甲醇日报：伊朗局势放缓后，甲醇价格连续回调-20260120

Report Industry Investment Rating - The report gives a neutral rating for the unilateral strategy of methanol investment, and no rating for the inter - period and cross - variety strategies [4] Core View - After the situation in Iran eased, the methanol price has been continuously declining. Attention should be paid to whether there will be any recurrence. Although the methanol port inventory decreased in the first week, the MTO maintenance in the downstream still dragged down the port price performance. In the inland area, the coal - based methanol production maintained high - pressure operation, and the natural - gas - based production in the southwest gradually restarted. The inland factories were in a period of continuous inventory increase, and the traditional downstream was in the seasonal off - season [1][2][3] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis and inter - period spreads, including the basis between methanol in Taicang and the main contract, the basis of methanol in different regions relative to the main futures, and the spreads between different methanol futures contracts [7][12][22] 2. 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, and the import spreads such as the difference between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [26][28][32] 3. Methanol Start - up and Inventory - It includes the total port inventory of methanol, the MTO/P start - up rate (including integrated ones), the sample inventory of inland factories, and the start - up rate of Chinese methanol production (including integrated ones) [34][42] 4. Regional Price Differences - The report shows the price differences between different regions, such as the difference between northern Shandong and the northwest, between East China and Inner Mongolia, between Taicang and southern Shandong, etc. [39][46][50] 5. Traditional Downstream Profits - Figures display the production gross profits of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [48][57]