港口库存开始兑现下滑

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The decline in methanol port inventory has begun to materialize, and attention should be paid to the duration of winter maintenance of Iranian methanol plants. The MTO is under maintenance, and attention should be paid to the actual resumption time and the possibility of future maintenance. Coal - based methanol maintains high - level operation, and attention should be paid to the resumption progress of southwest gas - based methanol. The traditional downstream is in the off - season [1][2][3]. - The strategy suggests cautious long - hedging on the long side, and long spreads for MA2605 - MA2609 [4]. 3. Summary According to the Directory 3.1 Methanol Basis & Inter - period Structure - The report presents multiple charts related to methanol basis and inter - period spreads, such as the basis between methanol in Taicang and the main contract, and the spreads between different methanol futures contracts [7][20][21]. 3.2 Methanol Production Profit, MTO Profit, and Import Profit - Charts show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import spread of methanol in Taicang [24][25]. 3.3 Methanol Start - up and Inventory - The total port inventory of methanol and the start - up rate of MTO/P are presented, as well as the inventory of inland factories and the start - up rate of Chinese methanol [32][39]. 3.4 Regional Spreads - The report provides data on regional spreads, including the spreads between different regions like Lubei - Northwest, East China - Inner Mongolia, etc [36][45][47]. 3.5 Traditional Downstream Profits - Charts show the production gross margins of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [49][53].