China’s biggest energy groups are diverting more liquefied natural gas away from their languishing home market, offering some relief to desperate buyers suffering supply shortages in other parts of the world.
Cnooc is offering to sell an LNG cargo for November loading from the North West Shelf export project in Australia, according to traders with knowledge of the matter. That comes after other major shippers, including Sinopec and PetroChina Co., sold several LNG shipments from US projects to energy-starved Europe throughout the year, traders said.
The supplies should provide modest respite for natural gas markets rocked by Russia halting a key pipeline to European customers. Natural gas prices in Europe and Asia are trading at an all-time high for this time of year, forcing governments to consider unprecedented steps to protect businesses and consumers.
China was the world’s top LNG buyer in 2021, but the nation’s strict Covid Zero policies and economic slowdown mean demand has slumped more than 20% this year. The divergence between China and the rest of the world means global buyers are willing to pay much higher rates.
Prices for lithium in China are approaching their highest ever, in a sign that the global shortage of the material used in lithium-ion batteries isn’t easing. Lithium carbonate is selling at almost 500,000 yuan ($72,090) a ton, according to data from Asian Metal Inc. China’s government last week said it’s planning to set up a monitoring mechanism aimed to stabilizing prices for raw materials including lithium and rare earths.
|Copper +1.3% in Shanghai||Crude oil +0.8% in Shanghai|
|Aluminum +0.7% in Shanghai||Nickel +5.2% in Shanghai|
|Iron ore +1.3% in Dalian||Steel rebar +0.6% in Shanghai|
|Thermal coal +1.2%||Coking coal -0.3% in Dalian|
|Live hogs -0.7% in Dalian||Corn +0.8% in Dalian|
China said it will accelerate its stimulus rollout in the third quarter as it tries to recover from a second quarter marred by pandemic-related losses. It’s “crucially important” for the country to adopt supportive policies this quarter, Yang Yinkai, deputy secretary general at the National Development and Reform Commission, told reporters in Beijing on Monday.
Wednesday, Sept. 7
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