Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report [1] 2. Core View of the Report - After the cease - fire agreement, market risk - aversion sentiment decreased, the geopolitical premium was squeezed out, and methanol prices回调. Although the geopolitical situation may be volatile, methanol will gradually return to its fundamentals. The current domestic methanol supply - demand situation has little change, and the future impact may come from imports. Considering the impact on Iranian methanol supply, imports in July may decrease. With the support of low port inventories, the methanol price correction is expected to be limited. The 09 contract is expected to operate in the range of 2300 - 2500 yuan/ton [1] 3. Summary by Directory 3.1 Futures and Spot Prices and Basis - **Methanol Futures Prices**: MA01 closed at 2433 yuan/ton, up 16 yuan/ton (0.66%); MA05 closed at 2336 yuan/ton, up 8 yuan/ton (0.34%); MA09 closed at 2417 yuan/ton, up 26 yuan/ton (1.09%) [1] - **Methanol Spot Prices**: Prices in Shandong, Guangdong, Shaanxi, and Sichuan - Chongqing remained unchanged; the price in Hubei decreased by 45 yuan/ton (-1.89%), and the price in Inner Mongolia decreased by 10 yuan/ton (-0.50%); the price in Taicang increased by 120 yuan/ton (4.54%) [1] - **Basis**: The basis of Taicang spot - MA increased by 104 yuan/ton [1] 3.2 Raw Material Prices - **Coal Spot Prices**: The price of Ordos Q5500 and Yulin Q6000 remained unchanged, while the price of Datong Q5500 increased by 5 yuan/ton (1.03%) [1] - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged [1] 3.3 Profit Situation - **Methanol Production Profit**: Coal - based methanol profit decreased by 6.3 yuan/ton (-1.26%); natural gas - based methanol profit remained unchanged [1] - **Downstream Profit of Methanol**: The profit of Northwest MTO increased by 27.6 yuan/ton (5.23%); the profit of East China MTO decreased by 202 yuan/ton (-15.16%); the profit of acetic acid decreased by 33.27 yuan/ton (-10.27%); the profit of MTBE decreased by 41 yuan/ton (-27.98%); the profit of formaldehyde remained unchanged [1] 3.4 Important Information - **Domestic Futures**: The main methanol contract MA2509 fluctuated within a range, opening at 2384 yuan/ton, closing at 2417 yuan/ton, up 29 yuan/ton, with a trading volume of 1620777 lots and an open interest of 857159, showing increased volume and decreased open interest [1] - **Foreign Information**: The reference negotiation price of non - Iranian methanol shipments arriving in the far - future is 280 - 290 US dollars/ton. There are few fixed - price offers. The reference negotiation for far - future non - Iranian shipments is at +1.8 - 2%, and most of the formula - price negotiations this week are for the south. The far - future non - Iranian shipments were traded at +2 - 2.1%. In other Middle - East regions, the intended shipping price of a few far - future shipments is at +1.9%, but market participants are mostly on the sidelines, waiting for the resumption of a methanol plant in a Middle - East country [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - After the cease - fire agreement, the market risk - aversion sentiment decreased, the geopolitical premium was quickly squeezed out, and the methanol price dropped significantly. Although the geopolitical situation may be volatile, the market is no longer focused on conflict escalation. Methanol will gradually return to its own fundamentals. The domestic methanol supply - demand situation has little change and weak driving force. The possible impact on the future market lies in imports. Considering the impact on Iranian methanol supply, imports in July may decrease. With the support of the current low port inventory, the methanol price correction is expected to be limited. The 09 contract is expected to trade in the range of 2300 - 2500 [1]. 3. Summary by Related Catalogs 3.1. Futures and Spot Prices and Basis - **Methanol Futures Prices**: MA01 closed at 2417 yuan/ton on June 25, up 10 yuan/ton (0.42%) from the previous day; MA05 closed at 2328 yuan/ton, up 7 yuan/ton (0.30%); MA09 closed at 2391 yuan/ton, up 12 yuan/ton (0.50%) [1]. - **Methanol Spot Prices**: On June 25, the spot price in Taicang was 2645 yuan/ton, up 10 yuan/ton (0.38%); in Shandong, it was 2280 yuan/ton, down 30 yuan/ton (- 1.30%); in Guangdong, it was 2455 yuan/ton, down 10 yuan/ton (- 0.41%); in Shaanxi, it was 2065 yuan/ton, down 55 yuan/ton (- 2.59%); in Sichuan - Chongqing and Hubei, it remained unchanged; in Inner Mongolia, it was 1990 yuan/ton, down 30 yuan/ton (- 1.49%) [1]. - **Basis**: The basis of Taicang spot - MA remained unchanged at 228 yuan/ton [1]. - **Coal Spot Prices**: The price of Ordos Q5500 and Datong Q5500 remained unchanged at 427.50 yuan/ton and 485 yuan/ton respectively. The price of Yulin Q6000 was 495 yuan/ton, up 2.50 yuan/ton (0.51%) [1]. - **Industrial Natural Gas Prices**: The prices in Hohhot and Chongqing remained unchanged at 3.94 yuan/cubic meter and 3.30 yuan/cubic meter respectively [1]. 3.2. Profit Situation - **Methanol Production Profit**: The profit of coal - based methanol remained unchanged at 499.70 yuan/ton, and the profit of natural - gas - based methanol remained unchanged at - 460.00 yuan/ton [1]. - **Downstream Profit**: The profit of Northwest MTO was 528.00 yuan/ton, up 52.80 yuan/ton (11.11%); the profit of East China MTO was - 1332.07 yuan/ton, down 46.00 yuan/ton (- 3.58%); the profit of acetic acid was 323.81 yuan/ton, down 5.77 yuan/ton (- 1.75%); the profit of MTBE was 146.52 yuan/ton, down 150.00 yuan/ton (- 50.59%); the profit of formaldehyde was - 252.40 yuan/ton, down 20.00 yuan/ton (- 8.61%); the profit of dimethyl ether remained unchanged at 518.00 yuan/ton [1]. 3.3. Information - **Domestic Information**: The main methanol contract MA2509 fluctuated within a narrow range, opening at 2383 yuan/ton, closing at 2391 yuan/ton, up 12 yuan/ton. The trading volume was 1052872 lots, and the open interest was 904409 lots, with volume shrinking and open interest increasing. All contracts had trading volumes during the trading day [1]. - **Foreign Information**: Today, the reference negotiation price of non - Iranian methanol cargoes arriving in the far - month is 275 - 284 US dollars/ton. Traders are mostly on the sidelines, and there is no news of actual transactions. In other regions of the Middle East, there is also a lack of active offer news. The reference negotiation price of cargoes from other Middle Eastern regions arriving in the near - far - month is + 1 - 1.2%. Attention should be paid to the dynamics of a certain country's device in the Middle East [1].

甲醇日报 | 2025-06-25 伊朗冲突放缓，甲醇价格大幅回落 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410元/吨（+0），内蒙煤制甲醇生产利润720元/吨（-18）；内地甲醇价格方面，内 蒙北线2015元/吨（-18），内蒙北线基差236元/吨（+108），内蒙南线2060元/吨（+0）；山东临沂2305元/吨（-73）， 鲁南基差126元/吨（+53）；河南2240元/吨（-25），河南基差61元/吨（+100）；河北2220元/吨（+0），河北基差101 元/吨（+125）。隆众内地工厂库存367350吨（-11770），西北工厂库存237000吨（-100）；隆众内地工厂待发订单274780 吨（-27310），西北工厂待发订单149500吨（-17500）。 港口方面：太仓甲醇2640元/吨（-100），太仓基差261元/吨（+25），CFR中国302美元/吨（-4），华东进口价差89元 /吨（+27），常州甲醇2490元/吨；广东甲醇2465元/吨（-135），广东基差86元/吨（-10）。隆众港口总库存586400吨 （-65800），江苏港口库存293500吨（- ...

Report Industry Investment Rating - Not provided Core View - The short - term port methanol inventory may accumulate. The MA2509 contract is expected to fluctuate in the range of 2400 - 2400 in the short term. The olefin industry's operation may continue to decline due to planned maintenance and potential load - reduction expectations. With the cease - fire between Israel and Iran, imports are expected to return, leading to a significant drop in methanol prices [3][4] Summary by Directory Futures Market - The closing price of the main methanol contract is 2379 yuan/ton, down 125 yuan; the 9 - 1 spread is - 28 yuan/ton, down 40 yuan. The main contract's open interest is 896,735 lots, down 96,724 lots. The net long position of the top 20 futures holders is - 85,080 lots. The number of warehouse receipts is 7,867, unchanged [3] Spot Market - The price in Jiangsu Taicang is 2620 yuan/ton, down 100 yuan; in Inner Mongolia, it is 2020 yuan/ton, up 17.5 yuan. The East - Northwest price spread is 600 yuan/ton, down 117.5 yuan. The basis of the Zhengzhou methanol main contract is 241 yuan/ton, up 25 yuan. CFR China Main Port is 306 dollars/ton, down 3 dollars; CFR Southeast Asia is 346 dollars/ton, up 5 dollars. FOB Rotterdam is 285 euros/ton, up 12 euros. The China Main Port - Southeast Asia price spread is - 40 dollars/ton, down 8 dollars [3] Upstream Situation - NYMEX natural gas price is 3.68 dollars/million British thermal units, down 0.22 dollars [3] Industry Situation - East China port inventory is 43.7 tons, down 3.1 tons; South China port inventory is 14.94 tons, down 3.48 tons. Methanol import profit is 15 yuan/ton, unchanged. The monthly import volume is 129.23 tons, up 50.46 tons. The inventory of inland enterprises is 367,400 tons, down 11,700 tons. The methanol enterprise operating rate is 88.65%, up 0.67% [3] Downstream Situation - The formaldehyde operating rate is 50.39%, down 0.5%; the dimethyl ether operating rate is 8.66%, up 0.96%; the acetic acid operating rate is 88.33%, down 7.32%; the MTBE operating rate is 63.71%, up 4.01%; the olefin operating rate is 89.22%, up 0.66%. The methanol - to - olefin disk profit is - 863 yuan/ton, up 187 yuan [3] Option Market - The 20 - day historical volatility of methanol is 22.16%, up 0.83%; the 40 - day historical volatility is 22.01%, up 0.49%. The implied volatility of at - the - money call options is 26.88%, up 1.72%; the implied volatility of at - the - money put options is 26.88%, up 1.7% [3] Industry News - As of June 18, the inventory of Chinese methanol sample production enterprises was 36.74 tons, down 1.18 tons (3.10% MoM); the pending orders of sample enterprises were 27.38 tons, down 2.83 tons (9.37% MoM). As of June 18, the total port inventory of Chinese methanol was 58.64 tons, down 6.58 tons. The overall production increased slightly. The inventory in the Northwest decreased, while some enterprises' inventory increased slightly. As of June 19, the capacity utilization rate of domestic methanol - to - olefin plants was 88.97%, down 0.54% MoM [3] View Summary - Due to the short - term low arrival at ports, the port inventory decreased. The short - term port methanol inventory may accumulate. Attention should be paid to the change in the tradable volume in the coastal market and international situation changes [3] Tip for Attention - Pay attention to the enterprise inventory and port inventory data from Longzhong on Wednesday [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The main driver of the methanol market lies in the fluctuations of crude oil prices at the upstream cost end. After the US struck Iran, the oil price declined, indicating that the market believes the most intense expectations have been fulfilled, and there is limited room for further intensification. The market has started to trade on the expectation of Iran's plant resumption, leading to a high - opening and low - closing trend in the methanol futures market. Future attention should be paid to the progress of Iran's plant resumption. [3] - Currently, the absolute level of port inventory is still low, and the port basis remains strong. There are concerns in the market about the loss - induced maintenance of methanol - to - olefins (MTO) plants that rely on imported methanol at ports. Attention should be paid to whether the MTO plant maintenance at the end of the month will materialize. [3] - In the inland region, the operating rate of coal - based methanol plants remains high, and the inventory accumulation rate of inland factories is still slow, indicating a certain resilience in inland demand. However, the high price difference between ports and inland areas is a factor dragging down the methanol price from reaching a peak. [3] Summary by Directory I. Methanol Basis & Inter - period Structure - Figures related to methanol basis and inter - period spreads are presented, 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 (e.g., 01 - 05, 05 - 09, 09 - 01). [7][11][22] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the profit of MTO in East China (PP&EG type), the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam, and CFR China. [26][31][32] III. Methanol Operation and Inventory - Figures display the total port inventory of methanol, the operating rate of MTO/P (including integrated plants), the sample inventory of inland factories, and the operating rate of methanol plants in China (including integrated plants). [34][35][37] IV. Regional Price Differences - Figures present various regional price differences, such as the difference between northern Shandong and the northwest, the difference between Taicang and Inner Mongolia, and the differences between other regions. [39][46][49] V. Traditional Downstream Profits - Figures show the production profits of traditional downstream products, including the production profit of formaldehyde in Shandong, the production profit of acetic acid in Jiangsu, the production profit of MTBE isomerization etherification in Shandong, and the production profit of dimethyl ether in Henan. [45][55]

Report Summary 1. Investment Rating There is no information about the industry investment rating in the report. 2. Core View - Last week, methanol port inventories decreased as expected. In the short term, port methanol inventories may accumulate. Attention should be paid to changes in the tradable volume in the coastal market and international situation changes. - Due to the planned maintenance of Zhongmei Mengda and a slight reduction in the load of East China enterprises, the operating rate of the domestic methanol - to - olefins industry decreased last week. This week, with the ongoing maintenance of Zhongmei Mengda's olefins and the expected load reduction of olefin enterprises in East China, the olefin industry's operation may continue to decline. - The MA2509 contract is expected to fluctuate in the range of 2450 - 2550 in the short term. [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main methanol contract was 2504 yuan/ton, a decrease of 25 yuan/ton; the 9 - 1 spread was 12 yuan/ton, a decrease of 6 yuan/ton. - The main contract's open interest was 993,459 lots, an increase of 108,755 lots; the net long positions of the top 20 futures holders were - 117,489 lots, a decrease of 47,331 lots. - The number of warehouse receipts was 7,867, a decrease of 58. [2] 3.2 Spot Market - The price in Jiangsu Taicang was 2720 yuan/ton, a decrease of 20 yuan/ton; the price in Inner Mongolia was 2002.5 yuan/ton, an increase of 2.5 yuan/ton. - The East - Northwest price difference was 717.5 yuan/ton, a decrease of 22.5 yuan/ton; the basis of the main Zhengzhou methanol contract was 216 yuan/ton. - CFR China Main Port was 306 US dollars/ton, a decrease of 3 US dollars/ton; CFR Southeast Asia was 346 US dollars/ton, an increase of 5 US dollars/ton. - FOB Rotterdam was 285 euros/ton, an increase of 12 euros/ton; the China Main Port - Southeast Asia price difference was - 40 US dollars/ton, a decrease of 8 US dollars/ton. [2] 3.3 Upstream Situation The price of NYMEX natural gas was 3.9 US dollars/million British thermal units, a decrease of 0.08 US dollars/million British thermal units. [2] 3.4 Industry Situation - The inventory in East China ports was 43.7 tons, a decrease of 3.1 tons; the inventory in South China ports was 14.94 tons, a decrease of 3.48 tons. - The methanol import profit was 89.4 yuan/ton, an increase of 5.64 yuan/ton; the monthly import volume was 129.23 tons, an increase of 50.46 tons. - The inventory of inland enterprises was 367,400 tons, a decrease of 11,700 tons; the methanol enterprise operating rate was 88.65%, an increase of 0.67%. [2] 3.5 Downstream Situation - The formaldehyde operating rate was 50.39%, a decrease of 0.5%; the dimethyl ether operating rate was 8.66%, an increase of 0.96%. - The acetic acid operating rate was 88.33%, a decrease of 7.32%; the MTBE operating rate was 63.71%, an increase of 4.01%. - The olefin operating rate was 89.22%, an increase of 0.66%; the methanol - to - olefins disk profit was - 1050 yuan/ton, an increase of 95 yuan/ton. [2] 3.6 Option Market - The 20 - day historical volatility of methanol was 22.16%, an increase of 0.83%; the 40 - day historical volatility of methanol was 22.01%, an increase of 0.49%. - The implied volatility of at - the - money call options for methanol was 26.88%, an increase of 1.72%; the implied volatility of at - the - money put options for methanol was 26.88%, an increase of 1.7%. [2] 3.7 Industry News - As of June 18, the inventory of Chinese methanol sample production enterprises was 36.74 tons, a decrease of 1.18 tons from the previous period, a month - on - month decrease of 3.10%; the pending orders of sample enterprises were 27.38 tons, a decrease of 2.83 tons from the previous period, a month - on - month decrease of 9.37%. - As of June 18, the total inventory of Chinese methanol ports was 58.64 tons, a decrease of 6.58 tons from the previous data. The inventory in the East China region decreased by 3.10 tons, and the inventory in the South China region decreased by 3.48 tons. - As of June 19, the capacity utilization rate of domestic methanol - to - olefins plants was 88.97%, a month - on - month decrease of 0.54%. [2] 4. Information to be Followed - Wednesday's inventory data of Longzhong enterprises and ports - International situation changes [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Recently, the domestic chemical coal market has shown a range - bound trend, and the cost of coal - to - methanol has stabilized. Due to the conflict between Iran and Israel, there are concerns about a reduction in methanol imports. With high and stable methanol - to - olefin operating rates, good demand, low port inventories, and high basis, and driven by a sharp rise in crude oil, methanol prices have rebounded significantly. However, after methanol prices reach a high level, there is an expectation of increased domestic production, and downstream profits have deteriorated, putting pressure on downstream demand. Therefore, methanol is likely to fluctuate strongly. The recommended strategy is to operate within a range and sell straddle options [7]. 3. Summary According to Relevant Catalogs 3.1 Methanol Supply and Demand Overview - **Inventory**: China's methanol sample production enterprise inventory is expected to continue to decline slightly. Port methanol inventory is expected to increase. It is necessary to pay attention to the unloading speed of foreign vessels [7]. - **Supply**: This week, China's methanol production and capacity utilization are expected to increase. The estimated arrival plan of imported methanol samples is 26.31 tons, and the domestic trade volume is estimated to be around 2.5 - 3.0 tons [7]. - **Demand**: With the ongoing maintenance of olefin plants in Zhongmei Mengda and the expected load reduction of olefin enterprises in East China, the operating rate of the olefin industry has continued to decline passively. The operating rates of dimethyl ether, chlorides, and acetic acid have increased, while the operating rate of formaldehyde has decreased [7]. - **Industrial Chain Profits**: The import profit is inverted at - 29 yuan/ton. The profit of coal - to - methanol in Inner Mongolia has increased to 174 yuan/ton, while downstream profits are in large losses. The loss of MTO profit in East China has expanded to - 1934 yuan/ton [7]. - **Coal Price**: Recently, due to rising temperatures, coal prices have stabilized and are showing an upward trend. However, due to abundant supply of imported and domestic coal, high - level inventories, the weakening of thermal power demand due to the substitution effect of clean energy, and the slower - than - expected terminal inventory reduction speed, coal prices are still under pressure [7]. 3.2 Weekly View and Strategy - **MA Unilateral Strategy**: Short MA509. As of June 19, the price of MA509 was 2543 yuan/ton. The cost side has stabilized, inventory accumulation is less than expected, the conflict between Iran and Israel has worsened, and there are concerns about a reduction in imports. The recommended operation is to operate within a range [10]. - **PP - 3MA Strategy**: Short the PP - 3MA spread. As of June 19, the spread of the September contract was - 355 yuan/ton. The pressure of new PP production capacity is greater than that of methanol, and MTO profits are under pressure. The recommended operation is to short on rallies and wait and see for the time being [11]. 3.3 Futures and Spot Prices - **Spot Price and Basis**: As of June 19, the spot price of methanol in Jiangsu Taicang was 2765 yuan/ton, and the basis relative to the September contract was 222 yuan/ton [15]. - **Domestic Spreads and Freight**: Relevant data on the spreads between Taicang and Inner Mongolia and between Inner Mongolia and Dongying, as well as freight rates, are presented in the form of charts [16]. - **International Methanol and Natural Gas Prices**: The international prices of methanol and natural gas are presented in the form of charts [20]. - **Inter - contract Spreads**: The spreads between different methanol contracts (9 - 1, 1 - 5, 5 - 9) are presented in the form of charts [22][24]. - **Related Product Ratios**: The ratios of methanol to urea and methanol to liquefied gas are presented in the form of charts [31]. 3.4 Industrial Chain Profits - **Import Profit and Trade Gross Margin**: The import profit is inverted, and the trade gross margin from Inner Mongolia to East China is presented in the form of charts [34]. - **Coal - to - Methanol Production Profit**: The production profits of coal - to - methanol in Inner Mongolia and Shanxi are presented in the form of charts [39]. - **Natural Gas and Coke Oven Gas - to - Methanol Production Profit**: The production profits of natural gas - to - methanol in Chongqing and coke oven gas - to - methanol in Hebei are presented in the form of charts [42]. - **Methanol - to - Olefin Profit**: The production profits of methanol - to - olefin in East China and Shandong, as well as the disk MTO profit, are presented in the form of charts [46]. - **Methanol Traditional Downstream Profits**: The production profits of traditional downstream products such as formaldehyde, glacial acetic acid, MTBE, and dimethyl ether are presented in the form of charts [52][55]. 3.5 Supply Side - **Capacity Utilization and Production**: Last week, China's methanol production was 1,997,846 tons, a week - on - week increase of 15,190 tons, and the plant capacity utilization was 88.65%, a week - on - week increase of 0.76% [64]. - **International Operating Rate and Imports**: As of June 18, 2025, the port inventory data shows that the weekly arrival volume of methanol in China was 25.7 tons. The import volume in May was 1.2943 million tons, and the import volume in June 2025 is expected to be around 1.3 - 1.35 million tons [69]. - **New Methanol Production Capacity in 2025**: In 2025, China's new methanol production capacity is about 8.6 million tons, with a capacity increase of about 8.4%. Most of the new plants are equipped with downstream facilities such as MTO, acetic acid, and BDO. Overseas, the new methanol production capacity is expected to be 5.05 million tons [71][73]. 3.6 Demand Side - **Methanol Apparent Consumption**: From January to April, the apparent consumption of methanol was 26.58 million tons, an increase of 4.5% [77]. - **Methanol - to - Olefin Operating Rate and Production**: Last week, the MTO operating rate was 88.97%, a week - on - week decrease of 0.54%. Due to planned maintenance in Zhongmei Mengda and a slight reduction in the load of enterprises in East China, the weekly average operating rate of the olefin industry has decreased [81]. - **Traditional Downstream Operating Rates**: The operating rates of traditional downstream products such as formaldehyde, glacial acetic acid, MTBE, and dimethyl ether are presented in the form of charts [82][85]. - **Downstream Purchasing Volume**: The purchasing volumes of methanol - to - olefin manufacturers and traditional downstream manufacturers are presented in the form of charts [89]. - **Production Enterprise Order Volume**: As of June 18, 2025, the pending orders of sample enterprises were 273,800 tons, a decrease of 28,300 tons from the previous period, a week - on - week decrease of 9.37% [96]. - **New Downstream Production Capacity of Methanol**: In 2024, there was only one new olefin downstream plant. In 2025, new methanol downstream production capacity is mainly concentrated in the olefin field, with an expected new olefin production capacity of 2.36 million tons and a theoretical new methanol demand of 6.6 million tons. For traditional downstream products, new production capacity is mainly in acetic acid, MTBE, etc., with a theoretical new methanol demand of 5.87 million tons [98]. 3.7 Inventory - **Enterprise Inventory**: As of June 18, 2025, the inventory of China's methanol sample production enterprises was 367,400 tons, a decrease of 11,800 tons from the previous period, a week - on - week decrease of 3.10% [102]. - **Port Inventory**: As of June 18, 2025, the inventory of China's methanol port samples was 586,400 tons, a decrease of 65,800 tons from the previous period, a week - on - week decrease of 10.09%. The port inventory has decreased as expected [105]. - **Port Floating Storage**: The floating storage in East China and South China ports is presented in the form of charts [108].

甲醇日报 | 2025-06-19 港口再度去库，基差快速走强 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410元/吨（+0），内蒙煤制甲醇生产利润703元/吨（+5）；内地甲醇价格方面，内 蒙北线1998元/吨（+5），内蒙北线基差81元/吨（-57），内蒙南线2000元/吨（+0）；山东临沂2355元/吨（-25），鲁 南基差38元/吨（-87）；河南2245元/吨（-25），河南基差-72元/吨（-87）；河北2195元/吨（-5），河北基差-62元/吨 （-67）。隆众内地工厂库存367350吨（-11770），西北工厂库存237000吨（-100）；隆众内地工厂待发订单274780吨 （-27310），西北工厂待发订单149500吨（-17500）。 港口方面：太仓甲醇2700元/吨（+85），太仓基差183元/吨（+23），CFR中国298美元/吨（+0），华东进口价差-3元/ 吨（+29），常州甲醇2515元/吨；广东甲醇2570元/吨（+60），广东基差53元/吨（-2）。隆众港口总库存586400吨（-65800）， 江苏港口库存293500吨（-18500），浙江港口 ...

国泰君安期货·能源化工 甲醇周度报告 国泰君安期货研究所 黄天圆 投资咨询从业资格号： Z0018016 杨鈜汉 投资咨询从业资格号： Z0021541 日期：2025年06月15日 Guotai Junan Futures all rights reserved, please do not reprint 综述：偏强运行 01 资料来源：钢联，隆众资讯，国泰君安期货研究 综述：地缘冲突带来不确定性，短期多配 ➢ 国内现货：本期港口甲醇市场现货价格继续偏强，其中江苏价格波动区间在2300-2420元/吨，广东价格波动在2280-2320元/吨。港口甲醇市场由 于对市场可流通量的担忧，月内买气好转，推动市场价格上涨，基差走强，但涨至高位后，市场买气走弱，价格窄幅回落，但整体仍维持强势运行为 主。本期内地甲醇市场小幅推涨，主产区鄂尔多斯北线价格波动区间在1883-1897元/吨；下游东营接货价格波动区间在2150-2160元/吨。受宏观 情绪影响，盘面及港口价格上调，产区企业走量不走价积极超卖，叠加烯烃外采需求尚存，价格处于相对低位吸引部分贸易商介入，周内多数产区工 厂出货顺畅。 (隆众资讯） ➢ 基本面：本周 ...

甲醇日报 | 2025-06-12 港口累库速率加快 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410元/吨（+0），内蒙煤制甲醇生产利润603元/吨（+3）；内地甲醇价格方面，内 蒙北线1898元/吨（+3），内蒙北线基差216元/吨（-4），内蒙南线1890元/吨（+0）；山东临沂2220元/吨（+10），鲁 南基差138元/吨（+4）；河南2105元/吨（+0），河南基差23元/吨（-6）；河北2105元/吨（+25），河北基差83元/吨（+19）。 隆众内地工厂库存379120吨（+8630），西北工厂库存237100吨（+2600）；隆众内地工厂待发订单302090吨（+39910）， 西北工厂待发订单167000吨（+17000）。 港口方面：太仓甲醇2368元/吨（-12），太仓基差86元/吨（-18），CFR中国271美元/吨（+5），华东进口价差-7元/ 吨（-3），常州甲醇2325元/吨；广东甲醇2305元/吨（-5），广东基差23元/吨（-11）。隆众港口总库存652200吨（+71000）， 江苏港口库存312000吨（+30700），浙江港口库存156000吨（ ...