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China's domestic liquefied natural gas (LNG) price has fallen to a five-year low, dropping below 3,500 yuan per ton ($10.72 per million British thermal units) at key importing terminals, according to SCI99 data. This decline is attributed to weak heating demand during winter and growing inventories, with tanks reportedly 73% full as of December 19.

Unlike typical winter trends where prices rise due to increased demand, mild temperatures and a slow industrial recovery have contributed to lower prices this season. Additionally, seaborne LNG shipments began to recover in November, although cumulative volumes remain below last year’s levels. Piped gas imports have also increased, leading terminal operators to reduce stockpiles at lower prices.