The country’s LNG imports decreased to 5.82 million tonnes last month compared to 5.87 million tonnes in February 2025.
LNG imports also dropped compared to 6.24 million tonnes in the prior month, which dropped by 6 percent year-on-year.
Japan is the world’s second-largest importer of LNG, and it reported a 1.4 percent decrease in its LNG imports in 2025.
Japan’s coal imports for power generation decreased in February compared to the same month last year.
The ministry’s data shows that coal imports were down by 1.1 percent to 8.73 million tonnes.
LNG import bill drops
The February LNG import bill, which was approxmately $3.13 billion, dropped by 10.3 percent compared to the same month last year.
JOGMEC said in its preliminary report last week that the average price of spot LNG cargoes for delivery to Japan contracted in February and scheduled to be delivered from the month onward (contract-based price) was $11/MMBtu.
Furthermore, the average price of spot LNG cargoes that were delivered in Japan within the month of February regardless of the month when the contracts were made (arrival-based price) was $10.4/MMBtu.
JOGMEC said the confirmed figures for January 2026 were not changed from the preliminary figures, with the contract-based price at $11.3/MMBtu, and the arrival-based price at $11.2/MMBtu.
However, these prices were before the Middle East conflict started.
LNG prices and shipping rates skyrocketed after QatarEnergy halted LNG production on March 2 due to military attacks on its operating facilities in Ras Laffan. The company also declared force majueure to its buyers on March 4.
JKM for May is currently trading above $19/MMBtu.
LNG inventories
Japan’s Ministry of Economy, Trade and Industry (METI) previously announced that Japan’s LNG inventories for power generation stood at 2.08 million tonnes on February 1, down from 2.25 million tonnes the previous week.
According to METI, LNG inventories stood at 1.89 million tonnes on February 8, 2 million tonnes on February 15, 2.01 million tonnes on February 22, 2.20 million tonnes on March 1, 2.12 million tonnes on March 8, and 2.30 million tonnes on March 15.
Deliveries
As per LNG shipments going to Japan in February, deliveries from Asia dropped by 18.2 percent year-on-year to 1.30 million tonnes, the ministry’s data shows.
Middle East LNG shipments rose by 23.3 percent to 620,000 tonnes in February.
Moreover, shipments from Russia dropped by 1.6 percent to 576,000 tonnes, while US deliveries dropped by 81.3 percent to 61,000 tonnes in February.
