Report Industry Investment Rating - No investment rating information is provided in the report [1][2] Core Viewpoints - The overall production of methanol has slightly decreased as the output from overhauled and reduced - capacity facilities is more than that from restored ones. The inventory of inland enterprises continues to decline, and the port inventory also shows a downward trend. In the short - term, the arrival of foreign vessels is expected to remain low, and the port inventory may fluctuate slightly. The demand side has mixed performance, with some装置 having parking expectations under low - profit conditions. Due to the impact of Sino - US tariff policies on the oil market, it may indirectly drag down the methanol price, and short - term观望 is recommended [2] Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract is 2352 yuan/ton, down 16 yuan; the 5 - 9 spread is 123 yuan/ton, up 22 yuan. The main contract's open interest is 495,866 hands, down 28,280 hands; the net long position of the top 20 futures holders is - 19,746 hands, up 882 hands. The number of warehouse receipts is 7,156, up 100 [2] Spot Market - The price in Jiangsu Taicang is 2440 yuan/ton, down 45 yuan; in Inner Mongolia, it is 2100 yuan/ton, up 2.5 yuan. The East - West price difference is 340 yuan/ton, down 47.5 yuan; the basis of the main Zhengzhou methanol contract is 88 yuan/ton, down 29 yuan. CFR China Main Port is 274 dollars/ton, down 2 dollars; CFR Southeast Asia is 354 dollars/ton, down 1 dollar. FOB Rotterdam is 311 euros/ton, down 2 euros; the China Main Port - Southeast Asia price difference is - 80 dollars/ton, down 1 dollar [2] Upstream Situation - The price of NYMEX natural gas is 3.48 dollars/million British thermal units, down 0.15 dollars [2] Industry Situation - The inventory in East China ports is 45.1 tons, down 11.55 tons; in South China ports, it is 16.51 tons, down 4.22 tons. The import profit of methanol is 110.63 yuan/ton, up 24.67 yuan; the monthly import volume is 56.18 tons, down 48.05 tons. The inventory of inland enterprises is 223,300 tons, down 12,900 tons; the methanol enterprise operating rate is 86.21%, up 2.15% [2] Downstream Situation - The formaldehyde operating rate is 52.5%, up 0.08%; the acetic acid operating rate is 90.4%, up 0.95%; the dimethyl ether operating rate is 7.51%, up 0.77%; the MTBE operating rate is 64.18%, up 1.13%. The olefin operating rate is 87.58%, up 0.28%; the methanol - to - olefin disk profit is - 662 yuan/ton, up 42 yuan [2] Option Market - The 20 - day historical volatility of methanol is 20.88%, down 0.03%; the 40 - day historical volatility is 17.27%, up 0.03%. The implied volatility of at - the - money call options is 28.17%, down 5.44%; the implied volatility of at - the - money put options is 28.16%, down 5.45% [2] Industry News - As of April 9, the inventory of Chinese methanol sample production enterprises is 31.43 tons, up 0.28 tons (0.88%); the sample enterprise orders to be shipped are 25.46 tons, up 3.12 tons (13.98%). The total port inventory of Chinese methanol is 56.98 tons, down 4.63 tons. The inventory in East China has decreased by 5.1 tons, while that in South China has increased by 0.47 tons. As of April 3, the capacity utilization rate of domestic methanol - to - olefin装置 is 87.54%, up 0.04% [2]