甲醇日报：港口库存再度回落，甲醇价格快速反弹-20250515

Report Investment Rating - The report gives a neutral rating for the methanol strategy [5] Core Viewpoints - Against the backdrop of the easing of China-US tariffs, the chemical sector's sentiment has improved. Methanol's price has rebounded from the bottom due to low port inventory and a strong chemical market atmosphere. Although the external market's operating rate has slightly declined, there is still pressure on China's methanol imports. Inland, coal-based methanol production has reached a high level, and the traditional downstream industries are showing different trends [4] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol Taicang basis and the basis between different regional spot prices and the main futures contract, as well as the price differences between different methanol futures contracts [8][10][23] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures are provided to show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and various import price differences [27][28][32] 3. Methanol Production and Inventory - The report shows the total port inventory of methanol, the MTO/P operating rate, the inventory of inland factories, and the overall methanol operating rate in China [35][36][38] 4. Regional Price Differences - Multiple figures illustrate the price differences between different regions, such as the price differences between northern Shandong and the northwest, East China and Inner Mongolia, etc [40][43][53] 5. Traditional Downstream Profits - Figures are used to display the production profits of traditional downstream products like formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [47][50][59]