伊朗装置开工有所反复

Report Industry Investment Rating - Unilateral: Neutral [4] Core Viewpoints - The overall inventory pressure at ports has eased, but the floating storage pressure caused by delayed unloading remains significant. The restart of an Iranian plant has led to fluctuations, and attention should be paid to the duration of winter maintenance of Iranian plants. Although the Iranian operating rate is low, the actual decline in shipping volume due to plant maintenance needs further confirmation. The MTO maintenance at Ningbo Fude has dragged down port demand [2] - The coal - based methanol production in the inland region is operating well, and there is seasonal winter maintenance of gas - based methanol in the southwest. The new MTO plant, Lianhong Phase II, is operating stably. Among traditional downstream industries, the acetic acid operating rate has slightly rebounded but remains low, the MTBE operating rate remains high, and the formaldehyde operating rate has slightly declined [3] Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis and inter - period spreads, including methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) against the main futures contract, and spreads between different methanol futures contracts (such as 01 - 05, 05 - 09, 09 - 01) [6][7][13] II. Methanol Production Profit, MTO Profit, and 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 spreads (such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, etc.) [6][23][24] III. Methanol Operating Rate and Inventory - Information on methanol port total inventory, MTO/P operating rate (including integrated plants), inland factory sample inventory, and China's methanol operating rate (including integrated plants) is provided [6][30][36] IV. Regional Spreads - Regional spreads such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc., are presented in figures [6][34][42] V. Traditional Downstream Profits - Figures display the production gross margins of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6][44][53]