甲醇日报：内地价格继续补跌-20251029

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The port still faces high inventory pressure, and the port basis continues to consolidate weakly. The sanctions on Russian oil by Europe and the United States may affect the attitude of methanol warehousing enterprises and downstream towards Iranian ships. The temporary short - term maintenance in Iran has occurred, but the winter maintenance plan is yet to be announced [3]. - Inland prices in regions such as the Northwest and Shandong continued to catch up with the decline on Tuesday. The inland atmosphere is average, and mainstream CTO enterprises have not shown active procurement. Coal - based methanol production increased further in November, and inland inventories started to build up from a low level. The demand for inland MTO has declined, but attention should be paid to the inventory preparation before the commissioning of the second - phase MTO of Lianhong at the end of the year [3]. Summary by Directory 1. Methanol Basis & Inter - period Structure - Multiple figures are provided, including the basis of methanol in Taicang and the main contract, and the basis of methanol in different regions against the main futures, as well as the price differences between different methanol futures contracts (e.g., methanol 01 - methanol 05, methanol 05 - methanol 09, methanol 09 - methanol 01) [7][11][22] 2. 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 import price differences (e.g., Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China) [26][31][32] 3. Methanol Production and Inventory - Illustrations cover the total port inventory of methanol, MTO/P operating rate (including integrated ones), inland factory sample inventory, and China's methanol operating rate (including integrated ones) [34][35][41] 4. Regional Price Differences - Figures present price differences between regions such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [39][49][54] 5. Traditional Downstream Profits - Diagrams display the production profits of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [50][56][59]