15.04.2025, 10:27
South Korea increased LNG imports in March after lower prices
Source: OREANDA-NEWS
OREANDA-NEWS South Korea, the third largest buyer of liquefied natural gas (LNG) in the world after Japan and China, imported 4.268 million tons of LNG in March 2025, which is 18% more than in the same month of 2024 (3.610 million tons), the country's customs service reported.
Previously, supplies had been declining for all three winter months in a row.
Since the beginning of the year, imports have reached 12.049 million tons, which is 6% less than a year earlier (12.780 million tons).
The activity of Korean buyers revived as gas prices in the region decreased. The JKM Platts regional index (Japan Korea Marker, reflects the spot market value of goods shipped to Japan, South Korea, China and Taiwan) in March decreased to $470 per thousand cubic meters from a seasonal peak of $536 in February. In March, market prices in Europe and Asia almost reached parity, making it easier for Asian buyers to access free volumes of LNG.
In March 2025, three shipments of LNG (191 thousand tons) arrived in South Korea from Russia, as well as a year earlier. Large-capacity LNG in Russia is produced by Sakhalin Energy plants (co-owned by Gazprom, Mitsui and Mitsubishi), as well as Yamal LNG (participants are NOVATEK, TotalEnergies, Chinese CNPC and SRF).
The largest supplier in March 2025 was Australia (1,441 million tons, an increase of 83%), followed by Qatar (664 thousand tons, +7%) and Malaysia (528 thousand tons, -20%). The United States supplied five LNG shipments to Korea in March, compared with only one in February.
International Energy Agency (IEA) As a representative of the interests of energy buyers, he traditionally presents strongly underestimated demand forecasts. In the updated forecast for 2025, the IEA increased its estimate of gas demand in South Korea to a "slight increase" from a 3 percent decrease in the previous (three-month-old) version of the forecast. A similar decline was also forecast for 2024, which was later revised several times towards a slight increase. In fact, South Korea increased LNG imports by 5% in 2024.
Previously, supplies had been declining for all three winter months in a row.
Since the beginning of the year, imports have reached 12.049 million tons, which is 6% less than a year earlier (12.780 million tons).
The activity of Korean buyers revived as gas prices in the region decreased. The JKM Platts regional index (Japan Korea Marker, reflects the spot market value of goods shipped to Japan, South Korea, China and Taiwan) in March decreased to $470 per thousand cubic meters from a seasonal peak of $536 in February. In March, market prices in Europe and Asia almost reached parity, making it easier for Asian buyers to access free volumes of LNG.
In March 2025, three shipments of LNG (191 thousand tons) arrived in South Korea from Russia, as well as a year earlier. Large-capacity LNG in Russia is produced by Sakhalin Energy plants (co-owned by Gazprom, Mitsui and Mitsubishi), as well as Yamal LNG (participants are NOVATEK, TotalEnergies, Chinese CNPC and SRF).
The largest supplier in March 2025 was Australia (1,441 million tons, an increase of 83%), followed by Qatar (664 thousand tons, +7%) and Malaysia (528 thousand tons, -20%). The United States supplied five LNG shipments to Korea in March, compared with only one in February.
International Energy Agency (IEA) As a representative of the interests of energy buyers, he traditionally presents strongly underestimated demand forecasts. In the updated forecast for 2025, the IEA increased its estimate of gas demand in South Korea to a "slight increase" from a 3 percent decrease in the previous (three-month-old) version of the forecast. A similar decline was also forecast for 2024, which was later revised several times towards a slight increase. In fact, South Korea increased LNG imports by 5% in 2024.
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