Report Overview - The report is a weekly data report on the energy and chemical sector, including the polyester and methanol segments, released by New Era Futures Research on November 7, 2025 [1][2][4][30] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - In the short - term, the PX supply pressure is not significant, the PTA supply is expected to tighten, and their盘面 performance is relatively strong, but the demand - side drive is insufficient, limiting the rebound space. The supply of ethylene glycol is expected to increase slightly, and with rigid demand, it has insufficient rebound momentum and is expected to fluctuate at a low level. In the long - term, the demand drive is insufficient, and supply changes dominate the market rhythm. In the fourth quarter, the polyester sector shows a differentiated trend, with PX and PTA being relatively strong and ethylene glycol being under pressure. For methanol, in the short - term, the high - supply and high - inventory situation continues, MTO is continuously losing money, and the main demand support weakens, so it may fluctuate in the bottom range. In the long - term, the inflection point of port inventory is the core point, and if the medium - and long - term signals are positive, methanol has the basis for a stable rebound [28][47] 3. Summary According to Related Catalogs 3.1 Macro and Crude Oil Important News - Saudi Aramco lowered the official selling price (OSP) for Asian customers in December, indicating a cautious attitude towards the crude oil demand outlook. OPEC+ will maintain the production increase rhythm in December but suspend the increase plan in the first three months of 2026. The US sanctions on Russian oil companies have led to a significant reduction in Russia's crude oil exports to India. US commercial crude oil inventories increased due to a large increase in imports, while gasoline inventories continued to decline [5][6] 3.2 Futures and Spot Prices - WTI crude oil futures prices decreased by 1.34% week - on - week, while naphtha spot prices increased by 0.54%. PX601 futures prices increased by 6.96%, and PX CFR in Taiwan increased by 1.19%. TA601 futures prices increased by 2.58%, and PTA spot benchmark prices increased by 0.22%. EG601 futures prices decreased by 2.68%, and ethylene glycol's East China mainstream price decreased by 4.03%. PF512 futures prices increased by 1.12%, and polyester staple fiber's East China mainstream price decreased by 0.55%. PR601 futures prices increased by 0.75%, and polyester bottle chip's East China mainstream price increased by 0.17% [9] 3.3 Supply - side Analysis 3.3.1 PX - Dalian Fujia's 70 - ton device restarted and ran at full capacity, and another 70 - ton device is planned to restart next week. As of November 7, the domestic PX weekly average capacity utilization rate was 89.03%, a 1.25% increase from last week, and the PX output was 74.67 tons, a 1.25% increase [13] 3.3.2 PTA - Dongying Weilian reduced its load, Yisheng Dahua increased its load after reduction, Dushan Energy's old 250 - ton device was under maintenance after the new 300 - ton device was put into production, and Xinjiang Zhongtai's 120 - ton device restarted. As of November 7, the domestic PTA weekly capacity utilization rate was 77.69%, a 0.69 - percentage - point decrease from last week, and the weekly output was 148.483 tons, a 3.45 - ton increase. PTA social inventory increased slightly. Under low processing fees, large PTA manufacturers have maintenance expectations, but the implementation needs attention [14] 3.3.3 Ethylene Glycol - Fujian United restarted, Sanjiang Chemical increased its load, and some devices were under maintenance. As of November 7, the domestic ethylene glycol weekly average capacity utilization rate was 65.88%, a 0.04 - percentage - point increase. Coal - based devices are planned to restart, and the domestic supply is expected to increase slightly. Port inventory increased, but the inventory accumulation rhythm may slow down [15][16] 3.3.4 Methanol - As of November 6, the methanol production start - up rate was 87.79%, a 1.18 - percentage - point increase, and the domestic output was 199.2 tons, a 1.37% increase. This week, the total restored production capacity was about 2.91 million tons/year, and the total lost production capacity was about 2 million tons/year. Next week, the planned restored production capacity is about 1.6 million tons/year, with no new maintenance plans [39][40] 3.4 Demand - side Analysis 3.4.1 Polyester - The weekly average start - up rate of the polyester end was 87.8%, a 0.26 - percentage - point increase. Polyester staple fiber and filament inventories decreased slightly. New device production was postponed, and large - scale maintenance was postponed. Next week, polyester device changes are limited, and production is expected to increase slightly. Weaving orders decreased, and procurement was mainly rigid [17][20] 3.4.2 Methanol - The MTO start - up rate continued to decline, and Shandong Hengtong entered maintenance. Traditional downstream industries entered the off - season, and the overall start - up rate decreased, with weak demand support [43] 3.5 Inventory Analysis 3.5.1 PTA - As of November 6, PTA factory inventory was available for 4.09 days (a 0.06 - day increase), polyester factory PTA inventory was 6.10 days (a 0.35 - day decrease), and PTA social inventory was about 316.08 tons (a 2.53 - ton increase) [14] 3.5.2 Ethylene Glycol - As of November 6, the East China port inventory was 56.4 tons, a 6.5 - ton increase from last Thursday and a 5.3 - ton increase from Monday [16] 3.5.3 Methanol - As of November 5, the port inventory was 151.71 tons, a 1.06 - ton increase, and the inland inventory was 38.64 tons, a 1.03 - ton increase. The port inventory increased slightly due to the unmet unloading expectations, and the inland inventory continued to increase due to high supply and reverse flow of port goods [46] 3.6 Strategy Recommendations 3.6.1 Polyester Sector - Short - term: PX supply pressure is not significant, PTA supply is expected to tighten, and the disk is relatively strong, but the demand - side drive is insufficient, and the rebound space is limited. Ethylene glycol may fluctuate at a low level. Long - term: The demand drive is insufficient, and the supply change dominates the market rhythm. PX and PTA are relatively strong, and ethylene glycol is under pressure [28] 3.6.2 Methanol - Short - term: The high - supply and high - inventory situation continues, MTO is continuously losing money, and methanol may fluctuate in the bottom range. Long - term: Focus on the port inventory inflection point and the import reduction caused by Iran's gas restriction. If the long - term signal is positive, methanol has the basis for a stable rebound [47] 3.7 Next Week's Concerns - For the polyester sector, concerns include the change in the Russia - Ukraine situation, macro - market sentiment, and the operation of upstream and downstream devices. For methanol, concerns include high - inventory pressure, the recovery of maintenance devices, and macro - market sentiment [29][48]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The overall risk preference in the crude oil market has improved, and oil prices are expected to continue to fluctuate. The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and polyvinyl chloride are all expected to fluctuate. Attention should be paid to the impact of macro - factors on oil prices [1][3] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices rebounded. WTI December contract rose $0.33 to $60.48 per barrel (0.55% increase), Brent December contract rose $0.52 to $64.92 per barrel (0.81% increase), and SC2512 closed at 465.1 yuan per barrel, up 5.9 yuan (1.28% increase). EIA inventory data showed a comprehensive decline in inventories. Mexican national oil company's production decreased year - on - year. The Fed cut interest rates, and the subsequent rate - cut path is uncertain. The market is expected to fluctuate [1] - **Fuel Oil**: On Wednesday, the main contracts of high - sulfur and low - sulfur fuel oil on the Shanghai Futures Exchange fell. The Asian low - sulfur market structure weakened due to weak downstream demand and sufficient supply, while the high - sulfur market is expected to remain stable. FU and LU absolute prices will fluctuate with the cost side [3] - **Asphalt**: On Wednesday, the main asphalt contract on the Shanghai Futures Exchange fell. In November, the refinery's asphalt production plan decreased both month - on - month and year - on - year. The inventory levels all decreased. The supply pressure will ease, and there is still a rush - work expectation in some markets. The BU absolute price will fluctuate with the cost side [3] - **Polyester**: TA601 and EG2601 rose on Wednesday. The production and sales of polyester improved, and the fundamentals of TA improved. However, there is still a pressure of inventory accumulation for EG in the fourth quarter, and its price is under pressure. Attention should be paid to the trend of crude oil prices [4] - **Rubber**: On Wednesday, the main contracts of natural rubber and 20 - number rubber rose, while the butadiene rubber contract fell. The social inventory of natural rubber decreased. Due to the upcoming Sino - US leaders' meeting and good demand, rubber prices are expected to fluctuate strongly [4] - **Methanol**: On Wednesday, the spot price of methanol was reported. The domestic overhauled devices are gradually resuming production, and the overseas Iranian devices will be restricted by winter gas curtailment. The short - term port supply is still abundant, and methanol prices are expected to fluctuate [6] - **Polyolefins**: On Wednesday, the prices of polyolefins were reported. The short - term production will remain high, and the marginal increase in demand will gradually decline. The rebound of crude oil supports the valuation, but the fundamental driving force is weakening, and prices are expected to enter a fluctuating stage [6] - **Polyvinyl Chloride**: On Wednesday, the PVC market prices in East, North, and South China were reported. The supply remains high, domestic demand slows down, and exports are expected to be weak. The price has a demand for phased repair, but the rebound height is limited under high - inventory pressure [8] 3.2 Daily Data Monitoring - The document provides the basis price, basis rate, and their changes of various energy - chemical varieties on October 29 and 28, 2025, including crude oil, liquefied petroleum gas, asphalt, etc. It also shows the quantile of the latest basis rate in historical data [9] 3.3 Market News - US EIA data shows that the decline in US crude oil, gasoline, and distillate fuel inventories last week exceeded analysts' expectations, forcing the market to re - evaluate the expectation of a large surplus in the oil market [11] - Trump predicted that his talks with Chinese leaders would yield good results. The talks are scheduled for Thursday at a summit in South Korea. The positive news about the Sino - US talks and the US - South Korea trade agreement eased investors' concerns about the economic recession caused by Trump's tariffs and trade wars [11] 3.4 Chart Analysis - **4.1 Main Contract Prices**: It provides the closing price charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [13] - **4.2 Main Contract Basis**: It provides the basis charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [25] - **4.3 Inter - period Contract Spreads**: It provides the spread charts of different contracts of various energy - chemical varieties, such as the spread between 01 - 05 and 05 - 09 contracts of fuel oil, and the spread between the main and sub - main contracts of asphalt [39] - **4.4 Inter - variety Spreads**: It provides the spread and ratio charts between different varieties, such as the spread between domestic and foreign crude oil, the B - W spread of crude oil, the high - low sulfur spread of fuel oil, etc. [55] - **4.5 Production Profits**: It provides the production profit charts of LLDPE and PP from 2018 to 2025 [63] 3.5 Team Member Introduction - **Zhong Meiyan**: Assistant to the director of the research institute and director of energy - chemical research. With more than ten years of experience in futures derivatives market research, she has won many awards and has rich experience in serving enterprises [67] - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping. She has won many industry awards and has in - depth research on the energy industry chain [68] - **Di Yilin**: Analyst for natural rubber and polyester. She has won several awards and is good at data analysis and research on related varieties [69] - **Peng Haibo**: Analyst for methanol, propylene, pure benzene, polyolefins, and PVC. He has a background in energy - chemical spot - futures trading and relevant professional qualifications [70]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - This week, the average price of the port methanol market strengthened, while the inland methanol market declined weakly. The domestic methanol production decreased slightly, and the enterprise inventory increased. The port inventory decreased overall, but there is still a possibility of an increase in October. The olefin industry's operating rate remained high, and the MA2601 contract is expected to fluctuate in the 2250 - 2340 range [7]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: This week, the average price of the port methanol market strengthened, with the price in Jiangsu ranging from 2200 - 2340 yuan/ton and in Guangdong from 2210 - 2310 yuan/ton. The inland methanol market declined weakly, with the price in Ordos North Line ranging from 2083 - 2078 yuan/ton and the receiving price in Dongying from 2290 - 2300 yuan/ton [7]. - **Market Outlook**: Domestic methanol production decreased slightly due to more capacity losses from maintenance and production cuts than recoveries. The enterprise inventory increased due to weak downstream demand and low logistics enthusiasm. The port inventory decreased overall, but there is a possibility of an increase in October due to sufficient import expectations. The olefin industry's operating rate remained high and is expected to continue so in the short term [7]. - **Strategy Recommendation**: The MA2601 contract is expected to fluctuate in the 2250 - 2340 range [7]. 3.2 Futures Market - **Price Movement**: This week, the price of the Zhengzhou methanol main contract oscillated and closed lower, with a -1.52% decline in the main contract price [10]. - **Inter - period Spread**: As of October 17, the MA 1 - 5 spread was -18 [15]. - **Position Analysis**: No specific information on the trend of net long positions of the top 20 is provided. - **Warehouse Receipts**: As of October 16, there were 11282 Zhengzhou methanol warehouse receipts, a decrease of 100 from last week [24]. 3.3 Spot Market - **Domestic Spot Price**: As of October 17, the mainstream price in East China's Taicang was 2280 yuan/ton, an increase of 52.5 yuan/ton from last week; the mainstream price in Northwest Inner Mongolia was 2052.5 yuan/ton, a decrease of 15 yuan/ton from last week. The price difference between East and Northwest China was 227.5 yuan/ton, an increase of 67.5 yuan/ton from last week [28]. - **Foreign Spot Price**: As of October 16, the CFR price of methanol at the Chinese main port was 264 dollars/ton, an increase of 12 dollars/ton from last week. The price difference between Southeast Asia and the Chinese main port was 61 dollars/ton, a decrease of 9 dollars/ton from last week [33]. - **Basis**: As of October 17, the basis of Zhengzhou methanol was 8 yuan/ton, an increase of 50 yuan/ton from last week [37]. 3.4 Industrial Chain - **Upstream**: As of October 15, the market price of Qinhuangdao thermal coal with 5500 kcal was 680 yuan/ton, unchanged from last week. As of October 16, the closing price of NYMEX natural gas was 2.93 dollars/million British thermal units, a decrease of 0.32 dollars/million British thermal units from last week [41]. - **Industry**: As of October 16, China's methanol production was 1983655 tons, a decrease of 47850 tons from last week, and the device capacity utilization rate was 87.42%, a decrease of 2.36% month - on - month. As of October 15, the inventory of sample production enterprises was 35.99 million tons, an increase of 2.05 million tons from the previous period, and the order backlog of sample enterprises was 22.89 million tons, an increase of 11.37 million tons from the previous period. The total port inventory was 149.14 million tons, a decrease of 5.18 million tons from the previous data. In August 2025, China's methanol imports were 1.7598 million tons, a month - on - month increase of 59.59%; from January to August, the cumulative imports were 8.2398 million tons, a year - on - year decrease of 6.52%. As of October 16, the methanol import profit was 21.44 yuan/ton, an increase of 12.5 yuan/ton from last week [46][50][55]. - **Downstream**: As of October 16, the capacity utilization rate of domestic methanol - to - olefin devices was 94.21%, a decrease of 0.01% month - on - month. As of October 17, the domestic methanol - to - olefin spot profit was -1065 yuan/ton, a decrease of 66 yuan/ton from last week [58][61].

Core Viewpoint - The domestic methanol futures market is experiencing slight fluctuations, with the main contract closing at 2375.00 yuan/ton, a minor decrease of 0.46% [1] Macro Factors - The U.S. and Europe plan to strengthen sanctions against Russia, and the geopolitical conflict between Russia and Ukraine shows no signs of easing [1] - The probability of a 25 basis point rate cut by the Federal Reserve in September is relatively high [1] Supply and Production - Recent analysis indicates that domestic methanol production capacity is recovering, with output increasing more than the capacity lost due to maintenance and production cuts [1] - Inventory levels at domestic enterprises have decreased due to increased procurement by some olefin companies in Inner Mongolia [1] Demand Indicators - Northwest methanol enterprises signed contracts for 89,800 tons, an increase of 14,400 tons compared to the previous period [1] - Sample enterprises have 250,700 tons of orders pending shipment, up by 9,400 tons, reflecting a 3.91% increase [1] - Olefin operating rate is at 82.6%, down 3.1%; dimethyl ether at 4.8%, unchanged; methylene chloride at 85.6%, down 0.2%; acetic acid at 83.1%, down 1.1%; formaldehyde at 43.1%, up 5.4%; and MTBE at 61.6%, down 0.5% [1] Market Outlook - Domestic methanol production remains high, with stable downstream demand expected [1] - Anticipated high import volumes for September and continued accumulation of methanol port inventories [1] - The domestic methanol market is expected to experience narrow fluctuations, with a short-term support level around 2395 yuan/ton, and a recommendation to observe the market [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The MA2509 contract is expected to fluctuate in the range of 2350 - 2420 in the short term [7] - The overall domestic methanol market is boosted by the macro - environment, but the port methanol market has limited upward space due to high import expectations. The port market shows an oscillating and weakening trend, while the inland market rises [8] - Recently, the output of the restored methanol production capacity is less than the loss of the overhauled and reduced - production capacity, leading to a slight decrease in the overall output [8] - The inventory of inland enterprises decreases this week, while the port inventory accumulates significantly. The olefin industry's starting rate rises slightly this week but is expected to decline next week [8] 3. Summary According to the Catalog 3.1. Week - on - Week Summary - Strategy suggestion: The MA2509 contract is expected to fluctuate in the 2350 - 2420 range [7] - Market trend: The average price of the domestic port methanol market drops this week, with an oscillating and weakening trend. The inland market rises, with the price in the Ordos northern line ranging from 2065 - 2110 yuan/ton and the downstream Dongying receiving price ranging from 2320 - 2345 yuan/ton [8] - Outlook: The overall methanol output decreases slightly. Inland enterprise inventory decreases, and port inventory accumulates. The olefin industry's starting rate rises slightly this week but may decline next week [8] 3.2. Futures Market - Price trend: The price of the Zhengzhou methanol main contract oscillates and closes down this week, with a decline of 0.42% [13] - Inter - period spread: As of August 8, the MA 9 - 1 spread is - 92 [17] - Position analysis: Not provided in the content - Warehouse receipts: As of August 7, the Zhengzhou methanol warehouse receipts are 8688, an increase of 142 compared with last week [25] 3.3. Spot Market - Domestic price: As of August 8, the mainstream price in East China's Taicang area is 2382.5 yuan/ton, a decrease of 15 yuan/ton compared with last week; the mainstream price in Northwest Inner Mongolia is 2105 yuan/ton, an increase of 40 yuan/ton compared with last week. The price difference between East China and Northwest is 277.5 yuan/ton, a decrease of 55 yuan/ton compared with last week [31] - Foreign price: As of August 7, the CFR price of methanol at the Chinese main port is 270 dollars/ton, a decrease of 2 dollars/ton compared with last week. The price difference between Southeast Asia and the Chinese main port is 63 dollars/ton, an increase of 2 dollars/ton compared with last week [37] - Basis: As of August 8, the Zhengzhou methanol basis is - 0.5 yuan/ton, a decrease of 5 yuan/ton compared with last week [41] 3.4. Industrial Chain Analysis - Upstream: As of August 6, the market price of Qinhuangdao thermal coal with 5500 kcal is 670 yuan/ton, an increase of 5 yuan/ton compared with last week. As of August 7, the NYMEX natural gas closes at 3.08 dollars/million British thermal units, a decrease of 0.02 dollars/million British thermal units compared with last week [44] - Industry: As of August 7, China's methanol output is 1845225 tons, a decrease of 67900 tons compared with last week, and the capacity utilization rate is 81.61%, a decrease of 3.55% month - on - month [50] - Inventory: As of August 6, the total port inventory is 92.55 tons, an increase of 11.71 tons compared with the previous period. The inventory of sample production enterprises is 29.37 tons, a decrease of 3.08 tons compared with the previous period, a decrease of 9.50% month - on - month; the order backlog of sample enterprises is 24.08 tons, an increase of 1.01 tons compared with the previous period, an increase of 4.37% month - on - month [53] - Import: In June 2025, China's methanol import volume is 122.02 tons, a decrease of 5.58% compared with last week. From January to June 2025, the cumulative import volume is 537.73 tons, a year - on - year decrease of 14.68%. As of August 7, the methanol import profit is 41.04 yuan/ton, an increase of 20.4 yuan/ton compared with last week [56] - Downstream: As of August 7, the capacity utilization rate of domestic methanol - to - olefin plants is 85.11%, an increase of 1.5% month - on - month. As of August 8, the domestic methanol - to - olefin on - paper profit is - 887 yuan/ton, a decrease of 6 yuan/ton compared with last week [59][62] 3.5. Option Market Analysis - Not provided in the content

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The MA2509 contract is expected to fluctuate in the range of 2460 - 2550 in the short - term [7] - Recently, the output of restored methanol production capacity in China is more than the loss of capacity due to maintenance and production cuts, leading to a slight increase in overall production [8] - Affected by favorable macro - policies this week, the market trading atmosphere is good, and inland enterprises have smooth sales, driving a slight increase in pending orders and a significant decrease in enterprise inventory [8] - This week, the methanol port unloading speed is far lower than expected, resulting in an unexpected reduction in port inventory. Next week, the arrival of foreign vessels may increase significantly, and port inventory may accumulate, but the impact of weather on unloading speed needs attention [8] - This week, the operation load of olefin enterprises in East China decreased slightly, and the overall olefin industry's start - up decreased slightly. Next week, the Zhongmei Mengda plant is expected to resume, and the olefin industry's start - up will increase [8] Summary by Directory 1. Week - on - Week Summary - Strategy suggestion: The MA2509 contract is expected to fluctuate in the range of 2460 - 2550 in the short - term [7] - Market review: The domestic port methanol market is slightly stronger this week. The price in Jiangsu ranges from 2370 - 2480 yuan/ton, and in Guangdong from 2370 - 2450 yuan/ton. The inland methanol market mainly rises. The price in the northern line of Ordos ranges from 2085 - 2100 yuan/ton, and the receiving price in Dongying ranges from 2255 - 2285 yuan/ton. Favorable macro factors, low inventory in production areas, some device renovations, and external procurement demand from olefins lead to rising prices [8] - Market outlook: The output of restored methanol production capacity is more than the loss of capacity due to maintenance and production cuts, with a slight increase in overall production. Affected by favorable macro - policies, the market trading atmosphere is good, enterprise inventory decreases, and pending orders increase. Port inventory decreases unexpectedly this week, and may accumulate next week. The olefin industry's start - up may increase next week [8] 2. Futures and Spot Markets Futures Market - The price of the main methanol contract in Zhengzhou fluctuates and closes higher this week, with a weekly increase of 6.51% [11] - As of July 25, the MA 9 - 1 spread is - 68 [16] - As of July 25, the number of Zhengzhou methanol warehouse receipts is 10134, an increase of 1590 from last week [23] Spot Market - As of July 25, the mainstream price in Taicang, East China is 2487.5 yuan/ton, an increase of 102.5 yuan/ton from last week; the mainstream price in Inner Mongolia, Northwest China is 2050 yuan/ton, an increase of 67.5 yuan/ton from last week. The price difference between East and Northwest China is 437.5 yuan/ton, an increase of 35 yuan/ton from last week [29] - As of July 24, the CFR price of methanol at the main Chinese port is 282 US dollars/ton, an increase of 7 US dollars/ton from last week. The price difference between Southeast Asia and the main Chinese port is 51 US dollars/ton, a decrease of 7 US dollars/ton from last week [34] - As of July 25, the basis of Zhengzhou methanol is - 31.5 yuan/ton, a decrease of 51.5 yuan/ton from last week [37] 3. Industry Chain Analysis Upstream - As of July 23, the market price of Qinhuangdao thermal coal with 5500 kcal is 665 yuan/ton, the same as last week. As of July 24, the closing price of NYMEX natural gas is 3.12 US dollars/million British thermal units, a decrease of 0.39 US dollars/million British thermal units from last week [41] Industry - As of July 24, China's methanol production is 1898825 tons, an increase of 29100 tons from last week, and the device capacity utilization rate is 83.98%, a month - on - month increase of 1.56% [44] - As of July 23, the total methanol port inventory in China is 72.58 tons, a decrease of 6.44 tons from the previous data. The inventory in East China decreases by 8.70 tons, and in South China increases by 2.26 tons. The methanol port inventory decreases unexpectedly this week. The inventory of sample production enterprises is 33.98 tons, a decrease of 1.25 tons from the previous period, a month - on - month decrease of 3.55%; the pending orders of sample enterprises are 24.48 tons, an increase of 0.17 tons from the previous period, a month - on - month increase of 0.70% [48] - In June 2025, China's methanol import volume is 122.02 tons, a month - on - month decrease of 5.58%. From January to June 2025, the cumulative methanol import volume is 537.73 tons, a year - on - year decrease of 14.68%. As of July 24, the methanol import profit is 17.63 yuan/ton, an increase of 19.2 yuan/ton from last week [51] Downstream - As of July 24, the capacity utilization rate of domestic methanol - to - olefin devices is 86.08%, a month - on - month decrease of 0.15%. The operation load of olefin enterprises in East China decreases slightly this week, and the overall industry's start - up decreases slightly [54] - As of July 25, the domestic methanol - to - olefin on - paper profit is - 1136 yuan/ton, a decrease of 356 yuan/ton from last week [57]