1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The domestic methanol production increased slightly as the output of the restored production capacity was more than the loss of the overhaul and production - cut capacity. The inventory of inland enterprises increased last week due to the start of a new long - term contract in the northwest region and the resumption of some overhaul projects. The port inventory of methanol accelerated to accumulate significantly last week, and it is expected to continue to accumulate, with the specific accumulation amplitude depending on the unloading speed of foreign vessels. The domestic methanol - to - olefin operating rate increased last week and is expected to continue to increase slightly this week. The MA2601 contract is expected to fluctuate in the range of 2325 - 2400 yuan/ton in the short term [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract was 2372 yuan/ton, down 13 yuan/ton; the 1 - 5 spread was 0 yuan/ton, up 5 yuan/ton. The main contract's open interest was 807,495 lots, an increase of 8,187 lots. The net long position of the top 20 futures holders was - 107,545 lots, an increase of 3,658 lots. The number of warehouse receipts was 9,516, unchanged [3] 3.2 Spot Market - The price in Jiangsu Taicang was 2235 yuan/ton, up 25 yuan/ton; the price in Inner Mongolia was 2042.5 yuan/ton, down 2.5 yuan/ton. The price difference between East China and Northwest China was 192.5 yuan/ton, up 27.5 yuan/ton. The basis of the Zhengzhou methanol main contract was - 137 yuan/ton, up 38 yuan/ton. The CFR price at the main Chinese port was 257 US dollars/ton, up 1 US dollar/ton; the price in Southeast Asia was 322 US dollars/ton, unchanged. The FOB price in Rotterdam was 293 euros/ton, up 2 euros/ton. The price difference between the main Chinese port and Southeast Asia was - 65 US dollars/ton, up 1 US dollar/ton [3] 3.3 Upstream Situation - The price of NYMEX natural gas was 3.02 US dollars/million British thermal units, up 0.03 US dollars/million British thermal units [3] 3.4 Industry Situation - The inventory in East China ports was 88.9 tons, an increase of 18.28 tons; the inventory in South China ports was 41.03 tons, an increase of 4.05 tons. The import profit of methanol was 1.62 yuan/ton, down 4.03 yuan/ton. The monthly import volume was 110.27 tons, a decrease of 11.75 tons. The inventory of inland enterprises was 333,400 tons, an increase of 22,600 tons. The operating rate of methanol enterprises was 84.84%, an increase of 0.93 percentage points [3] 3.5 Downstream Situation - The operating rate of formaldehyde was 42.04%, unchanged; the operating rate of dimethyl ether was 7.02%, unchanged; the operating rate of acetic acid was 85.24%, down 3.77 percentage points; the operating rate of MTBE was 63.54%, unchanged; the operating rate of olefins was 85.35%, an increase of 0.76 percentage points. The on - paper profit of methanol - to - olefins was - 973 yuan/ton, an increase of 17 yuan/ton [3] 3.6 Option Market - The 20 - day historical volatility of methanol was 12.69%, down 0.16 percentage points; the 40 - day historical volatility was 18.12%, down 0.01 percentage points. The implied volatility of at - the - money call options was 16.6%, up 1.11 percentage points; the implied volatility of at - the - money put options was 16.6%, up 1.12 percentage points [3] 3.7 Industry News - As of August 27, the inventory of Chinese methanol sample production enterprises was 33.34 tons, an increase of 2.26 tons from the previous period, a month - on - month increase of 7.27%; the orders to be delivered of sample enterprises were 21.70 tons, an increase of 0.96 tons from the previous period, a month - on - month increase of 4.64%. As of August 27, the total inventory of Chinese methanol ports was 129.93 tons, an increase of 22.33 tons from the previous data. As of August 28, the capacity utilization rate of domestic methanol - to - olefin plants was 86.41%, a month - on - month increase of 0.71% [3]

甲醇日报 | 2025-09-02 关注伊朗装置后续检修可能 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415元/吨（+0），内蒙煤制甲醇生产利润740元/吨（-5）；内地甲醇价格方面，内 蒙北线2045元/吨（-5），内蒙北线基差260元/吨（-29），内蒙南线2040元/吨（-40）；山东临沂2310元/吨（-8），鲁 南基差125元/吨（-32）；河南2230元/吨（+0），河南基差45元/吨（-24）；河北2265元/吨（+0），河北基差140元/吨 （-24）。隆众内地工厂库存333393吨（+22600），西北工厂库存214500吨（+16500）；隆众内地工厂待发订单216985 吨（+9615），西北工厂待发订单113300吨（+8100）。 港口方面：太仓甲醇2230元/吨（+5），太仓基差-155元/吨（-19），CFR中国256美元/吨（-2），华东进口价差-16元/ 吨（+10），常州甲醇2410元/吨；广东甲醇2235元/吨（-12），广东基差-150元/吨（-36）。隆众港口总库存1299750 吨（+223790），江苏港口库存671500吨（+124000 ...

Group 1: Report Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - As coking coal prices decline, methanol prices return to a weaker fundamental state. Upstream coal profits remain high, while inland downstream profits are still poor, leaving room for repair. Methanol is relatively over - valued. In terms of drivers, the return of inland and imported supply exerts downward pressure on methanol prices. Currently, downstream MTO enterprises have high raw material inventories and are unlikely to build further inventories. Port inventory accumulation is a likely trend, and the upward driving force for methanol is not strong [1] Group 3: Summary by Directory 1. Price and Basis - **Methanol Futures Prices**: On August 28, 2025, MA01 closed at 2373 yuan/ton, up 1 yuan/ton (0.04%) from the previous day; MA05 closed at 2383 yuan/ton, up 17 yuan/ton (0.72%); MA09 closed at 2225 yuan/ton, down 22 yuan/ton (-0.98%) [1] - **Methanol Spot Prices**: On August 28, 2025, the daily average price in Taicang was 2232.50 yuan/ton, down 17.50 yuan/ton (-0.78%); in Shandong, it was 2295.00 yuan/ton, down 5.00 yuan/ton (-0.22%); in Guangdong, it was 2260.00 yuan/ton, down 7.50 yuan/ton (-0.33%); in Shaanxi, it was 2115.00 yuan/ton, down 2.50 yuan/ton (-0.12%); in Sichuan and Chongqing, it was 2180.00 yuan/ton, unchanged; in Hubei, it was 2340.00 yuan/ton, unchanged; in Inner Mongolia, it was 2055.00 yuan/ton, down 7.50 yuan/ton (-0.36%) [1] - **Basis**: The basis of Taicang spot - MA was - 140.50 yuan/ton, down 18.50 yuan/ton from the previous day [1] 2. Cost and Profit - **Raw Material Prices**: On August 28, 2025, the price of Datong Q5500 coal was 555.00 yuan/ton, down 7.50 yuan/ton (-1.33%); the price of Yulin Q6000 coal was 557.50 yuan/ton, down 5.00 yuan/ton (-0.89%); the industrial natural gas price in Hohhot was 3.21 yuan/cubic meter, unchanged; in Chongqing, it was 3.14 yuan/cubic meter, unchanged [1] - **Methanol Production Profits**: On August 28, 2025, the profit of coal - to - methanol was 432.60 yuan/ton, down 3.70 yuan/ton (-0.85%); the profit of natural - gas - to - methanol was - 462.00 yuan/ton, unchanged; the profit of Northwest MTO was 423.20 yuan/ton, up 40.20 yuan/ton (10.50%); the profit of East China MTO was - 260.07 yuan/ton, down 7.00 yuan/ton (-2.77%) [1] - **Methanol Downstream Profits**: On August 28, 2025, the profit of acetic acid was 309.06 yuan/ton, up 20.27 yuan/ton (7.02%); the profit of MTBE was 4.08 yuan/ton, down 26.24 yuan/ton (-86.54%); the profit of formaldehyde was - 291.60 yuan/ton, up 4.80 yuan/ton (1.62%); the profit of another product was 142.00 yuan/ton, up 14.00 yuan/ton (10.94%) [1] 3. Information - **Domestic Information**: The main methanol contract MA2601 fluctuated within a range. It opened at 2372 yuan/ton, closed at 2373 yuan/ton, down 10 yuan/ton. Trading volume was 461,214 lots, and open interest was 785,833 lots, with volume decreasing and open interest increasing. All contracts had trading volume during the trading day [1] - **Foreign Information**: A 1.65 - million - ton methanol plant in a Middle - Eastern country restarted, and some methanol plants increased their operating rates. Recently, the operating rate of methanol plants in that country has increased to around 79%, and daily production has continued to rise to a high level. Attention should be paid to the loading frequency and cargo flow direction [1] 4. Trading Strategy - The previous trading day, MA fluctuated within a range and closed at 2377 at night. With the decline of coking coal, methanol prices return to a weaker fundamental state [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - As coking coal prices decline, methanol prices return to a weaker fundamental state. Upstream coal profits remain high, while downstream profits in the inland areas are still poor, indicating room for improvement. Methanol is relatively over - valued. The return of domestic and imported supply exerts downward pressure on methanol prices. Currently, downstream MTO enterprises have high raw material inventories, with limited demand for further inventory building, and port inventory accumulation is likely. The upward momentum for methanol is not strong [1]. Summary by Relevant Catalogs 1. Price and Basis - **Methanol Futures Prices**: MA01 decreased by 23 yuan/ton (-0.96%) to 2372 yuan/ton; MA05 decreased by 16 yuan/ton (-0.67%) to 2366 yuan/ton; MA09 decreased by 25 yuan/ton (-1.10%) to 2247 yuan/ton [1]. - **Methanol Spot Prices**: Prices in most regions decreased, except for a 2.5 - yuan/ton (0.12%) increase in Shaanxi, and no change in Sichuan - Chongqing, Hubei, and the average price of 2180 yuan/ton [1]. - **Basis**: The basis of Inner Mongolia's Taicang spot - MA decreased by 2 yuan/ton (-0.84%) to - 120 yuan/ton [1]. 2. Raw Material Prices - **Coal Spot Prices**: Ordos Q5500 decreased by 5 yuan/ton (-1.01%) to 490 yuan/ton; Datong Q5500 decreased by 5 yuan/ton (-0.88%) to 562.5 yuan/ton; Yulin Q6000 remained unchanged at 562.5 yuan/ton [1]. - **Industrial Natural Gas Prices**: The price in Hohhot decreased by 0.73 yuan/cubic meter (-18.53%) to 3.21 yuan/cubic meter, while the price in Chongqing remained unchanged at 3.14 yuan/cubic meter [1]. 3. Profit Situation - **Methanol Production Profits**: Coal - based methanol and natural - gas - based methanol profits remained unchanged at 436.3 yuan/ton and - 462 yuan/ton respectively [1]. - **Methanol Downstream Profits**: Northwest MTO profit decreased by 10 yuan/ton (-8.55%) to 107 yuan/ton; East China MTO profit increased by 71.5 yuan/ton (22.03%) to - 253.07 yuan/ton; Acetic acid profit increased by 27.31 yuan/ton (10.44%) to 288.79 yuan/ton; MTBE, formaldehyde, and other downstream product profits remained unchanged [1]. 4. Important Information - **Domestic Information**: The main methanol contract MA2601 showed a weak oscillation, opening at 2393 yuan/ton, closing at 2372 yuan/ton, down 41 yuan/ton. Trading volume was 482,265 lots, and open interest was 754,731, with increased volume and open interest [1]. - **Foreign Information**: A 1.65 - million - ton methanol plant in a Middle - Eastern country restarted, and some methanol plants increased their operating rates. The operating rate of methanol plants in this country has reached around 79%, and daily production has continued to rise to a high level [1]. 5. Trading Strategy - The previous trading day saw MA oscillating weakly, with the night - session closing at 2361. Attention should be paid to the potential impacts of the market's partial reflection of the current logic and the anti - involution expectations，[1].

消息面 8月26日，常州地区国产甲醇价格参考2325-2330元/吨出罐；内地送到常州周边套利空间关闭；张家港 地区可售量几无，暂无报价；靖江上午价格区间参考2300-2330元/吨；南通地区甲醇进口货源主流商家 成交价格2310元/吨附近出库现汇；宁波地区甲醇进口货出罐成交参考2270-2300元/吨附近出库现汇，买 气一般。 机构观点 东海期货： 内地装置重启，到港集中价格承压。随着港口价格下跌，回流窗口即将开启，对现货有一定支撑，且 MTO装置计划重启，传统下游旺季在即，甲醇基本面有边际转好迹象，但供应过剩格局尚未转变，预 计价格震荡为主。 国信期货： 伊朗一套甲醇装置重启恢复，该国国内整体装置开工率提升到79%附近，日产量延续提升至高位，月底 至9月初沿海重要库区甲醇库存将达到满罐水平，关注后期非主力库区库存累积和转口情况。操作建 议：震荡思路对待。 据不完全统计，预计8月22日至9月7日中国进口船货到港量为97.75万-98万吨。国内煤（甲醇）制烯烃 装置平均开工负荷在81.41%，环比持平。 国内甲醇周产能利用率83.76%，上升1.36%，内蒙古新奥60万吨/年甲醇装置预期本周检修结束；下游总 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The methanol port inventory in China is expected to continue to accumulate. The demand for olefin devices is stable, and the industry's operation rate is expected to increase. The MA2601 contract is expected to fluctuate in the range of 2380 - 2450 in the short term [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract is 2395 yuan/ton, down 29 yuan; the 1 - 5 spread is 13 yuan/ton, down 9 yuan; the position of the main contract is 710322 lots, up 35053 lots; the net long position of the top 20 futures is -112632 lots; the number of warehouse receipts is 10466, down 100 [2] Spot Market - The price in Jiangsu Taicang is 2275 yuan/ton, down 20 yuan; in Inner Mongolia, it is 2080 yuan/ton, down 2.5 yuan; the East - Northwest spread is 195 yuan/ton, down 17.5 yuan; the basis of the Zhengzhou methanol main contract is -120 yuan/ton, up 9 yuan; CFR China Main Port is 265 dollars/ton, up 3 dollars; CFR Southeast Asia is 322 dollars/ton, unchanged; FOB Rotterdam is 287 euros/ton, unchanged; the China Main Port - Southeast Asia spread is -57 dollars/ton, up 3 dollars [2] Upstream Situation - The price of NYMEX natural gas is 2.71 dollars/million British thermal units, up 0.02 dollars [2] Industry Situation - The inventory in East China ports is 70.62 tons, up 1.92 tons; in South China ports, it is 36.98 tons, up 3.5 tons; the import profit is 5.65 yuan/ton, down 14.84 yuan; the monthly import volume is 110.27 tons, down 11.75 tons; the inventory of inland enterprises is 310800 tons, up 15200 tons; the methanol enterprise operation rate is 83.91%, up 1.51% [2] Downstream Situation - The formaldehyde operation rate is 42.04%, down 0.01%; the dimethyl ether operation rate is 7.02%, down 0.13%; the acetic acid operation rate is 89.01%, down 2.05%; the MTBE operation rate is 63.54%, up 0.15%; the olefin operation rate is 84.59%, up 1.47%; the methanol - to - olefin disk profit is -939 yuan/ton, up 59 yuan [2] Option Market - The 20 - day historical volatility of methanol is 11.83%, down 0.39%; the 40 - day historical volatility is 17.94%, up 0.24%; the implied volatility of at - the - money call options is 16.74%, up 0.15%; the implied volatility of at - the - money put options is 16.74%, up 0.15% [2] Industry News - As of August 20, the total methanol port inventory in China was 107.60 tons, up 5.42 tons; the inventory in East China and South China increased by 1.92 tons and 3.50 tons respectively; the inventory of sample production enterprises was 31.08 tons, up 1.52 tons, a 5.15% increase; the order backlog of sample enterprises was 20.74 tons, down 1.20 tons, a 5.47% decrease; as of August 21, the capacity utilization rate of domestic methanol - to - olefin devices was 85.70%, up 1.45% [2]

Report Summary - **Report Date**: August 25, 2025 [1] - **Report Name**: Methanol Industry Daily Report 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Report's Core View - The overall production of methanol has increased slightly as the output of the restored production capacity is more than the loss of the overhaul and production - reduction capacity. The inventory of domestic methanol sample production enterprises has increased, and the order backlog has decreased. The port inventory is expected to continue to accumulate. The demand side of olefin devices is stable with an expected increase in the industry's operating rate. The MA2601 contract is expected to fluctuate in the range of 2380 - 2450 yuan/ton [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the methanol main contract is 2424 yuan/ton, up 14 yuan/ton; the 1 - 5 price spread is 22 yuan/ton, up 1 yuan/ton [2]. - **Positions**: The main contract holding volume is 675,269 lots, down 22,877 lots; the net long position of the top 20 futures holders is - 104,768 lots [2]. - **Warehouse Receipts**: The number of warehouse receipts is 10,566, down 100 [2]. 3.2 Spot Market - **Domestic Prices**: The price in Jiangsu Taicang is 2295 yuan/ton, up 5 yuan/ton; the price in Inner Mongolia is 2072.5 yuan/ton, up 2.5 yuan/ton. The price spread between East China and Northwest China is 217.5 yuan/ton, down 12.5 yuan/ton [2]. - **International Prices**: CFR China Main Port is 264 US dollars/ton, up 3 US dollars/ton; CFR Southeast Asia is 322 US dollars/ton, unchanged; FOB Rotterdam is 287 euros/ton, up 3 euros/ton. The price spread between China Main Port and Southeast Asia is - 58 US dollars/ton, up 3 US dollars/ton [2]. - **Basis**: The basis of the Zhengzhou methanol main contract is - 115 yuan/ton, up 10 yuan/ton [2]. 3.3 Upstream Situation - The price of NYMEX natural gas is 2.69 US dollars/million British thermal units, down 0.12 US dollars [2]. 3.4 Industry Situation - **Inventory**: The inventory in East China ports is 70.62 tons, up 1.92 tons; the inventory in South China ports is 36.98 tons, up 3.5 tons; the inventory of inland enterprises is 310,800 tons, up 15,200 tons [2]. - **Import**: The import profit is 15 yuan/ton, unchanged; the monthly import volume is 1.1027 million tons, down 0.1175 million tons [2]. - **Operating Rate**: The operating rate of methanol enterprises is 83.91%, up 1.51 percentage points [2]. 3.5 Downstream Situation - **Operating Rates**: The operating rate of formaldehyde is 42.04%, down 0.01 percentage points; the operating rate of dimethyl ether is 7.02%, down 0.13 percentage points; the operating rate of acetic acid is 89.01%, down 2.05 percentage points; the operating rate of MTBE is 63.54%, up 0.15 percentage points; the operating rate of olefins is 84.59%, up 1.47 percentage points [2]. - **Profit**: The on - paper profit of methanol - to - olefins is - 977 yuan/ton, up 50 yuan/ton [2]. 3.6 Option Market - **Historical Volatility**: The 20 - day historical volatility of methanol is 17.22%, down 1.04 percentage points; the 40 - day historical volatility is 17.59%, up 0.06 percentage points [2]. - **Implied Volatility**: The implied volatility of at - the - money call options and put options of methanol is 16.59%, down 1.06 percentage points [2]. 3.7 Industry News - As of August 20, the total inventory of Chinese methanol ports is 1.076 million tons, up 54,200 tons. The inventory in East China and South China has increased [2]. - As of August 20, the inventory of Chinese methanol sample production enterprises is 310,800 tons, up 15,200 tons, a 5.15% increase; the order backlog is 207,400 tons, down 12,000 tons, a 5.47% decrease [2]. - As of August 21, the domestic capacity utilization rate of methanol - to - olefins devices is 85.70%, up 1.45 percentage points [2]. 3.8 Suggested Attention - Pay attention to the enterprise inventory and port inventory data released by Longzhong on Wednesday [2].

Report Summary Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The report indicates that the expectation of capacity reduction in South Korea's naphtha cracking has limited impact on methanol. The port inventory is rising rapidly, and attention should be paid to the tank capacity. The downstream MTO Xingxing is still under maintenance and is expected to resume work at the end of the month. The centralized maintenance period of coal - based methanol is over, and the start - up rate will gradually increase in late August. This week, the inventory of inland factories has bottomed out and rebounded, while downstream orders have declined. The formaldehyde industry is in its seasonal off - season and is waiting for a bottom - up recovery [2]. Summary by Directory 1. Methanol Basis & Inter - term Structure The report provides figures related to methanol basis and inter - term spreads, including methanol Taicang basis and the main contract, basis of methanol in different regions against the main futures contract, and spreads between different methanol futures contracts [6][10][21]. 2. Methanol Production Profit, MTO Profit, Import Profit Figures show the production profit of coal - based methanol in Inner Mongolia, MTO profit in East China, and import spreads such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [25][26][33]. 3. Methanol Start - up, Inventory It presents data on methanol port total inventory, MTO/P start - up rate (including integrated), inland factory sample inventory, and China's methanol start - up rate (including integrated) [34][35][37]. 4. Regional Spreads The report shows regional spreads such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200 [39][48][50]. 5. Traditional Downstream Profits Figures display the production profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [49][58]. Strategy The report suggests a wait - and - see approach for unilateral, inter - term, and cross - variety trading [3].

Core Viewpoint - The methanol market is experiencing downward pressure due to weakened cost support from domestic coal prices, increased supply from domestic production recovery, and rising import pressures, while downstream demand remains weak during the off-season [1][5]. Group 1: Domestic Supply Dynamics - Domestic coal futures prices have shown a high-level correction, leading to a loss of cost support for methanol prices, which are now primarily driven by supply and demand fundamentals [2]. - As of mid-August, the average operating rate of domestic methanol plants was 79.00%, a slight decrease of 1.35 percentage points week-on-week, but an increase of 4.16 percentage points year-on-year [2]. - Methanol weekly production averaged 186.33 million tons, showing a week-on-week increase of 1.80 million tons and a year-on-year increase of 7.90 million tons [2]. Group 2: External Import Pressure - In Q3, methanol supply from the Middle East, Southeast Asia, and South America is abundant, but international demand is weak, leading to increased shipments to China [3]. - In July, typhoon impacts delayed methanol unloading, resulting in a total unloading volume of 110.69 million tons, with over 200,000 tons postponed to August [3]. - August methanol imports are expected to reach 1.55 million tons, setting a new monthly import record, with ongoing high import levels anticipated in September [3]. Group 3: Downstream Demand Conditions - Domestic methanol demand remains weak, with limited recovery in operating rates across downstream sectors [4]. - As of mid-August, the operating rate for formaldehyde was 30.13%, for dimethyl ether was 9.17%, and for acetic acid was 86.56%, indicating limited demand recovery [4]. - Port methanol inventory in East and South China reached 89.11 million tons, a significant increase of 29.51 million tons week-on-week, contributing to a bearish outlook for methanol futures [4]. Group 4: Overall Market Outlook - With the weakening cost support from coal prices, increased domestic production, and high import pressures, the methanol market is expected to maintain a weak and volatile trend [5].

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The port methanol inventory is expected to continue to accumulate. The demand side shows that the olefin devices are operating stably, with an overall increase in the start - up rate. The MA2601 contract is expected to fluctuate in the range of 2400 - 2460 in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 2425 yuan/ton, up 1 yuan/ton; the 9 - 1 spread is - 111 yuan/ton, down 2 yuan/ton [2]. - The main contract's open interest is 680234 lots, an increase of 5501 lots; the net long position of the top 20 futures holders is - 108124 lots, a decrease of 875 lots [2]. - The number of warehouse receipts is 10766, unchanged [2]. 3.2 Spot Market - The price in Jiangsu Taicang is 2300 yuan/ton, up 10 yuan/ton; the price in Inner Mongolia is 2070 yuan/ton, unchanged [2]. - The price difference between East China and Northwest China is 230 yuan/ton, up 10 yuan/ton; the basis of the Zhengzhou methanol main contract is - 125 yuan/ton, up 9 yuan/ton [2]. - The CFR price at the main Chinese port is 261 dollars/ton, up 2 dollars/ton; the CFR price in Southeast Asia is 322 dollars/ton, unchanged [2]. - The FOB price in Rotterdam is 284 euros/ton, up 8 euros/ton; the price difference between the main Chinese port and Southeast Asia is - 61 dollars/ton, up 2 dollars/ton [2]. 3.3 Upstream Situation - The NYMEX natural gas price is 2.76 dollars/million British thermal units, down 0.15 dollars/million British thermal units [2]. 3.4 Industry Situation - The inventory in East China ports is 70.62 tons, an increase of 1.92 tons; the inventory in South China ports is 36.98 tons, an increase of 3.5 tons [2]. - The methanol import profit is 23.38 yuan/ton, down 2.02 yuan/ton; the monthly import volume is 122.02 tons, a decrease of 7.21 tons [2]. - The inventory of inland enterprises is 310800 tons, an increase of 15200 tons; the methanol enterprise operating rate is 82.4%, up 0.79 percentage points [2]. 3.5 Downstream Situation - The formaldehyde operating rate is 42.05%, up 0.43 percentage points; the dimethyl ether operating rate is 7.15%, up 1.82 percentage points [2]. - The acetic acid operating rate is 91.06%, up 1.82 percentage points; the MTBE operating rate is 63.39%, down 3.23 percentage points [2]. - The olefin operating rate is 83.12%, down 0.77 percentage points; the methanol - to - olefin profit on the disk is - 1027 yuan/ton, down 11 yuan/ton [2]. 3.6 Option Market - The 20 - day historical volatility of methanol is 18.26%, down 1.81 percentage points; the 40 - day historical volatility is 17.53%, down 0.08 percentage points [2]. - The implied volatility of at - the - money call options is 17.43%, up 0.54 percentage points; the implied volatility of at - the - money put options is 17.35%, up 0.45 percentage points [2]. 3.7 Industry News - As of August 20, the total methanol port inventory in China is 107.60 tons, an increase of 5.42 tons. East and South China ports have both accumulated inventory [2]. - As of August 20, the inventory of Chinese methanol sample production enterprises is 31.08 tons, an increase of 1.52 tons, a 5.15% increase; the order backlog is 20.74 tons, a decrease of 1.20 tons, a 5.47% decrease [2]. - As of August 21, the domestic methanol - to - olefin device capacity utilization rate is 85.70%, a 1.45% increase [2].