Essentially, China has stopped ordering extra LNP from USA. They put a 15% tariff on shipments in Feb, and new orders have dropped to zero.
Where there were lock-in contracts, the buyers are diverting the shipments and selling to Europe instead, thus avoiding the tariff and making a profit.
Meanwhile, in March, they signed a 15year 600,000 tons per year supply contract with Woolside from Australia (starting 2027)
Source: randomOldFella