MTO逐步复工，港口兑现去库

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The MTO is gradually resuming work, and the ports are realizing inventory reduction. The Middle - East war situation has concerns of escalation, which may affect the methanol market. The port inventory is rapidly decreasing, and the expected import arrivals in April are at a historical low. The MTO demand has passed its low point, and the port basis has strengthened significantly. Coal - based methanol production is operating at high profit, and the spring inspection scale is limited. The inventory of inland factories continues to decline, and the traditional downstream industries are performing well [3]. 3. Summary According to the Directory I. Methanol Basis & Inter - period Structure - The report includes figures showing the methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) compared with the main futures contract, and the price differences between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][8] II. Methanol Production Profit, MTO Profit, and Import Profit - It presents figures on the production profit of Inner Mongolia coal - based methanol, the MTO profit in the East China region (PP&EG type), and the import price differences (e.g., Taicang methanol - CFR China, CFR Southeast Asia - CFR China, etc.) [6][25][28] III. Methanol开工, Inventory - Figures show the total port inventory of methanol, the MTO/P operating rate (including integrated ones), the inventory of inland factory samples, and the operating rate of Chinese methanol production (including integrated ones) [6][36][42] IV. Regional Price Differences - The report provides figures on regional price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][39][49] V. Traditional Downstream Profits - It includes figures on the production profits of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6][47][56]