Market Overview - As of September 23, the number of methanol futures warehouse receipts on the Zhengzhou Commodity Exchange remained stable at 11,332 contracts compared to the previous trading day [1] - By September 24, China's total methanol port inventory was 1.4922 million tons, a decrease of 65,600 tons from the previous period, with East China reducing inventory by 41,200 tons and South China by 24,400 tons [1] Institutional Insights - Baocun Futures indicates that despite a wave of maintenance in domestic methanol facilities leading to a weekly production decline, the market is unlikely to escape the high supply situation caused by facility restarts. Increased external supply and weak downstream demand are contributing to rising port inventory pressure, suggesting a bearish outlook for the domestic methanol market [2] - Ningzheng Futures notes that domestic methanol operating rates are declining while downstream demand is recovering. The expected high import volume in September is likely to continue accumulating port inventory, with Jiangsu's main storage areas maintaining good delivery conditions. The inland methanol market is retreating, and auction transactions are not performing well, leading to a generally stable basis in the port methanol market. The short-term outlook for the methanol January contract is expected to be weak with resistance around 2,375 yuan per ton, recommending a wait-and-see approach [2]
下游需求不振 预计甲醇市场或维持易跌难涨的走势
Jin Tou Wang·2025-09-24 07:13