关注后续MTO检修动态

Report Investment Rating - Unilateral: Neutral [4] - Cross-period: Expand the spread between MA2605 and MA2609 when it is low [4] - Cross-variety: None [4] Core View - The methanol market is affected by factors such as potential MTO device maintenance, high inventory, and seasonal demand. Attention should be paid to the duration of Iran's winter inspection and the resumption progress of southwest gas-based methanol production [3] Summary by Directory 1. Methanol Basis & Cross-period Structure - The report presents multiple charts related to methanol basis and cross-period spreads, including methanol basis in different regions and cross-period spreads between different futures contracts [7][9][20] 2. Methanol Production Profit, MTO Profit, and Import Profit - The report shows charts of coal-based methanol production profit in Inner Mongolia, MTO profit in East China, and import spreads, etc [24][25][30] 3. Methanol开工, Inventory - The report provides information on methanol port inventory, MTO/P operating rate, and inland factory inventory [2][32][39] 4. Regional Spreads - The report presents regional spreads between different regions, such as the spreads between Shandong North and Northwest, Taicang and Inner Mongolia, etc [2][36][47] 5. Traditional Downstream Profits - The report shows the production profits of traditional downstream products such as formaldehyde, acetic acid, MTBE, and dimethyl ether [49][53]