China's LNG Imports Plummet to Five-Year Low Amid Weak Demand and European Price Surge

China's liquefied natural gas (LNG) imports reached a five-year low last month, totaling 4.5 million tons. This decline is attributed to weakened demand within China and elevated prices in Europe, which attracted LNG cargoes away from the Asian market. Consequently, for the second consecutive month, China has fallen behind Japan as the leading LNG importer. The last time China imported such a low volume of LNG was in early 2020, during the initial stages of the COVID-19 pandemic.