甲醇日报：港口库存进一步累积至历史高位-20251107

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Port inventory has further accumulated to a historical high. In November, the arrival pressure remains high. The delayed announcement of winter maintenance in Iran is the main driver of the recent decline in methanol prices. There are now expectations of Iranian plant maintenance, and the market's expectation of the delayed implementation of Iranian winter maintenance has regained optimism [2]. - Inland inventory has rebounded again. Mainstream CTO enterprises have started to show purchasing intentions at low prices. Coal - based methanol production has further increased in November, and inland inventory has been rebuilt from a low level. Inland MTO demand has declined, and attention should be paid to the inventory preparation before the commissioning of the second - phase MTO of Lianhong at the end of the year. Traditional downstream industries are also under pressure [3]. Summary by Relevant Catalogs 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including the basis between methanol in Taicang and the main contract, and the basis between methanol in different regions and the main futures contract, as well as the price differences between different methanol futures contracts [7][9][11] 2. Methanol Production Profit, MTO Profit, and Import Profit - The report shows figures on the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import price difference between Taicang methanol and CFR China, among others [26][27][28] 3. Methanol Production and Inventory - It includes figures on the total port inventory of methanol, the MTO/P operating rate, the inland factory sample inventory, and the operating rate of methanol production in China [33][34][36] 4. Regional Price Differences - The report provides figures on price differences between different regions, such as the price difference between northern Shandong and the northwest, and the price difference between Taicang and southern Shandong [38][44][46] 5. Traditional Downstream Profits - It shows figures on the production gross profit of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [45][50][51]