港口库存回升

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The port inventory of methanol has rebounded, with arrivals increasing in mid - to late April and expected to rise further in May. The downstream MTO demand is weakening due to plant overhauls, and the port's driving force is gradually weakening. The inland coal - based methanol is in the overhaul period, but the overhaul peak is passing, and the production profit is relatively high, with a relatively high valuation. The recent price fluctuations are mainly driven by tariff policies, and the overall chemical market atmosphere is weak [2] Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol basis in different regions such as Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, and Guangdong compared with the main futures contract, as well as the price differences between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [6][11][16] II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [21][25][29] III. Methanol开工, Inventory - The report provides data on methanol port total inventory, MTO/P开工 rate (including integrated ones), inland factory sample inventory, and China's methanol开工 rate (including integrated ones) [31][32] IV. Regional Price Differences - Multiple figures display regional price differences, such as the price difference between northern Shandong and the northwest, between East China and Inner Mongolia, between Taicang and southern Shandong, etc [34][41] V. Traditional Downstream Profits - Figures show the production profits of traditional downstream products, including Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [49][50]