◎Overview of China’s LNG market
As of March 8, the average price of LNG received nationwide was 5,877 yuan/ton, a decrease of 9.4% from last week and a year-on-year decrease of 36.41%. The price of consumer land fell. Due to the weak intention of receiving goods from downstream, traders lowered the price to ship goods, which drove the price of consumer land to fall. On that day, the total inventory of domestic LNG plants was 330,100 tons, an increase of 5.3% from the previous period. Competition in the upstream market continues, receiving stations continue to cut prices to seize the market, and domestic LNG factories have increased inventories.
US Dollar to Chinese Yuan Exchange Rate
US Dollar to Chinese Yuan Exchange Rate is at a current level of 6.970, up from 6.865 the previous market day and up from 6.317 one year ago.
Liquefied Natural Gas LNG (Liquefied Natural Gas) LNG is liquefied natural gas, most of which is methane, and contains a small amount of ethane. LNG is actually the end product of natural gas processing, because natural gas is mainly pressurized and fractionated in the process of processing. The component with the lowest boiling point in natural gas is methane (-161.5°C). LNG is just the product of cooling natural gas to -162°C. It is almost pure methane, and the methane has become liquid at this time. LNG is currently the main form of international natural gas transactions in the world. Natural gas giants Qatar, Australia, Malaysia, and the United States all export natural gas to target markets in the form of LNG. The major consumers of LNG are the three major economies in Asia, China, Japan and South Korea. These three countries account for 55.7% of the global LNG consumption market, of which Japan accounts for 25.4%, China accounts for 16.7%, and South Korea accounts for 13.6% (2018 data ), compared with 316 million tons of LNG global trading volume in the same year, the highest in history.