Report Industry Investment Rating - No relevant information provided Core Viewpoint - The geopolitical conflict has escalated, and the attacks on Iranian and Saudi facilities will significantly impact China's methanol imports, with imports expected to decrease significantly. Before the Hormuz Strait is fully navigable, methanol prices will remain strong. Once the geopolitical situation eases, Iranian methanol may flood the market [4][5][9] Summary by Directory 1. Iran's South Pars Gas Field Attacked - On the evening of March 18, the South Pars Gas Field in Iran was attacked by the US - Israeli coalition, causing the core projects of phases 3, 4, 5, and 6 to be hit, and the Asaluyeh Gas Processing Plant to be damaged, with multiple blocks shut down. This led to a 40% paralysis of Iran's natural gas processing capacity and shortages in industrial and power - generation gas [1] - Although some methanol plants in Iran had restarted, the attack on the South Pars Gas Field and Asaluyeh oil - industrial facilities may affect the restart progress of local methanol plants. The Asaluyeh area has 13.2 million tons/year of methanol production capacity [2] - The fire at the South Pars Gas Field has been extinguished, and experts and rescue teams are working to restore the damaged units, indicating physical losses [3] 2. Iran's Revolutionary Guards Conducted Counter - Attacks - Iran's Revolutionary Guards attacked Saudi and other facilities in response. The main impact is on the Saudi region, where major methanol - producing enterprises in the Middle East are located, with a total production capacity of about 7.61 million tons/year. China's methanol imports from Iran, Saudi Arabia, and Qatar, which account for about 70% of the total imports, will be greatly affected [4] - There are concerns that after the large - scale damage to wartime oil and gas facilities, it will be difficult to repair or rebuild them in a short time, leading to a continuous and significant reduction in China's methanol imports [5] 3. Impact on Methanol Imports and Price Trends - Due to the physical blockade of the Hormuz Strait, the impact of production - halt expectations is mainly emotional, and the actual operation and damage of the facilities need to be evaluated. The number of incoming ships in the Persian Gulf is decreasing, indicating that shipowners are still worried about war risks [8] - China's methanol imports will continue to decrease at least until April, and methanol will remain strong during this period. Once the geopolitical situation eases, Iranian methanol may flood the market. Attention should be paid to the resumption of navigation in the Hormuz Strait and the actual damage of methanol production facilities in the Middle East [9]