SINGAPORE : An ongoing heatwave in China is boosting power demand for cooling, but tepid industrial demand and record high coal inventories are keeping prices at two-year lows and limiting spot liquefied natural gas (LNG) imports.Analysts do not see coal prices rising or spot LNG imports picking up anytim
SINGAPORE : An ongoing heatwave in China is boosting power demand for cooling, but tepid industrial demand and record high coal inventories are keeping prices at two-year lows and limiting spot liquefied natural gas imports.
The outlook will hurt coal and LNG exporters, as China is the world's biggest coal importer and vies with Japan as the top LNG buyer. The industrial and power sectors account for more than half of the country's gas demand. At the same time, a weakening Chinese yuan has kept many importers on the sidelines, despite LNG prices having slumped to a two-year low around $9 per million British thermal units from record highs hit last year after Russia's Ukraine invasion.
"We don't think many of these power producers will go out and buy LNG. Instead, they will go out and buy coal," he said.That coal is cheap, with inventories at all-time highs as China has boosted production while January-May imports almost doubled. Stocks at major northern ports hit a record of more than 30 million tonnes last week, 20 per cent-30 per cent higher than 2021-2022, data from the China Coal Transportation and Distribution Association showed.
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