CANBERRA: Chinese imports of LNG in June gained 28.4% year on year to reach 1.72 million mt, General Administration of Customs data showed.
Imports were more than 50% higher from May, when volumes had fallen to 1.12 million mt, the lowest levels seen into the country since 2012, according to Platts historical data.
Monthly data showed that almost all imports in June originated from term suppliers, with weighted average prices reported at $9.55/MMBtu.
Only one potential spot cargo delivered during the month. Volumes originating from Equatorial Guinea were received at an average price of $7.44/MMBtu, according to customs data.
The destination of the volumes was unclear, although Platts ship tracking database cFlow showed that Petrochina’s Tangshan terminal had taken delivery of the Gaslog Skagen June 1 after the vessel had loaded in Equatorial Guinea.
Sources at Petrochina had previously said volumes originating from Equatorial Guinea LNG had done so under an existing term contract with supplier BG.
Australia, which had the lowest average price of $6.22/MMBtu, provided the bulk of imports over June.
CNOOC’s Tianjin FSRU terminal in the north of the country and its Zhuhai terminal in the south received one cargo each from the Queensland Curtis LNG facility in eastern Australia, priced at $8.50/MMBtu.
By comparison, the highest prices appeared to have originated from Malaysia, although sources in China were unable to account for the average price of $14.74/MMBtu reported by Chinese customs.
This was a 34.5% increase from the same month in 2014, and over 77% higher than the previous month, despite significant reductions in both spot and term contract prices in northeast Asia since the start of the year.
Petrochina’s Tanghshan terminal in the north of the country took one delivery at a calculated price of $15.89/MMBtu, suggesting Malaysian origin, while volumes delivered into CNOOC’s Shanghai terminal were only slightly lower in price, at a reported $15.08/MMBtu.
Private importer Jovo also took delivery of two partial Malaysian cargoes; one aboard the full-sized Golar Arctic vessel and the second on the smaller Amah Hakata, according to cFlow. Term prices to the importer averaged $8.12/MMBtu.
Sinopec took delivery of one cargo at its Qingdao terminal, which had originated from the Exxon-led Papua New Guinea LNG facility under a term contract, priced at $8.79/MMBtu.
Elsewhere, cFlow showed that Petrochina’s Macun terminal in Hainan had taken delivery of the Aman Hakata June 2. The vessel typically runs a regular route between Malaysia’s Bintulu and Jovo’s Hangpu terminal.
China also imported 1.82 million mt of natural gas via pipeline in June, a decline of 13.7% from the same month last year, which was largely due to an 18.4% year-on-year decrease from Turkmenistan. Combined with LNG imports, total gas imports totaled 3.5 million mt, a 2.7% jump year on year.
Discounting pipeline gas exports to Hong Kong and Macau, which amounted to 211 million cu m, and adding domestic production of 9.93 Bcm, China’s apparent gas demand in March totaled 14.53 Bcm, a rise of 4.5% from the same month last year.
