Analysis of China's LNG Price Trends (April 7–10, 2026)

I. Overall Trend

China’s domestic LNG market exhibited a rise-then-fall pattern during April 7–10, 2026. Prices climbed initially in the early part of the period but softened slightly toward the end, with the national average price hovering in a high range of 4,930–5,109 yuan/ton.

II. Upward Phase (Early Period: April 7–8)

1. Supply Recovery

Post-Qingming Festival, highway traffic restrictions were lifted, restoring normal logistics and delivery schedules for LNG plants.

2. Cost & Supply Support

High feedstock costs: Raw gas auction prices remained elevated (around 2.9–3.0 yuan/m3), keeping LNG production costs near 5,000 yuan/ton.

Tight supply: Extensive plant maintenance cut the operating rate to only about 45%–47%, keeping overall inventory at a controllable, low level.

Import support: International LNG prices stayed high amid Middle East geopolitical tensions, and reduced April arrivals led importers to hold firm on prices.

3. Market Sentiment

Bullish expectations dominated, prompting downstream buyers to restock at relatively lower prices, further driving prices up.

III. Downward Phase (Late Period: April 9–10)

1. Weakened Downstream Demand

As prices rose to high levels, end-users (industrial, CNG, and city gas) saw reduced affordability and lowered purchasing enthusiasm.

2. Fuel Substitution

Some industrial consumers switched back to cheaper pipeline natural gas, diverting LNG demand.

3. Market Wait-and-See Mood

A strong “buy on the rise, sell on the fall” mentality emerged. Buyers held off on procurement, increasing market caution.

4. Price Correction

To boost sales, some LNG plants cut prices moderately, with nationwide drops of 50–150 yuan/ton in the late period.

IV. Key Market Features

Cost vs. Demand Stalemate: High costs provided a floor, while weak demand capped upside, leading to high-level oscillation.

Regional Divergence: Northwest producing areas (Xinjiang, Gansu) maintained relatively stable prices; Southwest and coastal markets saw clearer declines.

Import-Domestic Split: Imported LNG at terminals stayed firm (average ~5,808 yuan/ton), while domestic produced LNG corrected slightly.

V. Conclusion

The April 7–10, 2026 LNG price movement was a short-term supply-cost driven rise followed by demand-induced correction. It reflected a typical tug-of-war between rigid upstream costs and fragile downstream demand, with no trend of sustained surge or sharp decline.