High spot LNG prices and ample pipeline supply have dampened early winter LNG procurement by Chinese importers, despite declining stocks at some terminals, Platts said.

• spot LNG prices for October delivery – the start of winter restocking - have risen above $14/MMBtu, compared to $12/MMBtu in mid-July. This is due to geopolitical risks and higher cooling demand.
• The rise in JKM has led to delays in Chinese buying as they take a wait-and-see approach.
• Current price levels for Chinese buyers are around $12.50/MMBtu, Platts said.
• Demand from China is expected to be less active this winter, with limited additional demand for purchases from international markets.
• A healthy supply of domestic and imported pipeline flows has further delayed spot imports.
• Inventory levels in Northern China are expected to be around 50%, which could spark replenishment.