China’s LNG demand blunted for now

Pipeline imports and domestic production gains may limit LNG take, but Russia and Central Asia uncertainty could prompt buying activity

A recent acceleration in pipeline gas imports and robust domestic production growth have squeezed the immediate space for additional LNG imports into China, but uncertainty over gas exports from Russia and Central Asia could provide an opening for Chinese spot cargo procurement later this year. China’s pipeline imports grew faster than LNG inflows in April for the first time this year, to hit their second-highest level on record, according to customs data. Piped volumes climbed by 12.6pc year-on-year over the month, to 4.21mn t, nearly on par with the 4.25mn t received in September 2022. LNG imports grew by 10.3pc, to 4.77mn t, the third consecutive month of year-on-year increases. Piped flo