Asia’s gargantuan appetite for LNG imports has taken a costly turn, with soaring gas prices resulting in massive import tabs. Global No.3 South Korea published its March import data this week, and revealed an eye-watering Q1 bill of $13.689bn, more than double the $6.425bn figure for the same period in 2021. This is the highest quarterly figure in MEES records going back to 2010.
Imports fell slightly year-on-year (MEES, 15 April), but the average price jumped from $9.26/mn BTU to $20.22/mn BTU. Long term No.1 supplier Qatar was pushed into second spot by Australia last year, but oil-indexed Qatari imports now look a bargain at a mere $14.26/mn BTU while Australian cargoes are well above the average price at $24/mn BTU. Despite the price disparity, Korea’s imports from Qatar are down 30% year-on-year in Q1, with Australian volumes up 32% - Korea even imported a record 1.59mn tons from Australia in March. (CONTINUED - 216 WORDS)