甲醇聚烯烃早报-20260106

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - For methanol, the inland market has bottomed out, and the port market is trading on significant inventory reduction. However, the pre - condition for significant inventory reduction is high MTO operation rate. Currently, MTO profit is average, which restricts the upside of methanol. Venezuelan shipments are expected to be 2 - 3 vessels per month, with an average of 80,000 - 100,000 tons per month. Pay attention to subsequent developments, and short - term shipments may remain normal. Also, monitor the change in oil prices. The limited upside of methanol is due to the poor performance of other downstream sectors, and if oil prices drive up other products, it may lift the upper limit of methanol prices [2]. - For polyethylene, the inventory of Sinopec and PetroChina is neutral year - on - year. The upstream (Sinopec and PetroChina) and coal - chemical enterprises are reducing inventory, while social inventory remains flat. Downstream inventory of raw materials and finished products is also neutral. Overall inventory is neutral. The 09 contract basis is around - 110 in North China and - 50 in East China. The overseas market in Europe, America, and Southeast Asia is stable. The import profit is around - 200, with no further increase for now. The price of non - standard HD injection molding remains stable, other price spreads are fluctuating, and LD is weakening. The number of maintenance in September is flat compared to the previous month, and the domestic linear production has decreased recently. Pay attention to the LL - HD conversion situation and US quotes. In 2025, the pressure from new plants is significant, so monitor the commissioning of new plants [6]. - For polypropylene, the upstream (Sinopec and PetroChina) and mid - stream are reducing inventory. In terms of valuation, the basis is - 60, the non - standard price spread is neutral, and the import profit is around - 700. Exports have been performing well this year. The non - standard price spread is neutral, and the markets in Europe and America are stable. The PDH profit is around - 400, propylene prices are fluctuating, and the powder production rate is stable. The production of drawn products is neutral. The subsequent supply is expected to increase slightly month - on - month. Currently, downstream orders are average, and the inventory of raw materials and finished products is neutral. In the context of over - capacity, the pressure on the 01 contract is expected to be moderately excessive. If exports continue to increase or there are more PDH plant maintenance, the supply pressure can be alleviated to a neutral level [7]. - For PVC, the basis remains at 01 - 270, and the ex - factory basis is - 480. Downstream operation rate is seasonally weakening, and the willingness to hold inventory at low prices is strong. The inventory of mid - upstream is continuously accumulating. In summer, Northwest plants have seasonal maintenance, and the load center is between the spring maintenance and the high production in Q1. In Q4, pay attention to the commissioning of new plants and the sustainability of exports. The recent export orders have declined slightly. The sentiment in the coal market is positive, the cost of semi - coke is stable, and the profit of calcium carbide is under pressure due to PVC maintenance. The counter - offer for caustic soda exports is FOB380. Pay attention to whether subsequent export orders can support the price of caustic soda. The comprehensive profit of PVC is - 100. Currently, the accumulation of static inventory contradictions is slow, the cost is stable, downstream performance is mediocre, and the macro - environment is neutral. Monitor exports, coal prices, commercial housing sales, terminal orders, and operation rate [7]. 3. Summary by Commodity Methanol - Price Data: From December 26, 2025, to January 5, 2026, the price of动力煤期货 remained at 801. The price of Jiangsu spot increased from 2145 to 2233, with a daily change of 23 on January 5. The price of South China spot increased from 2120 to 2205, with a daily change of 12 on January 5. Other regional prices also showed certain changes [2]. - Viewpoint: The inland market has bottomed out, and the port market is trading on significant inventory reduction. However, MTO profit restricts the upside of methanol. Monitor Venezuelan shipments and oil price changes [2]. Polyethylene - Price Data: From December 26, 2025, to January 5, 2026, the price of华东LD increased from 8175 to 8700, with a daily change of 375 on January 5. Other prices also had corresponding changes. The主力期货 price decreased from 6465 to 6449, with a daily change of - 23 on January 5 [6]. - Viewpoint: Overall inventory is neutral. Pay attention to LL - HD conversion, US quotes, and new plant commissioning [6]. Polypropylene - Price Data: From December 26, 2025, to January 5, 2026, the price of山东丙烯 increased from 5690 to 5730, with a daily change of 50 on January 5. The主力期货 price decreased from 6292 to 6330, with a daily change of - 18 on January 5 [7]. - Viewpoint: Upstream and mid - stream are reducing inventory. Monitor exports and PDH plant maintenance [7]. PVC - Price Data: From December 26, 2025, to January 5, 2026, the price of电石法 - 华东 decreased from 4520 to 4530, with a daily change of - 70 on January 5. The基差(高端交割品) increased from - 20 to - 250, with a daily change of 10 on January 5 [7]. - Viewpoint: Downstream operation rate is seasonally weakening, and mid - upstream inventory is accumulating. Monitor exports, coal prices, etc. [7].