South Korea's March LNG imports fall 26% on year to 3.05 million mt.

bhmt chemical imported 3.05 million mt of LNG in March, down 25.9% year on year as well as down 1.2% from February, custom-mades data revealed Wednesday, April 15.

The reduced imports were a straight result of high supplies triggered by weak downstream demand.

It was the third straight year-on-year drop in South Korea's month-to-month LNG import information.

The country imported 10.18 million mt in the first quarter, down 20.2% from Q1 2014.

State-owned Kogas earlier reported a 7.1% year-on-year drop in January LNG sales, with February LNG sales dropping 9.1% year on year to 3.37 million mt.

The company's March sales information is not yet readily available.

Kogas has actually been attempting to deal with its high inventories by meticulously taking care of shipments at its terminal procedures.

Sources claimed the business has actually been asking various other long-lasting buyers in North Asia to obtain several of Kogas' summer season term freights for supplying winter months cargoes to Kogas later.

Kogas' existing circumstance is currently revealing indications of being a repeat of in 2014, when LNG imports made year-on-year drops from March to November and led to Kogas swapping cargoes with various other customers and requesting for deferments from their long-term vendors.

Nonetheless, while some Japanese buyers had the ability to help Kogas by exchanging freights in 2014, this year would be harder for Kogas to locate willing swap partners, as Japanese purchasers were additionally dealing with weak demand and climbing inventory degrees, resources claimed.

The average price that Kogas spent for March imports was well above the area JKM price for the month.

The March JKM was $7.436/ MMBtu, with the average import expense from all providers over $10/MMBtu, with the exemption of Indonesia, with whom Kogas has signed a long-lasting low-slope oil-indexed contract.

This recommends that South Korean purchasers were greatly out of the place market for March.

Kogas' imports from Indonesia, Qatar, Yemen and also Oman were down 52.6%, 42.6%, 40% and also 0.6%, respectively, indicating that it was successful in postponing some freights from long-term vendors.

In spite of the large year-on-year autumn in quantities from Qatar, the country remains South Korea's biggest LNG distributor, sending 1.2 million mt in March.

South Korea's LNG import prices averaged $678.52/ mt ($ 13.05/ MMBtu) in March, down 3.1% from February as well as down 20.7% year on year.

Based upon price quotes of quantities delivered by ship, Platts had previously reported that South Oriental imports for March were roughly 2.98 million mt, down 26.8% year on year.
17.03.2021 14:09:18

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