China’s LNG terminal utilization rate remains historically low at 43.57% in March 2025, holding steady after the sharp plunge recorded earlier in the year. This follows a dramatic drop from December 2024 levels, where utilization briefly spiked above 70%, highlighting the shift from peak winter demand to a structurally weaker spring market. Compared to March 2024, when utilization hovered near 60%, the current rate reflects a roughly 27% year-on-year decline, underscoring the scale of the adjustment in terminal activity.

The low throughput is consistent with subdued LNG imports and weakened industrial demand, and it suggests that domestic production and alternative supply strategies are playing a greater role in meeting energy needs. While re-exports and cautious spot buying may offset part of the volume decline, the sustained underutilization of regasification infrastructure raises questions about longer-term import planning and signals a subdued near-term outlook for LNG inflows

.

Get full access to InHedge - Commodity Hedging at inhedge.substack.com/subscribe