcm to be added this year, is further contributing to the system demand growth this summer, both as working gas volumes and base gas.
What is your view? Will China’s buying spree continue through H2 2021?
Will it solidify its position as the world’s largest LNG importer ahead of Japan?
What will be the impact on LNG spot prices?
Source: Greg MOLNAR (connect with Greg on LinkedIn)