1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The methanol port inventory continues to decline, and the import demand has weakened significantly due to domestic impact and resistance to absolute high prices. The arrival volume of foreign ships remains low. The capacity utilization rate of domestic methanol - to - olefin plants has increased, and the loads of inland and port enterprises have been raised to varying degrees. It is expected that the port methanol inventory may continue to decline this week, and the de - stocking amplitude depends on the change in提货量. The MTO industry's starting rate is expected to increase to over 90% this week. The short - term price of methanol is expected to fluctuate sharply, and it is recommended to wait and see and pay attention to the geopolitical situation [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 3229 yuan/ton, a decrease of 90 yuan/ton; the 5 - 9 spread of methanol is 271 yuan/ton, a decrease of 11 yuan/ton. The main contract's open interest of methanol is 590461 lots, a decrease of 57513 lots; the net long position of the top 20 futures holders of methanol is 12026 lots, an increase of 12119 lots. The number of warehouse receipts of methanol is 7835 sheets, with no change [2] 3.2 Spot Market - The price in Jiangsu Taicang is 3500 yuan/ton, an increase of 180 yuan/ton; the price in Inner Mongolia is 2570 yuan/ton, an increase of 95 yuan/ton. The price difference between East China and Northwest is 930 yuan/ton, an increase of 85 yuan/ton; the basis of the main Zhengzhou methanol contract is 181 yuan/ton, an increase of 157 yuan/ton. The CFR price of methanol at the main Chinese port is 421 US dollars/ton, a decrease of 3 US dollars/ton; the CFR price in Southeast Asia is 680 US dollars/ton, an increase of 25 US dollars/ton. The FOB price in Rotterdam is 455 euros/ton, a decrease of 1 euro/ton; the price difference between the main Chinese port and Southeast Asia is - 259 US dollars/ton, a decrease of 28 US dollars/ton [2] 3.3 Upstream Situation - The price of NYMEX natural gas is 2.89 US dollars/million British thermal units, a decrease of 0.19 US dollars [2] 3.4 Industry Situation - The inventory at East China ports is 86.05 tons, a decrease of 8.47 tons; the inventory at South China ports is 29.5 tons, a decrease of 2.15 tons. The import profit of methanol is - 3.11 yuan/ton, an increase of 192.2 yuan/ton; the monthly import volume is 88.47 tons, a decrease of 19.92 tons. The inventory of inland enterprises is 435000 tons, a decrease of 50400 tons; the operating rate of methanol enterprises is 92.73%, a decrease of 0.14% [2] 3.5 Downstream Situation - The operating rate of formaldehyde is 45.61%, an increase of 3.18%; the operating rate of dimethyl ether is 5.12%, a decrease of 0.37%; the operating rate of acetic acid is 84.6%, a decrease of 0.8%; the operating rate of MTBE is 69.89%, an increase of 0.38%; the operating rate of olefins is 85.58%, an increase of 1.5%. The on - disk profit of methanol - to - olefin is - 1384 yuan/ton, an increase of 104 yuan/ton [2] 3.6 Option Market - The 20 - day historical volatility of methanol is 77.15%, a decrease of 3.23%; the 40 - day historical volatility of methanol is 62.29%, a decrease of 0.03%. The implied volatility of at - the - money call options of methanol is 81.51%, an increase of 6.94%; the implied volatility of at - the - money put options of methanol is 81.49%, an increase of 6.91% [2] 3.7 Industry News - As of March 25, the inventory of Chinese methanol sample production enterprises was 43.50 tons, a decrease of 5.04 tons from the previous period, a 10.39% decrease; the pending orders of sample enterprises were 28.39 tons, an increase of 0.46 tons from the previous period, a 1.64% increase. As of March 25, the total inventory of Chinese methanol ports was 115.55 tons, a decrease of 10.62 tons from the previous data. The inventory in East China and South China decreased. The methanol port inventory continued to decline as expected. Recently, the production loss of domestic methanol due to maintenance and production reduction is less than the output of restored production capacity, and the overall output has increased. Last week, inland enterprises reduced their inventory. Due to domestic impact and resistance to absolute high prices, the import demand has weakened significantly. As of March 26, the sample enterprises in Inner Mongolia and northern Shaanxi had good sales, the long - term contracts were executed smoothly, the market rose overall, the downstream procurement was active, and the enterprise inventory decreased [2]

Report Summary - **Report Date**: March 30, 2026 [2] - **Report Type**: Methanol Industry Daily Report - **Researcher**: Lin Jingyi - **Futures Trading Qualification Number**: F03139610 - **Futures Investment Consulting Certificate Number**: Z0021558 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - Recently, the production capacity loss from domestic methanol maintenance and production cuts is less than the output from restored production capacity, leading to an overall increase in production [3] - Last week, inland enterprises reduced their inventory. Sample enterprises in Inner Mongolia and northern Shaanxi had good sales, smoothly executed long - term contracts, and the market rose overall. Downstream buyers were active, causing enterprise inventory to decline [3] - Methanol port inventory continued to decrease. Due to domestic impact and resistance to high prices, import demand weakened significantly, and the volume of incoming foreign vessels remained low. It is expected that port methanol inventory may continue to decline this week, and the extent of inventory reduction depends on the change in提货量 [3] - Last week, the capacity utilization rate of domestic methanol - to - olefin plants increased month - on - month. Enterprises in inland and port areas raised their loads to varying degrees. As enterprises that recently increased their loads maintain high - level operations, the MTO industry's opening rate is expected to increase to over 90% this week [3] - There is still uncertainty in the geopolitical conflict between the US and Iran. Short - term methanol price fluctuations are expected to remain severe, and it is recommended to wait and see for now, while paying attention to geopolitical changes [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract was 3319 yuan/ton, a week - on - week increase of 23 yuan/ton; the 5 - 9 spread of methanol was 282 yuan/ton, a week - on - week decrease of 8 yuan/ton [3] - The open - interest of the main methanol contract was 647,974 lots, a week - on - week decrease of 8,943 lots; the net long position of the top 20 futures holders was - 93 lots, a week - on - week decrease of 21,501 lots [3] - The number of warehouse receipts for methanol was 7,835, unchanged from the previous week [3] 3.2 Spot Market - The price in Jiangsu Taicang was 3,320 yuan/ton, a week - on - week increase of 70 yuan/ton; the price in Inner Mongolia was 2,475 yuan/ton, a week - on - week increase of 50 yuan/ton [3] - The price difference between East China and Northwest China was 845 yuan/ton, a week - on - week increase of 20 yuan/ton; the basis of the main Zhengzhou methanol contract was 24 yuan/ton, a week - on - week decrease of 24 yuan/ton [3] - The CFR price at China's main port was 424 US dollars/ton, a week - on - week increase of 27 US dollars/ton; the CFR price in Southeast Asia was 655 US dollars/ton, a week - on - week increase of 55 US dollars/ton [3] - The FOB price in Rotterdam was 456 euros/ton, a week - on - week increase of 7 euros/ton; the price difference between China's main port and Southeast Asia was - 231 US dollars/ton, a week - on - week decrease of 28 US dollars/ton [3] 3.3 Upstream Situation - The price of NYMEX natural gas was 3.08 US dollars/million British thermal units, a week - on - week increase of 0.11 US dollars [3] 3.4 Industry Situation - The inventory at East China ports was 860,500 tons, a week - on - week decrease of 84,700 tons; the inventory at South China ports was 295,000 tons, a week - on - week decrease of 21,500 tons [3] - The methanol import profit was - 195.31 yuan/ton, a week - on - week decrease of 139.92 yuan/ton; the monthly import volume was 884,700 tons, a week - on - week decrease of 199,200 tons [3] - The inventory of inland enterprises was 435,000 tons, a week - on - week decrease of 50,400 tons; the methanol enterprise operating rate was 92.73%, a week - on - week decrease of 0.14 percentage points [3] 3.5 Downstream Situation - The formaldehyde operating rate was 45.61%, a week - on - week increase of 3.18 percentage points; the dimethyl ether operating rate was 5.12%, a week - on - week decrease of 0.37 percentage points [3] - The acetic acid operating rate was 84.6%, a week - on - week decrease of 0.8 percentage points; the MTBE operating rate was 69.89%, a week - on - week increase of 0.38 percentage points [3] - The olefin operating rate was 85.58%, a week - on - week increase of 1.5 percentage points; the methanol - to - olefin on - paper profit was - 1,488 yuan/ton, a week - on - week decrease of 113 yuan/ton [3] 3.6 Option Market - The 20 - day historical volatility of methanol was 77.15%, a week - on - week decrease of 3.23 percentage points; the 40 - day historical volatility of methanol was 62.29%, a week - on - week decrease of 0.03 percentage points [3] - The implied volatility of at - the - money call options for methanol was 74.57%, a week - on - week increase of 0.06 percentage points; the implied volatility of at - the - money put options for methanol was 74.58%, a week - on - week increase of 0.06 percentage points [3] 3.7 Industry News - As of March 25, the inventory of Chinese methanol sample production enterprises was 435,000 tons, a decrease of 50,400 tons from the previous period, a month - on - month decrease of 10.39%; the pending orders of sample enterprises were 283,900 tons, an increase of 4,600 tons from the previous period, a month - on - month increase of 1.64% [3] - As of March 25, the total methanol port inventory in China was 1.1555 million tons, a decrease of 106,200 tons from the previous data. Among them, inventory in East China decreased by 84,700 tons, and inventory in South China decreased by 21,500 tons. This week, methanol port inventory continued to decrease as expected. During the period, 60,500 tons of foreign vessels were included. Due to domestic impact and resistance to high prices, import demand weakened significantly [3] - As of March 26, the domestic capacity utilization rate of methanol - to - olefin plants was 86.86%, a month - on - month increase of 1.29%. The domestic MTO industry's operating rate increased, and the loads of inland and port enterprises were raised to varying degrees [3] 3.8 Suggested Attention Points - Wednesday's Longzhong enterprise inventory and port inventory [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The methanol port inventory continues to decline. Due to domestic impact and resistance to absolute high prices, the apparent demand for imports has weakened significantly, and the volume of foreign ships arriving at ports remains low. It is expected that the methanol inventory at ports may continue to decline next week, and the extent of de - stocking depends on the change in pick - up volume. [2] - The domestic methanol - to - olefin plant capacity utilization rate has increased month - on - month, and the loads of inland and port enterprises have been adjusted upwards to varying degrees. With the high - start operation of enterprises that have recently increased their loads, the MTO industry's start - up rate is expected to increase to over 90% next week. [2] - There is still uncertainty in the geopolitical conflict between the US and Iran, and the short - term price of methanol is expected to fluctuate sharply. It is recommended to wait and see for now and pay attention to changes in the geopolitical situation. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 3,202 yuan/ton, with a week - on - week increase of 113 yuan/ton. The 5 - 9 spread of methanol is 245 yuan/ton, up 39 yuan/ton week - on - week. [2] - The trading volume of the main methanol contract is 620,704 lots, up 78,378 lots week - on - week. The net long position of the top 20 futures holders is - 1,822 lots, with an increase of 1,947 lots week - on - week. [2] - The number of methanol warehouse receipts is 7,981, with an increase of 340 week - on - week. [2] 3.2 Spot Market - The price in Jiangsu Taicang is 3,250 yuan/ton, up 280 yuan/ton week - on - week. The price in Inner Mongolia is 2,375 yuan/ton, down 55 yuan/ton week - on - week. [2] - The price spread between East China and Northwest China is 595 yuan/ton, down 125 yuan/ton week - on - week. The basis of the main Zhengzhou methanol contract is 48 yuan/ton, up 167 yuan/ton week - on - week. [2] - The CFR price of methanol at the main Chinese port is 380 US dollars/ton, down 21 US dollars/ton week - on - week; the CFR price in Southeast Asia is 590 US dollars/ton, up 35 US dollars/ton week - on - week. [2] - The FOB price in Rotterdam is 441 euros/ton, up 2 euros/ton week - on - week. The price spread between the main Chinese port and Southeast Asia is - 210 US dollars/ton, down 56 US dollars/ton week - on - week. [2] 3.3 Upstream Situation - The price of NYMEX natural gas is 2.98 US dollars/million British thermal units, up 0.08 US dollars week - on - week. [2] 3.4 Industry Situation - The inventory at East China ports is 86.05 tons, down 8.47 tons week - on - week; the inventory at South China ports is 29.5 tons, down 2.15 tons week - on - week. [2] - The import profit of methanol is - 126.29 yuan/ton, up 7.49 yuan/ton week - on - week. The monthly import volume is 88.47 tons, down 19.92 tons month - on - month. [2] - The inventory of inland enterprises is 435,000 tons, down 50,400 tons week - on - week. The operating rate of methanol enterprises is 92.87%, up 2.72 percentage points week - on - week. [2] 3.5 Downstream Situation - The operating rate of formaldehyde is 42.43%, up 4.83 percentage points week - on - week; the operating rate of dimethyl ether is 5.49%, up 1.36 percentage points week - on - week. [2] - The operating rate of acetic acid is 85.4%, unchanged week - on - week; the operating rate of MTBE is 69.51%, up 0.57 percentage points week - on - week. [2] - The operating rate of olefins is 84.08%, unchanged week - on - week. The on - paper profit of methanol - to - olefins is - 1,286 yuan/ton, down 194 yuan/ton week - on - week. [2] 3.6 Option Market - The 20 - day historical volatility of methanol is 81.24%, down 0.69 percentage points week - on - week; the 40 - day historical volatility is 62.21%, up 0.35 percentage points week - on - week. [2] - The implied volatility of at - the - money call options for methanol is 74.51%, up 0.14 percentage points week - on - week; the implied volatility of at - the - money put options is 74.52%, up 0.14 percentage points week - on - week. [2] 3.7 Industry News - As of March 25, the inventory of Chinese methanol sample production enterprises was 435,000 tons, a week - on - week decrease of 50,400 tons or 10.39%. The pending orders of sample enterprises were 283,900 tons, a week - on - week increase of 4,600 tons or 1.64%. [2] - As of March 25, the total inventory of Chinese methanol ports was 1.1555 million tons, a decrease of 106,200 tons compared with the previous period. Among them, the inventory in East China decreased by 84,700 tons, and the inventory in South China decreased by 21,500 tons. [2] - Recently, the production loss of methanol due to maintenance and production reduction in China is less than the output increase from the resumption of production, resulting in an overall increase in production. This week, inland enterprises' inventories decreased. [2] - As of March 26, the domestic methanol - to - olefins plant capacity utilization rate was 86.86%, a month - on - month increase of 1.29%. The operating rate of the domestic MTO industry has increased, and the loads of inland and port enterprises have been adjusted upwards to varying degrees. [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The methanol port inventory continues to decline, and the short - term port methanol inventory is expected to decrease further. Attention should be paid to the impact of changes in提货量 and geopolitical situation on supply expectations. The capacity utilization rate of domestic methanol - to - olefin plants increased last week, and the MTO industry's operating rate is expected to rise slightly. Due to the uncertainty of the US - Iran geopolitical conflict, the short - term methanol price is expected to fluctuate sharply, and it is recommended to wait and see for the time being [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 3351 yuan/ton, with a环比 increase of 219 yuan/ton; the 5 - 9 spread is 241 yuan/ton, with a环比 decrease of 1 yuan/ton. The main contract's open interest is 592,125 lots, a环比 decrease of 2,261 lots. The net long position of the top 20 futures holders is 6,871 lots, a环比 increase of 5,459 lots. The number of warehouse receipts is 7,641, with no change [3] 3.2 Spot Market - The price in Jiangsu Taicang is 3,230 yuan/ton, a环比 increase of 240 yuan/ton; the price in Inner Mongolia is 2,292.5 yuan/ton, a环比 decrease of 2.5 yuan/ton. The price difference between East China and Northwest is 697.5 yuan/ton, a环比 decrease of 117.5 yuan/ton. The basis of the Zhengzhou methanol main contract is - 121 yuan/ton, a环比 increase of 21 yuan/ton. The CFR price at the main Chinese port is 395 US dollars/ton, a环比 increase of 3 US dollars/ton; the CFR price in Southeast Asia is 555 US dollars/ton, a环比 increase of 5 US dollars/ton. The FOB price in Rotterdam is 433 euros/ton, a环比 increase of 9 euros/ton. The price difference between the main Chinese port and Southeast Asia is - 160 US dollars/ton, a环比 decrease of 2 US dollars/ton [3] 3.3 Upstream Situation - The NYMEX natural gas price is 3.1 US dollars/million British thermal units, a环比 decrease of 0.03 US dollars [3] 3.4 Industry Situation - The inventory at East China ports is 94.52 tons, a环比 decrease of 2.76 tons; the inventory at South China ports is 31.65 tons, a环比 decrease of 2.35 tons. The methanol import profit is - 209.5 yuan/ton, a环比 decrease of 79.97 yuan/ton. The monthly import volume is 173.4 tons, a环比 increase of 31.64 tons. The inventory of inland enterprises is 485,400 tons, a环比 decrease of 37,700 tons. The methanol enterprise operating rate is 92.87%, a环比 increase of 2.72 percentage points [3] 3.5 Downstream Situation - The formaldehyde operating rate is 42.43%, a环比 increase of 4.83 percentage points; the dimethyl ether operating rate is 5.49%, a环比 increase of 1.36 percentage points; the acetic acid operating rate is 85.4%, with no change; the MTBE operating rate is 69.51%, a环比 increase of 0.57 percentage points; the olefin operating rate is 84.08%, with no change. The methanol - to - olefin disk profit is - 1,060 yuan/ton, a环比 increase of 117 yuan/ton [3] 3.6 Option Market - The 20 - day historical volatility of methanol is 75.8%, a环比 increase of 0.42 percentage points; the 40 - day historical volatility is 57.28%, a环比 increase of 0.2 percentage points. The implied volatility of at - the - money call options is 74.37%, a环比 decrease of 5.89 percentage points; the implied volatility of at - the - money put options is 74.38%, a环比 decrease of 5.89 percentage points [3] 3.7 Industry News - As of March 18, the inventory of Chinese methanol sample production enterprises was 48.54 tons, a环比 decrease of 3.77 tons, or 7.21%; the orders to be delivered by sample enterprises were 27.93 tons, a环比 increase of 1.40 tons, or 5.26%. The total inventory at Chinese methanol ports was 126.17 tons, a环比 decrease of 5.11 tons. East and South China ports both saw inventory decreases. The overall methanol production increased as the production capacity loss from maintenance and production cuts was less than the output from restored production. As of March 19, the capacity utilization rate of domestic methanol - to - olefin plants was 85.57%, a环比 increase of 3.08%. The restart of the Yanchang Yulin Zhongmei Phase II plant and the increase in the load of Tianjin Bohua led to an increase in the industry's operating rate [3]

1. Report Industry Investment Rating - No specific investment rating for the industry is provided in the report [3] 2. Core Viewpoints - The methanol port inventory continues to decline. Although there are some re - exports at the ports recently, the coastal methanol sales are poor. Some storage areas or pick - up volumes remain low, and the visible foreign vessel arrivals are few. The short - term port methanol inventory is expected to continue to fall. Attention should be paid to the impact of pick - up volume changes and geopolitical situations on supply expectations [3] - The domestic methanol - to - olefins plant capacity utilization rate has increased this week. With the normal operation of restarted and load - increased plants, the MTO industry's operating rate is expected to increase slightly [3] - Due to the uncertainty of the US - Iran geopolitical conflict, the short - term methanol price is expected to fluctuate sharply. It is recommended to wait and see for now [3] 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the main methanol contract is 3182 yuan/ton, with a week - on - week increase of 270 yuan/ton. The 5 - 9 spread of methanol is 247 yuan/ton, up 54 yuan/ton week - on - week [3] - The main contract's open interest of methanol is 630,637 lots, an increase of 18,908 lots. The net long position of the top 20 futures holders of methanol is 183 lots, a decrease of 17,400 lots [3] - The number of methanol warehouse receipts is 8,709, a decrease of 2408 [3] 3.2 Spot Market - The price of methanol in Jiangsu Taicang is 3110 yuan/ton, up 230 yuan/ton week - on - week. The price in Inner Mongolia is 2242.5 yuan/ton, up 30 yuan/ton [3] - The price difference between East China and Northwest China is 637.5 yuan/ton, up 30 yuan/ton. The basis of the main Zhengzhou methanol contract is - 72 yuan/ton, a decrease of 40 yuan/ton [3] - The CFR price of methanol at the main Chinese port is 366 US dollars/ton, up 11 US dollars/ton. The CFR price in Southeast Asia is 510 US dollars/ton, unchanged [3] - The FOB price in Rotterdam is 399 euros/ton, up 9 euros/ton. The price difference between the main Chinese port and Southeast Asia is - 144 US dollars/ton, up 11 US dollars/ton [3] 3.3 Upstream Situation - The price of NYMEX natural gas is 3.2 US dollars/million British thermal units, up 0.16 US dollars [3] 3.4 Industry Situation - The inventory at East China ports is 94.52 million tons, a decrease of 2.76 million tons. The inventory at South China ports is 31.65 million tons, a decrease of 2.35 million tons [3] - The methanol import profit is - 116.29 yuan/ton, an increase of 8.88 yuan/ton. The monthly import volume is 173.4 million tons, an increase of 31.64 million tons [3] - The inventory of inland enterprises is 485,400 tons, a decrease of 37,700 tons. The operating rate of methanol enterprises is 90.15%, a decrease of 1.5% [3] 3.5 Downstream Situation - The operating rate of formaldehyde is 37.6%, an increase of 8.88%. The operating rate of dimethyl ether is 4.13%, an increase of 1.28% [3] - The operating rate of acetic acid is 85.4%, an increase of 1.29%. The operating rate of MTBE is 68.94%, an increase of 1.22% [3] - The operating rate of olefins is 84.08%, unchanged. The on - paper profit of methanol - to - olefins is - 1188 yuan/ton, a decrease of 280 yuan/ton [3] 3.6 Option Market - The 20 - day historical volatility of methanol is 75.38%, an increase of 4.77%. The 40 - day historical volatility is 57.08%, an increase of 3.87% [3] - The implied volatility of at - the - money call options for methanol is 65.72%, a decrease of 0.45%. The implied volatility of at - the - money put options is 65.71%, a decrease of 0.47% [3] 3.7 Industry News - As of March 18, the inventory of Chinese methanol sample production enterprises was 48.54 million tons, a decrease of 3.77 million tons from the previous period, a week - on - week decrease of 7.21%. The pending orders of sample enterprises were 27.93 million tons, an increase of 1.40 million tons, a week - on - week increase of 5.26% [3] - As of March 18, the total methanol port inventory in China was 126.17 million tons, a decrease of 5.11 million tons from the previous period. East China and South China ports both had inventory reductions. The visible foreign vessel unloading volume was 13.1 million tons and all were unloaded in East China [3] - As of March 19, the domestic methanol - to - olefins plant capacity utilization rate was 85.57%, a week - on - week increase of 3.08%. The restart of Yanchang Yulin Zhongmei Phase II plant and the load increase of Tianjin Bohua led to the increase in the industry's operating rate [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The domestic methanol inventory has entered a destocking channel as the supply has significantly decreased, with a large reduction in port inventory and good提货 supported by downstream demand along the Yangtze River, but fewer imported cargoes arriving at ports. Short - term foreign vessel arrivals are expected to remain at a low level. The demand side should focus on the changes in the export - turning expectation and the downstream demand in coastal areas. It is expected that the port methanol inventory may continue to decline this week. The short - term industry operation is expected to remain stable. Due to the uncertainty of the US - Iran geopolitical conflict, the short - term methanol price is expected to fluctuate sharply, and it is recommended to wait and see [3]. Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main methanol contract is 2837 yuan/ton, with a week - on - week increase of 32 yuan/ton; the 5 - 9 spread of methanol is 126 yuan/ton, with a week - on - week decrease of 7 yuan/ton. The position of the main methanol contract is 586,749 lots, with a week - on - week increase of 2,544 lots; the net long position of the top 20 futures holders is - 14,254 lots, with a week - on - week decrease of 7,617 lots. The number of warehouse receipts for methanol is 11,317, with a week - on - week decrease of 196 [3]. 2. Spot Market - The price in Jiangsu Taicang is 2820 yuan/ton, with a week - on - week increase of 20 yuan/ton; the price in Inner Mongolia is 2170 yuan/ton, with a week - on - week decrease of 42.5 yuan/ton. The price difference between East China and Northwest is 630 yuan/ton, with a week - on - week increase of 92.5 yuan/ton; the basis of the main Zhengzhou methanol contract is - 17 yuan/ton, with a week - on - week decrease of 12 yuan/ton. The CFR price of methanol at the main Chinese port is 351 US dollars/ton, with a week - on - week increase of 15 US dollars/ton; the CFR price in Southeast Asia is 510 US dollars/ton, with a week - on - week increase of 15 US dollars/ton. The FOB price in Rotterdam is 389 euros/ton, with a week - on - week increase of 8 euros/ton; the price difference between the main Chinese port and Southeast Asia is - 159 US dollars/ton, with no change [3]. 3. Upstream Situation - The price of NYMEX natural gas is 3.13 US dollars/million British thermal units, with a week - on - week decrease of 0.12 US dollars [3]. 4. Industry Situation - The inventory at East China ports is 97.28 tons, with a week - on - week decrease of 9.56 tons; the inventory at South China ports is 34 tons, with a week - on - week decrease of 3.51 tons. The methanol import profit is - 112.27 yuan/ton, with a week - on - week decrease of 113.39 yuan/ton; the monthly import volume is 1.734 million tons, with a month - on - month increase of 316,400 tons. The inventory of inland enterprises is 523,100 tons, with a week - on - week decrease of 29,300 tons; the methanol enterprise operating rate is 90.15%, with a week - on - week decrease of 1.5% [3]. 5. Downstream Situation - The formaldehyde operating rate is 37.6%, with a week - on - week increase of 8.88%; the dimethyl ether operating rate is 4.13%, with a week - on - week increase of 1.28%; the acetic acid operating rate is 85.4%, with a week - on - week increase of 1.29%; the MTBE operating rate is 68.94%, with a week - on - week increase of 1.22%; the olefin operating rate is 84.08%, with no change. The methanol - to - olefin on - paper profit is - 454 yuan/ton, with a week - on - week increase of 158 yuan/ton [3]. 6. Options Market - The 20 - day historical volatility of methanol is 70.82%, with a week - on - week decrease of 0.78%; the 40 - day historical volatility is 53.2%, with a week - on - week increase of 0.06%. The implied volatility of at - the - money call options for methanol is 71.89%, with a week - on - week decrease of 1.14%; the implied volatility of at - the - money put options is 71.89%, with a week - on - week decrease of 1.14% [3]. 7. Industry News - As of March 11, the inventory of Chinese methanol sample production enterprises was 523,100 tons, a decrease of 29,300 tons from the previous period, a week - on - week decrease of 5.30%; the orders to be delivered by sample enterprises were 265,300 tons, a decrease of 29,800 tons from the previous period, a week - on - week decrease of 10.10%. As of March 11, the total inventory of Chinese methanol ports was 1.3128 million tons, a decrease of 130,700 tons from the previous data. Among them, the inventory in East China decreased by 95,600 tons, and the inventory in South China decreased by 35,100 tons. The methanol port inventory decreased significantly this week, and only 91,500 tons of foreign vessels were unloaded during the period. Recently, the production capacity loss caused by domestic methanol maintenance and production reduction is more than the production output of the restored production capacity, and the overall output has decreased. The inland enterprises destocked last week. As of March 12, the capacity utilization rate of domestic methanol - to - olefin plants was 82.50%, a week - on - week decrease of 0.82%. The second - phase plant of Yanchang Yulin Zhongmei had a short - term shutdown, and the operation of the MTO industry decreased [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The supply of methanol has decreased significantly, leading to a de - stocking channel. The short - term arrival of foreign vessels remains at a low level. Attention should be paid to the changes in the expected export conversion and the demand of downstream coastal industries under high - price conditions. It is expected that the methanol inventory at ports may continue to decline next week. The MTO industry's operating rate has decreased slightly and is expected to remain stable in the short term. The short - term price of methanol is expected to fluctuate sharply, and it is recommended to wait and see for the time being [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 2726 yuan/ton, with a week - on - week increase of 68 yuan. The 5 - 9 spread of methanol is 156 yuan/ton, with a week - on - week increase of 23 yuan. The trading volume is 207,910 tons less [3] - The position of the main methanol contract is 570,574 lots, with a week - on - week increase of 15,634 lots. The net long position of the top 20 futures holders is - 40,166 lots [3] - The number of warehouse receipts is 10,333, with a week - on - week increase of 146 [3] 3.2 Spot Market - The price in Jiangsu Taicang is 2590 yuan/ton, with a week - on - week increase of 70 yuan. The price in Inner Mongolia is 2085 yuan/ton, with a week - on - week decrease of 155 yuan [3] - The price difference between East China and Northwest China is 505 yuan/ton, with a week - on - week increase of 225 yuan. The basis of the main Zhengzhou methanol contract is - 68 yuan/ton, with a week - on - week decrease of 39 yuan [3] - The CFR price of methanol at the main Chinese port is 324 US dollars/ton, with a week - on - week increase of 15 US dollars. The CFR price in Southeast Asia is 455.5 US dollars/ton, with a week - on - week increase of 50.5 US dollars [3] - The FOB price in Rotterdam is 368 euros/ton, with a week - on - week increase of 2 euros. The price difference between the main Chinese port and Southeast Asia is - 131.5 US dollars/ton, with a week - on - week decrease of 35.5 US dollars [3] 3.3 Upstream Situation - The price of NYMEX natural gas is 3.23 US dollars/million British thermal units, with a week - on - week increase of 0.17 US dollars [3] 3.4 Industry Situation - The inventory at East China ports is 972,800 tons, with a week - on - week decrease of 95,600 tons. The inventory at South China ports is 340,000 tons, with a week - on - week decrease of 35,100 tons [3] - The import profit of methanol is - 51.31 yuan/ton, with a week - on - week decrease of 39.53 yuan. The import volume in the current month is 1.734 million tons, with a month - on - month increase of 316,400 tons [3] - The inventory of inland enterprises is 523,100 tons, with a week - on - week decrease of 29,300 tons. The operating rate of methanol enterprises is 91.65%, with a week - on - week decrease of 1.15 percentage points [3] 3.5 Downstream Situation - The operating rate of formaldehyde is 28.72%, with a week - on - week increase of 14.02 percentage points. The operating rate of dimethyl ether is 2.85%, with a week - on - week decrease of 0.48 percentage points [3] - The operating rate of acetic acid is 84.11%, remaining unchanged. The operating rate of MTBE is 67.72%, with a week - on - week increase of 0.5 percentage points [3] - The operating rate of olefins is 84.08%, remaining unchanged. The on - paper profit of methanol - to - olefins is - 675 yuan/ton, with a week - on - week decrease of 98 yuan [3] 3.6 Option Market - The 20 - day historical volatility of methanol is 71.6%, with a week - on - week increase of 0.23 percentage points. The 40 - day historical volatility is 53.14%, with a week - on - week increase of 0.12 percentage points [3] - The implied volatility of at - the - money call options for methanol is 56.75%, with a week - on - week decrease of 6.17 percentage points. The implied volatility of at - the - money put options is 56.77%, with a week - on - week decrease of 6.29 percentage points [3] 3.7 Industry News - As of March 11, the inventory of Chinese methanol sample production enterprises was 523,100 tons, a decrease of 29,300 tons from the previous period, with a week - on - week decrease of 5.30%. The pending orders of sample enterprises were 265,300 tons, a decrease of 29,800 tons from the previous period, with a week - on - week decrease of 10.10% [3] - As of March 11, the total inventory of Chinese methanol ports was 1.3128 million tons, a decrease of 130,700 tons from the previous data. The inventory in East China decreased by 95,600 tons, and the inventory in South China decreased by 35,100 tons. The inventory at methanol ports decreased significantly this week, and the unloading of visible foreign vessels during the period was only 91,500 tons [3] - Recently, the loss of production capacity due to maintenance and production reduction of domestic methanol is more than the output of restored production capacity, resulting in a decrease in overall output. The inventory of inland enterprises decreased this week, and the inventory at ports also decreased significantly. The pick - up was good due to the demand along the Yangtze River, but the arrival of imported vessels was less [3] - As of March 12, the utilization rate of production capacity of domestic methanol - to - olefins plants was 82.50%, with a week - on - week decrease of 0.82%. The second - phase plant of Yanchang Yulin Zhongmei had a short - term shutdown, and the operating rate of the MTO industry decreased [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Recent domestic methanol maintenance and production cuts have led to more capacity loss than capacity output from restarts, resulting in a decrease in overall production. This week, inland enterprises and port inventories have significantly reduced. With strong downstream demand and fewer imported cargo arrivals, the domestic methanol inventory has entered a destocking channel. The operation of domestic MTO enterprises' devices has been stable, with only individual load adjustments by inland enterprises, and there has been no obvious change in the operating rate. The short - term price of methanol is expected to fluctuate sharply, and it is recommended to wait and see [3]. Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main methanol contract is 2,658 yuan/ton, with a week - on - week increase of 109 yuan/ton. The 5 - 9 spread of methanol is 133 yuan/ton, with a week - on - week increase of 47 yuan/ton. - The main contract's open interest of methanol is 554,940 lots, with a week - on - week increase of 19,092 lots. The net long position of the top 20 futures holders of methanol is - 19,375 lots, with a week - on - week increase of 28,142 lots. - The number of methanol warehouse receipts is 10,187, with a week - on - week increase of 291 [3]. 2. Spot Market - The price in Jiangsu Taicang is 2,590 yuan/ton, with a week - on - week increase of 70 yuan/ton; the price in Inner Mongolia is 2,240 yuan/ton, with a week - on - week increase of 37.5 yuan/ton. - The price difference between East China and Northwest is 280 yuan/ton, with a week - on - week decrease of 377.5 yuan/ton; the basis of the main Zhengzhou methanol contract is - 68 yuan/ton, with a week - on - week decrease of 39 yuan/ton. - The CFR price of methanol at the main Chinese port is 309 US dollars/ton, with a week - on - week decrease of 32 US dollars/ton; the CFR price in Southeast Asia is 405 US dollars/ton, with no change. - The FOB price in Rotterdam is 366 euros/ton, with a week - on - week increase of 1 euro/ton. The price difference between the main Chinese port and Southeast Asia is - 96 US dollars/ton, with a week - on - week decrease of 32 US dollars/ton [3]. 3. Upstream Situation - The price of NYMEX natural gas is 3.06 US dollars/million British thermal units, with a week - on - week increase of 0.03 US dollars [3]. 4. Industry Situation - The inventory at East China ports is 106.84 tons, with a week - on - week increase of 2.42 tons; the inventory at South China ports is 37.51 tons, with a week - on - week decrease of 2.74 tons. - The import profit of methanol is - 11.78 yuan/ton, with a week - on - week decrease of 13.64 yuan/ton. The monthly import volume is 173.4 tons, with a month - on - month increase of 31.64 tons. - The inventory of inland enterprises is 552,400 tons, with a week - on - week increase of 17,100 tons. The operating rate of methanol enterprises is 91.65%, with a week - on - week decrease of 1.15% [3]. 5. Downstream Situation - The operating rate of formaldehyde is 28.72%, with a week - on - week increase of 14.02%; the operating rate of dimethyl ether is 2.85%, with a week - on - week decrease of 0.48%. - The operating rate of acetic acid is 84.11%, with no change; the operating rate of MTBE is 67.72%, with a week - on - week increase of 0.5%. - The operating rate of olefins is 84.08%, with no change. The on - paper profit of methanol - to - olefins is - 577 yuan/ton, with a week - on - week increase of 50 yuan/ton [3]. 6. Options Market - The 20 - day historical volatility of methanol is 71.37%, with a week - on - week increase of 1.03%; the 40 - day historical volatility of methanol is 53.02%, with a week - on - week increase of 0.31%. - The implied volatility of at - the - money call options for methanol is 62.92%, with a week - on - week decrease of 18.67%; the implied volatility of at - the - money put options for methanol is 63.06%, with a week - on - week decrease of 18.56% [3]. 7. Industry News - As of March 11, the inventory of Chinese methanol sample production enterprises was 52.31 tons, a decrease of 2.93 tons from the previous period, a week - on - week decrease of 5.30%. The pending orders of sample enterprises were 26.53 tons, a decrease of 2.98 tons from the previous period, a week - on - week decrease of 10.10%. - As of March 11, the total inventory of Chinese methanol ports was 131.28 tons, a decrease of 13.07 tons from the previous data. Among them, the inventory in East China decreased by 9.56 tons, and the inventory in South China decreased by 3.51 tons. This week, the methanol port inventory decreased significantly, and only 9.15 tons of foreign vessels were unloaded during the period. - As of March 5, the capacity utilization rate of domestic methanol - to - olefins plants was 85.37%, a week - on - week increase of 0.05% [3].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The overall production of domestic methanol has decreased recently as the loss of production capacity due to maintenance and production cuts is more than the output of restored production capacity. The supply in the market has increased as domestic MTO plants have resumed operation one after another and raised their load to a high level before the Spring Festival. Last week, inland enterprises had a slight inventory build - up, and port inventory remained basically stable. The overall situation was that the inventory in East China increased and that in South China decreased. This week, the arrival of foreign ships has decreased, but there may be some inland supplies. Demand may continue to recover, and port methanol inventory is expected to decline. The operation of domestic MTO enterprises' devices is stable, and the industry's operating rate is expected to remain stable. Due to the high uncertainty of the US - Iran geopolitical conflict, short - term price fluctuations are expected to be severe, and it is recommended to wait and see for the time being [2] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the main methanol contract is 2,830 yuan/ton, with a week - on - week increase of 244 yuan/ton; the 5 - 9 spread of methanol is 194 yuan/ton, with a week - on - week increase of 86 yuan/ton. The trading volume of the main methanol contract is 13,332 lots. The open interest of the main methanol contract is 639,221 lots, a week - on - week decrease of 40,469 lots. The net long position of the top 20 futures holders is - 41,793 lots. The number of warehouse receipts for methanol is 10,396, a week - on - week increase of 1,000 [2] 3.2. Spot Market - The price in Jiangsu Taicang is 2,860 yuan/ton, with a week - on - week increase of 400 yuan/ton; the price in Inner Mongolia is 2,007.5 yuan/ton, unchanged from the previous week. The price difference between East China and Northwest China is 452.5 yuan/ton, unchanged from the previous week. The basis of the main Zhengzhou methanol contract is 30 yuan/ton, with a week - on - week increase of 156 yuan/ton. The CFR price of methanol at the main Chinese port is 309 US dollars/ton, with a week - on - week increase of 9 US dollars/ton; the CFR price in Southeast Asia is 400 US dollars/ton, with a week - on - week increase of 60 US dollars/ton. The FOB price in Rotterdam is 362 euros/ton, with a week - on - week increase of 9 euros/ton. The price difference between the main Chinese port and Southeast Asia is - 91 US dollars/ton, a week - on - week decrease of 51 US dollars/ton [2] 3.3. Upstream Situation - The price of NYMEX natural gas is 3.18 US dollars/million British thermal units, with a week - on - week increase of 0.18 US dollars/million British thermal units [2] 3.4. Industry Situation - The inventory at East China ports is 106.84 tons, a week - on - week increase of 2.42 tons; the inventory at South China ports is 37.51 tons, a week - on - week decrease of 2.74 tons. The import profit of methanol is - 61.78 yuan/ton, a week - on - week decrease of 59.03 yuan/ton. The monthly import volume is 173.4 tons, a month - on - month increase of 31.64 tons. The inventory of inland enterprises is 552,400 tons, a week - on - week increase of 17,100 tons. The operating rate of methanol enterprises is 91.65%, a week - on - week decrease of 1.15 percentage points [2] 3.5. Downstream Situation - The operating rate of formaldehyde is 28.72%, with a week - on - week increase of 14.02 percentage points; the operating rate of dimethyl ether is 2.85%, with a week - on - week decrease of 0.48 percentage points. The operating rate of acetic acid is 84.11%, unchanged from the previous week. The operating rate of MTBE is 67.72%, with a week - on - week increase of 0.5 percentage points. The operating rate of olefins is 84.08%, unchanged from the previous week. The on - paper profit of methanol - to - olefins is - 1,256 yuan/ton, a week - on - week decrease of 495 yuan/ton [2] 3.6. Options Market - The 20 - day historical volatility of methanol is 51.02%, with a week - on - week increase of 1.63 percentage points; the 40 - day historical volatility of methanol is 39.25%, with a week - on - week increase of 0.61 percentage points. The implied volatility of at - the - money call options for methanol is 54.74%, with a week - on - week increase of 1.2 percentage points; the implied volatility of at - the - money put options for methanol is 54.76%, with a week - on - week increase of 1.23 percentage points [2] 3.7. Industry News - As of March 4, the inventory of China's sampled methanol production enterprises was 552,400 tons, a week - on - week increase of 17,100 tons or 3.19%; the pending orders of sampled enterprises were 295,200 tons, a week - on - week increase of 85,500 tons or 104.91%. As of March 4, the total inventory of methanol at Chinese ports was 1.4435 million tons, a decrease of 320 tons compared with the previous period. Among them, the inventory in East China increased by 2,420 tons, and the inventory in South China decreased by 2,740 tons. As of March 5, the capacity utilization rate of domestic methanol - to - olefins plants was 85.37%, a week - on - week increase of 0.05% [2]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - The domestic methanol production decreased recently as the loss of production capacity due to maintenance and production cuts was more than the output of restored production capacity. The supply and demand situation shows that the overall supply increased as domestic MTO plants gradually resumed operation and reached a high - load level before the Spring Festival. The inventory of inland enterprises increased slightly this week, and the port inventory remained basically stable, with inventory accumulation in East China and destocking in South China. It is expected that the port methanol inventory will decline next week, and specific attention should be paid to the unloading speed and changes in pick - up volume. The operation of domestic MTO enterprises' devices is stable, and the industry's operating rate is expected to remain stable. The marginal pull of geopolitical sentiment on the market is gradually weakening, but short - term price fluctuations are still expected to be large. It is recommended to wait and see for the time being [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract was 2,487 yuan/ton, a decrease of 66 yuan/ton; the 5 - 9 spread of methanol was 67 yuan/ton, a decrease of 52 yuan/ton. The main contract's open interest was 702,758 lots, a decrease of 100,162 lots; the net long position of the top 20 futures holders was - 118,907 lots, an increase of 10,537 lots. The number of warehouse receipts was 8,931, with no change [3]. 3.2 Spot Market - The price in Jiangsu Taicang was 2,460 yuan/ton, an increase of 40 yuan/ton; the price in Inner Mongolia was 1,987.5 yuan/ton, an increase of 27.5 yuan/ton. The price difference between East China and Northwest China was 432.5 yuan/ton, a decrease of 57.5 yuan/ton; the basis of the main Zhengzhou methanol contract was - 27 yuan/ton, an increase of 106 yuan/ton. The CFR price at the main Chinese port was 300 US dollars/ton, an increase of 3 US dollars/ton; the CFR price in Southeast Asia was 335 US dollars/ton, an increase of 5 US dollars/ton. The FOB price in Rotterdam was 340 euros/ton, an increase of 12 euros/ton; the price difference between the main Chinese port and Southeast Asia was - 35 US dollars/ton, a decrease of 2 US dollars/ton [3]. 3.3 Upstream Situation - The price of NYMEX natural gas was 2.93 US dollars/million British thermal units, a decrease of 0.11 US dollars [3]. 3.4 Industrial Situation - The inventory at East China ports was 1.0684 million tons, an increase of 24,200 tons; the inventory at South China ports was 375,100 tons, a decrease of 27,400 tons. The methanol import profit was - 56.33 yuan/ton, a decrease of 74.72 yuan/ton; the monthly import volume was 1.734 million tons, an increase of 316,400 tons. The inventory of inland enterprises was 552,400 tons, an increase of 17,100 tons; the operating rate of methanol enterprises was 92.8%, an increase of 0.73 percentage points [3]. 3.5 Downstream Situation - The operating rate of formaldehyde was 14.7%, an increase of 2.65 percentage points; the operating rate of dimethyl ether was 3.33%, a decrease of 1.06 percentage points. The operating rate of acetic acid was 84.11%, a decrease of 0.49 percentage points; the operating rate of MTBE was 67.22%, a decrease of 0.65 percentage points. The operating rate of olefins was 84.08%, with no change; the on - paper profit of methanol - to - olefins was - 803 yuan/ton, an increase of 150 yuan/ton [3]. 3.6 Option Market - The 20 - day historical volatility of methanol was 49.4%, an increase of 1.08 percentage points; the 40 - day historical volatility of methanol was 38.64%, an increase of 0.75 percentage points. The implied volatility of at - the - money call options for methanol was 60.54%, an increase of 9.11 percentage points; the implied volatility of at - the - money put options for methanol was 60.53%, an increase of 9.07 percentage points [3]. 3.7 Industry News - As of March 4, the inventory of Chinese methanol sample production enterprises was 552,400 tons, an increase of 17,100 tons from the previous period, a year - on - year increase of 3.19%; the pending orders of sample enterprises were 295,200 tons, an increase of 85,500 tons from the previous period, a year - on - year increase of 104.91%. - As of March 4, the total inventory of Chinese methanol ports was 1.4435 million tons, a decrease of 3,200 tons from the previous data. Among them, the inventory in East China increased by 24,200 tons, and the inventory in South China decreased by 27,400 tons. The port inventory was basically stable this week, with accumulation in East China and destocking in South China. - As of March 5, the capacity utilization rate of domestic methanol - to - olefins plants was 85.37%, a month - on - month increase of 0.05% [3].