港口基差有所转弱

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The methanol market is affected by multiple factors. In the port area, the geopolitical situation in Iran is an important variable for the methanol market. Currently, the total inventory pressure at Chinese methanol ports is high, dragging down the port basis, and there are maintenance expectations for MTO units, which may weaken the future de - stocking expectations. In the inland area, coal - based methanol maintains high - level operations, and the inventory of inland factories is in a continuous recovery cycle, while the traditional downstream is in a seasonal off - season [2][3]. Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents various charts related to methanol basis and inter - period spreads, including the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the spreads between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][21] 2. Methanol Production Profit, MTO Profit, Import Profit - Charts show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and import spreads such as the difference between Taicang methanol and CFR China, as well as spreads between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [6][25][26] 3. Methanol开工, Inventory - Information on methanol port total inventory, MTO/P开工 rate (including integrated units), inland factory sample inventory, and China's methanol开工 rate (including integrated units) is presented through charts [6][32][41] 4. Regional Price Differences - The report provides charts on regional price differences, such as the difference between Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][38][46] 5. Traditional Downstream Profits - Charts show the production gross margins of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [6][52][54]