China LNG Imports Drop as Middle East Conflict Spikes Prices
China's liquefied natural gas imports are projected to fall 8% in September 2026 due to surging spot prices and Middle East instability.
Liquefied natural gas (LNG) imports to China are projected to decline for the second consecutive month in September 2026. Flows are estimated at 5.3 million tons, representing an 8% decrease compared to September 2025. This downturn is driven by a sharp increase in spot market prices, which reached $26 per million British thermal units in early September—roughly double the price from a year ago—following conflict in the Middle East.
The trend extends across Asia, where total regional inflows are forecasted at an eight-year low. In response to price volatility and risks associated with the Strait of Hormuz, Chinese state importers are seeking long-term supplies from exporters outside the Persian Gulf. Despite these diversification efforts, China intends to maintain its binding contracts with Qatar.
Global prices are expected to remain elevated ahead of the Northern Hemisphere's heating season. This pressure is compounded by the Government of Qatar, which has extended a force majeure on its exports, further tightening the global supply of the fuel.
