甲醇日报：港口库存压力仍高，维持深度负基差-20250903

Report Industry Investment Rating - Not provided Core Viewpoints - The port inventory pressure of methanol remains high, and the deep negative basis is maintained. There is currently a pattern of weak ports and strong inland areas. The port reflow to southern Shandong has opened, and the downside space depends on the inland performance. The coal - based methanol concentrated maintenance period has passed, and the inland supply - demand may weaken marginally. The traditional downstream has seen a decline in pending orders and a drop in the operating rates of MTBE and acetic acid, while the formaldehyde operating rate remains low [1][2] Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis (such as methanol at Taicang, Lunan, Inner Mongolia Northern Line, etc. relative to the main futures contract) and inter - period spreads (such as between different methanol futures contracts like 01 - 05, 05 - 09, 09 - 01). All data are presented in figures with units of yuan/ton [6][21][23] 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), and import spreads such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China. The units are yuan/ton or US dollars/ton [25][26][29] III. Methanol Operation, Inventory - The report provides figures on methanol port total inventory, MTO/P operating rate (including integrated ones), inland factory sample inventory, and China's methanol operating rate (including integrated ones). The units are tons and percentages respectively [33][34][36] IV. Regional Spreads - Figures display regional spreads such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc., with the unit of yuan/ton [38][45][48] V. Traditional Downstream Profits - Figures present the production gross profits of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [49][54][58]