甲醇日报：港口基差再度走弱-20250521

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The basis of methanol at ports has weakened again. - There are concerns about inventory accumulation at ports due to increased import pressure in June, while the inland is in a continuous inventory accumulation cycle. - Methanol production profit remains relatively high. - The recommended strategy is to cautiously short - hedge [3][4]. 3. Summary by Relevant Catalogs I. Methanol Basis & Inter - term Structure - The report presents multiple figures related to methanol basis, including methanol basis in Taicang, different regions' spot - to - futures basis, and inter - term spreads between different methanol futures contracts [7][9][22]. II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, MTO profit in East China, and import spreads such as the difference between Taicang methanol and CFR China [26][30]. III. Methanol开工, Inventory - Information on methanol port total inventory, MTO/P operating rate, inland factory sample inventory, and China's methanol operating rate is presented through figures [34][36]. IV. Regional Spreads - The report provides figures on various regional spreads, such as the spread between northern Shandong and the northwest, and between Taicang and southern Shandong [38][47][52]. V. Traditional Downstream Profits - Figures show the production margins of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE, and Henan dimethyl ether [52][55].