REUTERS, Singapore/Beijing

Chinese firms are ​reselling record volumes of LNG, cashing in on soaring spot prices as China has enough domestic ‌and pipeline gas to meet its own weakened demand, in stark contrast to other Asian buyers scrambling to replace supplies cut off by the Iran war.

The world’s top importer of liquefied natural gas, China reloaded 8 to 10 cargoes in March, its highest monthly total on ​record, according to analytics firms ICIS, Kpler and Vortexa.

So far this year, China has reloaded a record ​1.31 million metric tons of LNG, or 19 cargoes, with 10 delivered to South Korea, five to Thailand and the remainder to Japan, India and the Philippines, Kpler data showed.

By comparison, China resold 0.82 ​million tons in 2025 and 0.98 million tons in 2023, the second-highest annual total on record.

The country has been able ​to resell bigger volumes as its own need for LNG has plateaued, with weaker economic activity sapping industrial demand while domestic gas production and pipelined Russian supply is growing.

The LNG reloads contrast with China’s move last month to ban exports of refined fuels in order to preserve supply ​for domestic use amid war-driven crude oil supply constraints. “Against a backdrop of weak domestic demand, it made more sense ​for buyers to resell LNG cargoes overseas,” said Wang Yuanda, an analyst at ICIS, adding that the Iran crisis has also pushed ‌up spot LNG prices.

“There has been no pressure from demand because the heating season is over, and spot prices are good so China can reload cargoes.”