China’s liquefied natural gas imports have been declining steadily since late 2024, as higher spot prices render purchases uneconomic for smaller private importers. The pullback has persisted into the peak‐demand summer months, breaking with the usual seasonal uptick in buying. Traders and analysts cite a combination of cheaper domestic coal, ample fuel inventories, rising renewable power generation and increased pipeline gas deliveries as reasons LNG remains out of favour. The muted Chinese demand is freeing up cargoes for Europe, which continues to seek seaborne LNG to offset lost Russian pipeline supplies.