甲醇港口库存现实压力仍持续

Report Industry Investment Rating - Not mentioned in the provided content Core View of the Report - The port's actual inventory remains at a relatively high level before the holiday, with inventory decreasing in Jiangsu and increasing in Zhejiang. The MTO units of Xingxing and Shenghong in the downstream are still under maintenance. The progress of the recovery of Iran's winter - shutdown units before the Spring Festival is still slow, and attention should be paid to the recovery progress from late February to March and the development of the US - Iran situation. The expected loading volume from Iran is further decreasing, and attention should be paid to when the expectation of the port inventory reaching its peak and then decreasing will be confirmed. In the inland area, coal - based methanol plants maintain high operation rates, and the downstream pending orders are performing well. The inventory of inland factories has decreased again, and the seasonal inventory build - up before the Spring Festival has not been realized. The traditional downstream is in the seasonal off - season, with formaldehyde rapidly reducing its load seasonally before the Spring Festival, the acetic acid operation rate remaining low, and the MTBE operation rate being acceptable [2][3] Summary According to the Directory I. Methanol Basis & Inter - period Structure - Multiple figures are presented, including methanol Taicang basis and the main contract, methanol basis in different regions, and the price difference between different methanol futures contracts [7][13][20] II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, the import price difference of Taicang methanol, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [24][25][30] III. Methanol Operation, Inventory - Figures display the total port inventory of methanol, the MTO/P operation rate (including integrated plants), the sample inventory of inland factories, and the operation rate of Chinese methanol plants (including integrated plants) [33][40] IV. Regional Price Difference - Figures illustrate the price differences between different regions, such as Lubei - Northwest, East China - Inner Mongolia, Taicang - Lunan, etc [37][44][46] V. Traditional Downstream Profit - Figures show the production gross profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [50][53]