斯尔邦MTO检修兑现，拖累港口需求

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The resumption of arrivals at ports in mid - late April led to a bottoming - out increase in weekly port inventories, and with the foreign market operating at a high level, imports in May will further increase. The maintenance of Sierbang MTO on April 15 and Tianjin Bohua's April maintenance plan weakened port demand [2]. - Coal - based methanol is in the maintenance period, but the peak is passing, and the production profit of coal - to - methanol is relatively high, with a relatively high valuation. Recent price fluctuations are mainly driven by tariff policies [2]. - The recommended strategy is cautious short - selling hedging [3]. Summary by Directory 1. Methanol Basis & Inter - period Structure - Figures include methanol Taicang basis and methanol main contract, methanol spot - main futures basis in different regions, and the basis between methanol in different regions and the main futures, as well as the spreads between different methanol futures contracts [6][8][19] 2. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, the profit of East China MTO (PP&EG type), the import spread between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [23][24][32] 3. Methanol Start - up, Inventory - Figures display the total port inventory of methanol, the start - up rate of MTO/P (including integrated), the sample inventory of inland factories, and the start - up rate of Chinese methanol (including integrated) [33][34][36] 4. Regional Price Differences - Figures present the price differences between different regions such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [38][44][49] 5. Traditional Downstream Profits - Figures show the production gross profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [45][50][52]