甲醇日报：内地成交偏强，港口维持偏弱格局-20250910

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The methanol market maintains a pattern where the inland is strong and the port is weak. The northwest region has good trading volume, while the port basis remains weak. Port imports face high pressure, leading to a continuous and rapid increase in port inventory. Since late July, the maintenance of Xingxing MTO has dragged down port demand. Although the planned resumption of work in early September may slow down the rate of inventory accumulation at the port, the reality of high inventory is difficult to change. The subsequent variable mainly concerns the start time of Iran's winter maintenance this year. The market is also waiting for the announcement of Iran's gas field maintenance plan in October and the port's storage capacity critical point. In the inland, the coal - based methanol production started to recover from the bottom in late August, and the most tense period has passed. Among traditional downstream industries, the operating rates of MTBE and acetic acid have declined, and the formaldehyde operating rate remains low. The market is starting to pay attention to the impact of the "anti - involution" policy on different industries, and the petrochemical industry is waiting for further details on the rectification of plants in operation for over 20 years [2] Summary by Relevant Catalogs I. Methanol Basis & Inter - period Structure - The report includes multiple figures related to methanol basis and inter - period spreads, such as the basis between methanol in Taicang and the main contract, the basis of methanol in different regions relative to the main futures, and the spreads between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [6][21] II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and various import - related spreads such as 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 [25][30] III. Methanol Operation, Inventory - The report presents data 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) [33][34] IV. Regional Price Differences - It shows regional price differences such as the difference between northern Shandong and the northwest, the difference between East China and Inner Mongolia, and the differences between other regions [38][44] V. Traditional Downstream Profits - Figures display the production gross profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [46][51]