March 2 to March 6, 2026: Domestic LNG Price Comparison & Key Quotation Ranges by Major Regions
From March 2 to March 6, 2026, the domestic LNG price showed a trend of "stable first and then surging, rising sharply", which is mainly driven by the dual factors of domestic supply-demand positives and international geopolitical conflicts, forming a resonant rise characterized by "cost increase + demand recovery + import panic".
I. First Half of the Week: Multiple Domestic Positives, Steady Price Rise
1. Feed Gas Auction: Low Supply, High Price, Rigid Cost Increase
- The feed gas auction directly supplied by PetroChina to LNG plants showed a trend of "shrinking supply and rising price": the transaction price ranged from 3.52 to 3.81 yuan/cubic meter, a significant increase from the previous period; the transaction volume was only 20 million cubic meters, indicating a obvious tightening of supply.
- This directly pushed up the production cost of LNG plants to 5,756–6,177 yuan/ton, providing strong cost support for the price of domestic LNG.
2. Downstream Demand: Accelerated Resumption of Production and Active Procurement
- After the Spring Festival, the demand for LNG in industry, logistics and vehicle use recovered concentratedly, and downstream enterprises were active in replenishing inventory with strong willingness to purchase.
- The inventory of LNG plants was quickly digested, and the ex-factory price was raised while the shipment was accelerated, forming a pattern of "rising price and increasing volume".
II. Second Half of the Week: Outbreak of International Geopolitical Conflicts, Sharp Price Jump
1. Core Impact: Halted Shipping in the Strait of Hormuz + Qatar's Production Suspension
- The geopolitical conflicts in the Middle East escalated, and shipping in the Strait of Hormuz was almost interrupted (about 20% of the world's LNG trade passes through here). LNG ships were diverted or suspended, and shipping fees and insurance premiums doubled.
- Qatar, the world's largest LNG exporter, fully suspended production due to facility attacks, triggering a global supply panic.
2. Price Transmission: Skyrocketing International Spot Prices → Soaring Import Costs → Domestic LNG Price Follow-Up Rise
- The Asian LNG spot price (JKM) soared by 23%–60% within a week, reaching a high of 18.5–25 US dollars per million British thermal units.
- The landing cost of imported seaborne LNG rose sharply, and the quotation of receiving terminals exceeded 4,400 yuan/ton.
- Driven by both cost and market sentiment, the price of domestic LNG accelerated its follow-up rise. Some LNG plants adjusted their prices multiple times a day, with a cumulative increase of more than 2,000 yuan/ton.
III. Market Pattern: Land-Sea Linkage and Internal-External Resonance
- Domestic LNG: With high feed gas costs and recovering demand, enterprises took the initiative to raise prices and achieved smooth shipment.
- Imported LNG: Driven by skyrocketing international spot prices and surging shipping costs, the price rose sharply in synchronization.
- Overall: A strong pattern of "cost-driven, simultaneous rise of land and sea LNG, and buying up but not buying down" has been formed.