甲醇日报：港口首度去库表现尚可-20250925

Report Industry Investment Rating - No relevant information provided Core Views - The first destocking of methanol at ports showed decent results, but the absolute inventory at ports remains high. Future changes mainly depend on when Iran's winter maintenance plan will be announced. The domestic market is stronger than the port market, with domestic inventory decreasing again. For traditional downstream sectors, acetic acid inventory pressure is high, MTBE exports have improved, and formaldehyde operation remains stable [2][3] Summary by Relevant Catalogs 1. Methanol Basis & Inter - period Structure - Figures include methanol Taicang basis and the main methanol contract, methanol basis in different regions against the main futures, and inter - period spreads between different methanol futures contracts [7][8][22] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures cover Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), Taicang methanol - CFR China import spread, and price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [31][27][32] 3. Methanol Operation and Inventory - Figures show the total methanol port inventory, MTO/P operation rate (including integrated ones), domestic factory sample inventory, and China's methanol operation rate (including integrated ones) [35][36] 4. Regional Price Differences - Figures present price differences such as Lubei - Northwest - 280, Taicang - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [38][53][51] 5. Traditional Downstream Profits - Figures display the production gross margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [52][56]