1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The domestic methanol market shows regional differences. The inland market has declined significantly, while the port market has shown a slight firmness. The short - term domestic market is expected to have a narrow - range adjustment. - It is expected that the methanol price will fluctuate this week, with MA2601 oscillating between 2270 - 2360 yuan/ton [5]. 3. Summary According to the Table of Contents 3.1 Daily Tips - **Fundamentals**: The inland methanol market has declined due to sufficient post - holiday enterprise inventories and port imports flowing back to the inland. The port market is driven by sanctions news and a late - session futures rally, with the basis strengthening. The short - term domestic market is expected to have a narrow - range adjustment [5]. - **Basis**: The spot price of methanol in Jiangsu is 2260 yuan/ton, and the basis of the 01 contract is - 47, indicating that the spot is at a discount to the futures [5]. - **Inventory**: As of October 9, 2025, the total social inventory of methanol in East and South China ports is 127.30 million tons, with a 0.49 - million - ton increase from before the holiday. The overall available and tradable methanol in coastal areas has increased by 5.99 million tons to 94.05 million tons [5]. - **Disk**: The 20 - day line is downward, and the price is below the moving average [5]. - **Main Position**: The main position is net short, and the short position has increased [5]. - **Expectation**: The methanol price is expected to oscillate this week, with MA2601 running between 2270 - 2360 yuan/ton [5]. 3.2 Multi - and Short - Term Concerns - **Positive Factors**: Some devices are shut down (e.g., Yulin Kaiyue, Xinjiang Xinya); the methanol production in Iran has decreased, and the port inventory is at a low level; a 600,000 - ton/year acetic acid device in Jingmen has produced products, and a 600,000 - ton/year acetic acid device in Xinjiang Zhonghe Hezhong is planned to be put into production this month [6]. - **Negative Factors**: Some previously shut - down devices have resumed operation (e.g., Inner Mongolia Donghua); there is a concentrated arrival of ships at the port in the second half of the month; the formaldehyde industry has entered the traditional off - season, and the MTBE operating rate has dropped significantly; coal - based methanol has a certain profit margin and is actively selling; some factories in the production area have accumulated inventory due to poor sales [7]. 3.3 Fundamental Data - **Price Data**: In the spot market, prices in different regions show various changes. For example, the price in Jiangsu has decreased by 0.76% week - on - week, while prices in Shandong, Hebei, etc. have remained unchanged. In the futures market, the closing price has increased by 17 yuan/ton. In terms of spreads, the basis, import spread, etc. have also changed [8][9]. - **Operating Rate**: The weighted average national operating rate is 74.90%, a decrease of 3.81% from the previous week. The operating rates in different regions such as East China, Shandong, etc. have also changed to varying degrees [8]. - **Inventory**: The inventory in East China ports has decreased by 1.60 million tons, while the inventory in South China ports has increased by 2.09 million tons [8]. 3.4 Maintenance Status - **Domestic Devices**: Many domestic methanol production enterprises are in the process of maintenance or have experienced production suspension. For example, Shaanxi Black Cat, Qinghai Zhonghao, etc. have shut down or reduced production for different reasons and durations [61]. - **Overseas Devices**: Some overseas methanol production devices, especially those in Iran, are in the process of restarting or have unstable operations. For example, ZPC in Iran is reported to have resumed one set of equipment, but it needs to be verified [62]. - **Olefin Devices**: Some olefin production devices with supporting methanol production also have different operating conditions. For example, Shaanxi Qingcheng Clean Energy's methanol and olefin devices have been shut down for maintenance since March 15, and it is expected to last for 45 days [63].

Group 1: Report Industry Investment Rating - The investment rating for methanol is "oscillating weakly" [2] Group 2: Core View of the Report - Methanol downstream shows a lackluster peak season, with both ports and production areas accumulating inventory after the holiday. The import volume in August was 175.98 million tons, a 59% increase month-on-month. Trump's sudden announcement of a 100% tariff on all Chinese exports to the US led to a sharp drop in the crude oil price. However, the rumored expansion of sanctions on Iranian shipping may disrupt future imports. In the short term, the methanol price is expected to oscillate weakly, with a reference range of 2260 - 2360 [2] Group 3: Summary by Relevant Catalogs 1. Market Review - On the Friday night session, the futures price of the main methanol contract rose by 19 yuan to 2314 yuan/ton, and the spot price in the mainstream East China region rose by 20 yuan to 2245 yuan/ton. Long positions increased by 4918 lots to 617,600 lots, while short positions decreased by 200 lots to 745,700 lots [2] 2. Important Information - **Supply**: The domestic methanol operating rate is 82.5%, a 2.6% month-on-month increase, and the overseas operating rate is 68.4%, a 7% month-on-month increase [2] - **Inventory**: The total inventory of Chinese methanol ports is 1.5432 million tons, an increase of 51,000 tons from the previous period. The inventory in East China increased by 47,800 tons, and that in South China increased by 3,200 tons. The inventory of Chinese methanol sample production enterprises is 339,400 tons, an increase of 19,500 tons from the previous period, a 6.08% month-on-month increase [2] - **Demand**: The signing volume of northwest methanol enterprises is 18,700 tons, a decrease of 2,200 tons month-on-month. The order backlog of sample enterprises is 115,200 tons, a decrease of 157,800 tons from the previous period, a 57.79% month-on-month decrease. The olefin operating rate is 93.7%, a 4.4% month-on-month increase; the dimethyl ether operating rate is 4.9%, a 2.2% month-on-month decrease; the methyl chloride operating rate is 88.7%, a 1.1% month-on-month increase; the acetic acid operating rate is 82.9%, a 0.7% month-on-month decrease; the formaldehyde operating rate is 34.1%, a 10% month-on-month decrease; the MTBE operating rate is 64.1%, a 0.1% month-on-month decrease [2] 3. Market Logic - Methanol downstream shows a lackluster peak season, with inventory accumulation after the holiday. The sharp increase in August imports and Trump's tariff announcement have an impact on the market. The Iranian shipping sanctions may disrupt future imports, and the short - term methanol price is expected to oscillate weakly [2] 4. Trading Strategy - In the short term, the strategy is mainly short - selling at high levels [2]

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating [1] Group 2: Report's Core View - The high inventory suppresses the spot price of methanol. In the short - term, the methanol price may be weakly volatile. The recommended trading strategy is to wait and see [1] Group 3: Summary According to Relevant Catalogs 1. Methanol Futures and Spot Prices - MA01 decreased from 2328.00 yuan/ton on September 30, 2025, to 2290.00 yuan/ton on October 9, 2025, a decrease of 1.63%. MA05 decreased from 2362.00 yuan/ton to 2346.00 yuan/ton, a decrease of 0.68%. MA09 decreased from 2329.00 yuan/ton to 2320.00 yuan/ton, a decrease of 0.39% [1] - Among spot prices, prices in most regions decreased, except for Hubei which increased by 1.28% from 2340.00 yuan/ton to 2370.00 yuan/ton [1] 2. Methanol Basis and Related Prices - The basis of Taicang spot - MA increased from - 90.50 yuan/ton to - 80.00 yuan/ton [1] - Coal and natural gas prices were relatively stable, with slight decreases in some coal prices and no change in industrial natural gas prices [1] 3. Methanol Profit Situation - Coal - made methanol profit decreased from 334.80 yuan/ton to 324.80 yuan/ton, a decrease of 2.99%. Natural gas - made methanol profit remained unchanged at - 422.00 yuan/ton [1] - MTO profit in the Northwest decreased by 55.86% from - 58.00 yuan/ton to - 90.40 yuan/ton, and in the East by 0.76% from - 590.07 yuan/ton to - 594.57 yuan/ton [1] - Among downstream products, the profit of acetic acid increased by 0.96%, MTBE by 4.94%, formaldehyde by 1.83%, and dimethyl ether by 4.29% [1] 4. Important Information - Domestic futures: The main methanol contract MA2601 fell, opening at 2321 yuan/ton, closing at 2290 yuan/ton, down 50 yuan/ton, with trading volume of 545,698 lots and open interest of 999,972 lots, showing increased volume and open interest [1] - Foreign information: In a Middle - Eastern country, two methanol plants with a total capacity of 3.3 million tons restarted. Currently, all plants are operating, with only a few at low loads. The daily output is gradually increasing. The overall loading volume is around 243,000 tons, a decrease compared to the same period last month [1] 5. Market Logic and Strategy - Market logic: During the holiday, the methanol spot price dropped. High imports and blocked freight during the holiday led to high port inventory and supply pressure. The downstream's short - term restocking power was insufficient before the holiday, and the traditional downstream peak season is ending. The supply side's drive should be focused on in the fourth quarter [1] - Trading strategy: Wait and see [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The port inventory has accumulated again after the holiday due to concentrated arrivals, and the inventory inflection point has not appeared yet. The arrival pressure in October remains high, and the subsequent changes mainly depend on when the Iranian winter inspection plan will be announced. The Iranian operating rate is still high, and the lower support for the port still relies on the window for re - flowing to the inland. - The inland price has declined, the coal - based methanol operating rate has rebounded again, the inland inventory has risen from a low level, and the support for the port has weakened. Among traditional downstream industries, the high inventory pressure of acetic acid has dragged down its operating rate, the MTBE operating rate is in a slight rebound cycle, and the formaldehyde operating rate remains stable [3] 3. Summary by Relevant Catalogs 3.1 Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol basis in different regions such as Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, and Guangdong compared with the main futures contract, as well as the inter - period spread between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01). The data sources for these figures are from Flush and Huatai Futures Research Institute [7][9][11] 3.2 Methanol Production Profit, MTO Profit, Import Profit - The report shows figures about methanol production profit (e.g., Inner Mongolia coal - based methanol production profit), MTO profit (East China MTO profit of PP&EG type), and import profit (e.g., Taicang methanol - CFR China import spread, differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China). The data sources are from Flush and Huatai Futures Research Institute [26][29][30] 3.3 Methanol Operating Rate, Inventory - Figures related to methanol operating rate and inventory are presented, including methanol port total inventory, MTO/P operating rate (including integrated), inland factory sample inventory, and China methanol operating rate (including integrated). The data sources are from Flush and Huatai Futures Research Institute [35][41] 3.4 Regional Price Differences - The report includes figures showing regional price differences, such as the price differences between Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200. The data sources are from Flush and Huatai Futures Research Institute [37][46] 3.5 Traditional Downstream Profits - Figures about the production profits of traditional downstream industries are shown, including Shandong formaldehyde production profit, Jiangsu acetic acid production profit, Shandong MTBE isomerization etherification production profit, and Henan dimethyl ether production profit. The data sources are from Flush and Huatai Futures Research Institute [47][52]

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating [1] Group 2: Core Viewpoints of the Report - Short - term methanol prices may be weakly volatile due to high port inventories, supply pressure, and lack of downstream demand [1] - The trading strategy is to wait and see, with a view score of 0 [1] Group 3: Summary According to Relevant Data Methanol Futures and Spot Prices - MA01 dropped from 2328.00 yuan/ton on 2025/9/30 to 2290.00 yuan/ton on 2025/10/9, a decrease of 1.63% [1] - MA05 decreased from 2362.00 yuan/ton to 2346.00 yuan/ton, a decline of 0.68% [1] - MA09 fell from 2329.00 yuan/ton to 2320.00 yuan/ton, a drop of 0.39% [1] - Spot prices in regions like Taicang, Shandong, and Guangdong also decreased, while Hubei's price increased by 1.28% [1] Upstream Costs - Coal prices such as Baotou Q5500, Datong Q5500, and Yulin Q6000 either decreased slightly or remained unchanged [1] - Industrial natural gas prices in Hohhot and Chongqing remained stable [1] Profit Situations - Coal - to - methanol profit decreased by 2.99% from 334.80 yuan/ton to 324.80 yuan/ton [1] - Natural gas - to - methanol profit remained at - 422.00 yuan/ton [1] - Northwest MTO profit decreased by 55.86%, and East China MTO profit decreased by 0.76% [1] - Profits of downstream products like acetic acid, MTBE, formaldehyde, and dimethyl ether either increased or decreased to varying degrees [1] Group 4: Important Information Domestic Information - The main methanol contract MA2601 opened at 2321 yuan/ton, closed at 2290 yuan/ton, down 50 yuan/ton, with trading volume of 545,698 lots and open interest of 999,972 lots, showing increased volume and open interest [1] Foreign Information - Two methanol plants with a total capacity of 3.3 million tons in a Middle - Eastern country restarted. The overall loading volume in this country is around 243,000 tons, less than the same period last month [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The port experienced a decent de - stocking as the arrival was lower than expected and downstream pre - holiday pick - up was good, but the absolute inventory is still high. The future change mainly depends on the announcement of Iran's winter inspection plan. The port's lower support relies on the window for re - flowing to the inland. - In the inland, the northwest prices remain strong. With mainstream CTO factories continuing to purchase at the beginning of the week and low inventory, the inland is stronger than the port. Traditional downstream has mixed performances, and coal - based methanol production restart is slow, waiting for a further increase in October [2][3]. 3. Summary by Relevant Catalogs I. Methanol Basis & Inter - period Structure - The report presents various charts about methanol basis including methanol Taicang basis and methanol main contract, basis of methanol in different regions against the main futures, and inter - period spreads such as MA2601 - MA2605, MA2605 - MA2609, and MA2609 - MA2601 [7][23]. II. Methanol Production Profit, MTO Profit, Import Profit - It shows charts related to Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), and import spreads such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [27][36]. III. Methanol Start - up, Inventory - Charts display methanol port total inventory, MTO/P start - up rate (including integrated), inland factory sample inventory, and China methanol start - up rate (including integrated). The port total inventory is 1492190 tons (- 65580), and the inland factory inventory is 319940 tons (- 20540) [2][38]. IV. Regional Price Difference - The report provides data on regional price differences such as Lubei - Northwest - 280, Taicang - Inner Mongolia - 550, Taicang - Lunan - 250, etc. For example, the Lubei - Northwest - 280 spread is - 43 yuan/ton (- 5) [2][42]. V. Traditional Downstream Profit - Charts show the production gross margins of traditional downstream products including Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [52][61]. 4. Strategy - Unilateral: No strategy provided. - Inter - period: Go long on MA2601 - MA2605 when the spread is low. - Cross - variety: Short the spread of PP01 - 3MA01 when it is high [4].

Report Industry Investment Rating - Not provided in the report Core View - The report suggests paying attention to low - buying opportunities for methanol. Although the short - term upward drive is limited due to high port inventory and insufficient restocking power of MTO enterprises, considering the low spot price in East China, the approaching traditional downstream peak season, and the possible gas - restriction expectation in Iran, the port inventory pressure may decrease in the future [1]. Summary by Relevant Catalogs 1. Futures and Spot Prices and Basis - **Methanol Futures Prices (Closing Prices)**: MA01 increased from 2355.00 yuan/ton to 2359.00 yuan/ton, up 0.17%; MA05 rose from 2384.00 yuan/ton to 2388.00 yuan/ton, up 0.17%; MA09 increased from 2343.00 yuan/ton to 2345.00 yuan/ton, up 0.09% [1]. - **Methanol Spot Prices (Daily Average)**: Prices in Shandong, Sichuan - Chongqing, Hubei, and Inner Mongolia remained unchanged; prices in Taicang decreased by 0.33% to 2250.00 yuan/ton, in Guangdong dropped by 0.22% to 2260.00 yuan/ton, and in Shaanxi increased by 1.20% to 2105.00 yuan/ton [1]. - **Basis**: The basis of Taicang spot - MA decreased by 11.50 yuan/ton [1]. 2. Raw Material Prices - **Coal Spot Prices**: The price of Bohai Rim Q5500 decreased by 0.95% to 520.00 yuan/ton, Datong Q5500 dropped by 0.85% to 582.50 yuan/ton, and Yulin Q6000 decreased by 2.07% to 592.50 yuan/ton [1]. - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1]. 3. Profit Situation - **Methanol Production Profit**: Coal - based methanol profit increased by 1.92% to 334.80 yuan/ton, while natural - gas - based methanol profit remained unchanged at - 422.00 yuan/ton [1]. - **MTO Profit**: Northwest MTO profit decreased by 43.56% to - 58.00 yuan/ton, and East China MTO profit increased by 0.08% to - 622.57 yuan/ton [1]. - **Methanol Downstream Profit**: Acetic acid profit increased by 3.29% to 566.17 yuan/ton, MTBE profit increased by 16.69% to 444.64 yuan/ton, and profits of formaldehyde and DME remained unchanged [1]. 4. Information - **Domestic Futures Information**: The main methanol contract MA2601 fluctuated within a range, opening at 2360 yuan/ton, closing at 2359 yuan/ton, up 7 yuan/ton. Trading volume was 426,001 lots, and open interest was 869,500, showing a decrease in volume and open interest [1]. - **Foreign Information**: A 1.75 - million - ton methanol plant in Southeast Asia is restarting after a short - term shutdown and maintenance [1].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The coal end has weakened slightly, with weekend pithead coal prices falling. Iranian shipments remain fast, with around 870,000 tons shipped so far. Port inventory accumulation has been limited this week due to weather - delayed unloading, but significant accumulation is expected later. For the 01 contract, supply is clear. Although downstream profits have improved, the port inventory issue is difficult to resolve. The reverse flow window between the port and the inland remains open, and inland MTO continues to purchase externally, providing support. Non - Iranian Malaysian plants have faced setbacks in resuming operations and are further delayed, with non - Iranian imports expected to be slightly reduced to 550,000 - 600,000 tons this month, but a clear reduction time is hard to determine. It is not recommended to operate before the National Day, and the short - put option can be held [2]. - The short - term trend of methanol is range - bound, with the 2601 contract expected to operate in the range of 2330 - 2380. The previous short - put option on the 2601 contract should continue to be held [13]. Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - Coal prices at the pithead have declined, and Iranian methanol shipments are rapid. Port inventory will likely increase significantly later. The 01 contract has supply clarity, but port inventory is a problem. Inland support exists due to external purchases by MTO. Non - Iranian imports may be slightly reduced [2]. 1.2 Trading - Type Strategy Recommendations - **Base - Spread Strategy**: The price of the methanol 01 contract has risen to 2370, while the inland market has weakened. The large premium structure of the 01 contract remains unresolved, and the outcome is yet to be determined [10]. - **Calendar - Spread Strategy**: As Iranian shipments have accelerated, the market doubts whether early gas restrictions will occur this year. Methanol prices have been declining, and the 1 - 5 spread has been in a reverse - carry situation [7][10]. 1.3 Methanol Inland Inventory Situation - Multiple charts show the seasonal trends of methanol inland inventory, including in the Northwest, at methanol plants in the south and north lines, and the national factory inventory, net factory inventory, and northwest pending shipments [18][20]. 1.4 Methanol Port Inventory Situation - Various charts display the seasonal trends of methanol port inventory in different regions of China, such as Jiangsu, Zhejiang, Guangdong, Fujian, and Guangxi, as well as the inventory in Taicang and the port arrival volume in different areas [22][38][43] Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Price Forecast**: The price range of methanol is predicted to be 2200 - 2500, with a current 20 - day rolling volatility of 20.01% and a historical percentile of 51.2% over three years [51]. - **Hedging Strategy**: Different hedging strategies are recommended for inventory management and procurement management, including shorting futures, buying put options, and selling call options [51]. - **Positive Information**: Seven departments including the Ministry of Industry and Information Technology issued a notice to prevent over - capacity risks in the coal - to - methanol industry. The second - phase 450,000 - ton MTO of Lianhong had its mid - construction handover this week, with the earliest投料 in late November. Iranian plant operating rates have declined to around 74% [55][56]. - **Negative Information**: Iran has shipped 700,000 tons of methanol [57]. 2.2 Next Week's Important Events to Watch - Not provided in the document Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - The domestic methanol market has been oscillating this week, with the inland production area slightly stronger than the sales area. The port market followed the futures, showing a weak oscillation and then a small rebound. The 1 - 5 spread weakened due to high - speed Iranian shipments but rebounded on Friday due to an unexpected Iranian plant shutdown [59][62]. Chapter 4: Price and Profit Analysis 4.1 Upstream and Downstream Price Tracking in the Industry Chain - Charts show the price trends of coal at the Ordos pithead and Qinhuangdao Port, as well as the mainstream prices of methanol in the Lunan market and Taicang, and the number of warehouse receipts [65][66][69]. 4.2 Upstream and Downstream Profit Tracking in the Industry Chain - Multiple charts display the profit and cost trends of different methanol production methods, such as coal - to - methanol in Shandong, coke - oven gas - to - methanol, and natural - gas - to - methanol in different regions, as well as the profits of downstream products like MTO, acetic acid, and MTBE [77][78][117]. 4.3 Upstream and Downstream Production and Start - up Rate Tracking in the Industry Chain - Charts show the production and start - up rate trends of different methanol production methods and downstream products, including coal - single - methanol, coke - oven gas - to - methanol, and MTO [93][94][101]. 4.4 Import - Export Price and Profit Tracking - Charts present the seasonal trends of methanol imports from different countries, the outer - market structure of methanol, and the import profit of Iranian methanol [128]. 4.5 Overseas Start - up Tracking - Charts show the capacity utilization rate, production, and start - up rate of overseas methanol plants, including those in Iran and non - Iranian regions [135][137][139]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Demand Balance Sheet Deduction - A supply - demand balance sheet shows the production, consumption, and inventory data of methanol from January to December 2025 [143]. 5.2 Supply - Side and Deduction - This week, some domestic methanol plants have restarted, while others have had maintenance or breakdowns. For example, Shandong Yankuang Guohong has restarted with double furnaces, and some plants in the Southwest and Northwest have restarted or had short - term shutdowns [144]. 5.3 Demand - Side and Deduction - Downstream MTO plants such as Xingxing and Chengzhi have resumed or increased production. New MTO projects like the second - phase of Lianhong are advancing, and inland pre - holiday stocking is active [145].

甲醇日报 | 2025-09-26 港口库存回落 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤475元/吨（+0），内蒙煤制甲醇生产利润660元/吨（+0）；内地甲醇价格方面，内 蒙北线2085元/吨（+0），内蒙北线基差329元/吨（-5），内蒙南线2100元/吨（+0）；山东临沂2360元/吨（+0），鲁南 基差204元/吨（-5）；河南2205元/吨（-5），河南基差49元/吨（-10）；河北2245元/吨（+0），河北基差149元/吨（-5）。 隆众内地工厂库存319940吨（-20540），西北工厂库存208000吨（-17500）；隆众内地工厂待发订单273022吨（+39246）， 西北工厂待发订单154000吨（+38300）。 港口方面：太仓甲醇2252元/吨（-3），太仓基差-104元/吨（-8），CFR中国262美元/吨（+3），华东进口价差-31元/ 吨（-11），常州甲醇2455元/吨；广东甲醇2255元/吨（+0），广东基差-101元/吨（-5）。隆众港口总库存1492190吨 （-65580），江苏港口库存779000吨（-8000），浙江港口库存253700 ...

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - The inventory build - up in ports has slowed down, and the resumption of downstream MTO Xingxing has supported the recovery of port demand. However, the arrival pressure persists, and the high - inventory pressure at ports may continue in October, with the port basis remaining weak. The subsequent change mainly depends on when the Iranian winter inspection plan is announced. The Iranian methanol production rate is still high, and the planned shipping volume from September to October is still significant. The supply pressure from non - Iranian sources has decreased due to the Ma'anshan Oil refinery maintenance. The lower support at ports still relies on the window for methanol to flow back to the inland [2]. - In the inland, the transactions in the northwest are still good, and mainstream CTO factories are still purchasing methanol. The coal - based methanol production rate will gradually increase in the second half of the month. The rate of rebuilding the low - level inventory of inland methanol factories is still slow, and overall, the inland market is stronger than the port market. Among traditional downstream industries, the high inventory of acetic acid has dragged down its production rate, the improvement in MTBE exports has led to a low - level recovery of its production rate, and the production rate of formaldehyde has remained stable [3]. Summary by Directory I. Methanol Basis & Inter - period Structure - Figures show the methanol basis in different regions (Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, Guangdong) relative to the main futures contract, and the price differences between different methanol futures contracts (01 - 05, 05 - 09, 09 - 01) [7][8][22] II. Methanol Production Profit, MTO Profit, Import Profit - Figures present the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), the import price difference of Taicang methanol (excluding additional points), and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [27][30][34] III. Methanol Production Rate, Inventory - Figures display the total port inventory of methanol, the MTO/P production rate (including integrated plants), the sample inventory of inland factories, and the overall methanol production rate in China (including integrated plants) [37][38] IV. Regional Price Differences - Figures show the price differences between different regions, such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [40][47][50] V. Traditional Downstream Profits - Figures illustrate the production profits of traditional downstream industries, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [52][56]