*India, the world’s number four LNG importer after China, Japan and Korea, saw import volumes fall by 5% to 24.5mn tons for 2021. Of the big global buyers, India is the most price sensitive: imports fell by 15% year-on-year for Q4 as LNG prices soared to record levels.
*Whilst the $13.16/mn BTU that India paid for Q4 supplies was the highest quarterly figure since 2014, it is well below the average price paid by other Asian importers. India’s average December import price of $13.66/mn BTU compares to $14.85/mn BTU for Japan and $19.50/mn BTU for China. This indicates that Indian importers chose to curb purchases – likely switching some power generation to coal – rather than shell out on pricey spot supplies. (CONTINUED - 280 WORDS)