China's imports of LNG in January rose 39.7% from a year earlier to 3.44 million t.
It was the second-highest monthly import level, behind a record 3.73 million t set in December.
The steep growth rate in 2016 imports have pushed China past South Korea to become the world's second-largest importer of LNG.
The LNG industry is banking on China's growing demand to end a global supply overhang triggered by a wave of new production especially in Australia and the US. The glut has driven Asian spot LNG prices down by almost 70% since their 2014 peak to US$6.40 per million British thermal units.
China's growing demand means that supply and demand in the LNG market could come into balance by around 2021 – 2022.
Beyond China, producers hope that rising demand in South and Southeast Asia will also help soak up the wave of new production.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/27022017/chinas-rising-lng-demand-to-stem-global-glut/