Strong Asia LNG Demand Growth
In the first half of 2025, Asia liquefied natural gas (LNG) imports grew 8.5% year-on-year to record levels. Demand growth from China, Japan, and South Korea was particularly notable, while Southeast Asian emerging economies also accelerated LNG import expansion.
JKM Prices Break Key Level
The Japan-Korea Marker (JKM) LNG spot price recently surpassed $14 per million British thermal units, hitting a year-to-date high. The price surge is driven by both tightening supply and better-than-expected demand growth.
China LNG Imports Hit Record
China customs data shows that LNG imports from January to May 2025 increased 12.3% year-on-year to approximately 32 million tonnes. Domestic natural gas consumption structure continues to optimize, with city gas, industrial fuel, and power generation demand growing simultaneously.
Southeast Asia LNG Market Emerges
Vietnam, the Philippines, and Indonesia are accelerating LNG infrastructure development. Vietnam's first large-scale LNG receiving terminal has commenced operations, while the Philippines is advancing multiple LNG import projects, with enormous regional LNG demand growth potential.
Global LNG Supply Landscape Changes
Traditional LNG exporters like the US, Qatar, and Australia continue to dominate global supply, but emerging exporters such as Mozambique and Mauritania are gradually entering the market, making the future global LNG supply landscape more diversified.
