Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints - The MA2509 contract is expected to fluctuate in the range of 2350 - 2420 in the short term [7]. - Recently, the loss of production capacity due to maintenance and production cuts in the domestic methanol industry is more than the output of restored production capacity, resulting in a slight decrease in overall production [8]. - The inventory of domestic methanol enterprises showed differences this week. Some enterprises continued to accumulate inventory due to weak downstream demand, while the overall inventory decreased as some olefin plants consumed the accumulated methanol inventory. The methanol port inventory continued to accumulate [8]. - In terms of demand, some olefin plants are under maintenance, while the operating load of enterprises in East China has slightly increased. The overall operating rate of the olefin industry is expected to increase slightly in the short term [8]. 3. Summary by Relevant Catalogs 3.1 Weekly Summary - **Market Performance**: The domestic port methanol market fluctuated slightly this week, with prices in Jiangsu ranging from 2350 - 2400 yuan/ton and in Guangdong from 2380 - 2410 yuan/ton. The inland market showed regional differentiation, with prices in Ordos North Line ranging from 1973 - 1990 yuan/ton and in Dongying from 2245 - 2250 yuan/ton. The price in the Guanzhong area was weak [8]. - **Market Outlook**: The overall domestic methanol production decreased slightly. The inventory of inland enterprises showed differences, and the port inventory continued to accumulate. The overall operating rate of the olefin industry is expected to increase slightly in the short term [8]. 3.2 Futures Market - **Price Movement**: The price of the main methanol futures contract in Zhengzhou fluctuated and closed down this week, with a weekly decline of 0.21% [12]. - **Inter - month Spread**: As of July 18, the MA 9 - 1 spread was - 69 [16]. - **Open Interest Analysis**: No specific analysis results were mentioned in the provided content. - **Warehouse Receipts**: As of July 18, there were 8544 methanol warehouse receipts in Zhengzhou, a decrease of 146 compared to last week [23]. 3.3 Spot Market - **Domestic Spot Price**: As of July 18, the mainstream price in Taicang, East China was 2387.5 yuan/ton, a decrease of 2.5 yuan/ton compared to last week; the mainstream price in Inner Mongolia, Northwest China was 1982.5 yuan/ton, a decrease of 7.5 yuan/ton compared to last week. The price difference between East and Northwest China was 405 yuan/ton, an increase of 15 yuan/ton compared to last week [29]. - **Foreign Spot Price**: As of July 17, the CFR price of methanol at the main Chinese port was 275 US dollars/ton, a decrease of 2 US dollars/ton compared to last week. The price difference between Southeast Asia and the main Chinese port was 58 US dollars/ton, unchanged from last week [35]. - **Basis**: As of July 18, the basis of Zhengzhou methanol was 22.5 yuan/ton, an increase of 20 yuan/ton compared to last week [39]. 3.4 Industrial Chain - **Upstream**: As of July 16, the market price of Qinhuangdao thermal coal with a calorific value of 5500 kcal was 665 yuan/ton, an increase of 5 yuan/ton compared to last week. As of July 17, the closing price of NYMEX natural gas was 3.51 US dollars/million British thermal units, an increase of 0.14 US dollars/million British thermal units compared to last week [42]. - **Industry**: As of July 17, China's methanol production was 1,869,725 tons, a decrease of 30,003 tons compared to last week, and the capacity utilization rate was 82.69%, a decrease of 1.58% month - on - month [46]. - **Inventory**: As of July 16, the total inventory of methanol ports in China was 790,200 tons, an increase of 71,300 tons compared to the previous period. The inventory of sample production enterprises was 352,300 tons, a decrease of 0.46% compared to the previous period; the order backlog of sample enterprises was 243,100 tons, an increase of 9.89% compared to the previous period [49]. - **Import**: In May 2025, China's methanol import volume was 1.2923 million tons, a month - on - month increase of 64.06%. From January to May 2025, the cumulative import volume was 3.3694 million tons, a year - on - year decrease of 19.43%. As of July 17, the methanol import profit was - 2.79 yuan/ton, an increase of 0.92 yuan/ton compared to last week [53]. - **Downstream**: As of July 17, the capacity utilization rate of domestic methanol - to - olefin plants was 86.23%, a month - on - month increase of 0.27%. As of July 18, the domestic methanol - to - olefin profit was - 882 yuan/ton, a decrease of 41 yuan/ton compared to last week [56][60].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - In the short term, methanol prices will fluctuate within a range. In the medium to long term, the methanol spot market may shift from strong to weak and fluctuate [1]. 3) Summary According to Relevant Catalogs Spot Price - Yesterday, methanol prices in multiple regions saw a slight increase. In the northwest main production area, enterprise inventories were at a low level, and the willingness of downstream and traders to replenish at low prices increased, leading to higher auction transaction prices. The positive sentiment in the futures market drove smooth new - order transactions in the afternoon, with some enterprises suspending sales and holding prices, pushing up the spot prices. Downstream buyers are mainly in a wait - and - see mode, and after replenishing at low prices earlier, their purchases have become more rational. The market trend depends on the downstream procurement transactions on Tuesday [1]. Supply - Domestic methanol production increased from 268,235.00 to 269,435.00, an increase of 1,200.00. The domestic operating rate rose from 83.04 to 83.41, an increase of 0.37, while the international operating rate remained unchanged at 72.33 [1]. Import - The arrival weight remained unchanged at 31.03 [1]. Inventory - Both enterprise inventory and port inventory remained unchanged at 356,900.00 and 718,900.00 respectively [1]. Demand - The order backlog remained unchanged at 221,240.00. The operating rates of various downstream products remained mostly unchanged, with only the MTBE price rising from 5,000.00 to 5,050.00, an increase of 50.00 [1]. Associated Product Prices - Most associated product prices remained unchanged, with only the MTBE price increasing by 50.00 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - In the short term, methanol prices will fluctuate within a range, and in the long term, the methanol spot market may shift from strong to weak and fluctuate [1] Group 3: Summary by Relevant Catalog Price Indicators - On July 10, 2025, the prices of most energy - chemical products remained stable, with slight increases in international natural gas, methanol in Taicang and Shandong, and domestic production. For example, international natural gas rose from 11.64 to 11.72, methanol in Taicang increased from 2375.00 to 2380.00, and domestic production rose from 273125.00 to 274675.00 [1] Supply - Domestic methanol production and start - up rate increased slightly. Domestic production increased by 1550.00 to 274675.00, and the domestic start - up rate rose from 84.84 to 85.32 [1] Inventory - Both enterprise and port inventories of methanol remained unchanged, with enterprise inventory at 352280.00 and port inventory at 673660.00 [1] Demand - Orders to be delivered remained stable at 233250.00 [1] Associated Product Prices - The prices of associated products such as formaldehyde, dimethyl ether, and acetic acid remained unchanged on July 10, 2025 [1]

Report Summary 1. Industry Investment Rating - The investment rating for methanol in the energy and chemical industry is "oscillating", and the trading strategy is "wait - and - see" [2] 2. Core View - Geopolitical conflicts may recur, downstream demand in July is in a seasonal off - season, and both ports and production areas have slightly increased inventory. After some Iranian plants restart, the bearish sentiment is released. The anti - involution meeting has temporarily improved market sentiment. In the short term, methanol prices will oscillate, and the upside potential should be viewed cautiously, with a reference range of 2360 - 2460 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Market Review - On Friday night, the futures price of the main methanol contract fell 14 yuan/ton to 2401 yuan/ton, and the spot price in the mainstream East China region dropped 15 yuan/ton to 2445 yuan/ton. Long positions decreased by 13,418 lots to 400,400 lots, and short positions decreased by 1,635 lots to 467,400 lots [2] 3.2 Important Information - **Supply**: The domestic methanol operating rate is 88.18%, a month - on - month decrease of 3.45%. The overseas methanol operating rate is 54.25%, a month - on - month decrease of 0.7% [2] - **Inventory**: The total inventory of Chinese methanol ports is 673,700 tons, an increase of 3,200 tons from the previous period. The inventory in East China increased by 13,500 tons, while that in South China decreased by 10,300 tons. The inventory of Chinese methanol sample production enterprises is 352,300 tons, an increase of 10,700 tons from the previous period, a month - on - month increase of 3.14% [2] - **Demand**: The signing volume of northwest methanol enterprises is 60,000 tons, an increase of 13,000 tons month - on - month. The pending orders of sample enterprises are 241,300 tons, an increase of 500 tons from the previous period, a month - on - month increase of 0.23%. The olefin operating rate is 85.25%, a month - on - month decrease of 2.09%; the dimethyl ether operating rate is 5.19%, a month - on - month decrease of 3.97%; the methyl chloride operating rate is 79.75%, a month - on - month decrease of 4.38%; the acetic acid operating rate is 93.4%, a month - on - month decrease of 1.93%; the formaldehyde operating rate is 46.07%, a month - on - month decrease of 2.88% [2] - **Other News**: US President Trump announced a trade agreement with Vietnam. Vietnam will impose a 20% tariff on goods exported to the US, and a 40% tariff on any transshipped goods. Vietnam has also agreed to cancel all taxes on imported US goods [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the domestic methanol market price continued to decline. Without clear positive news, the offer price of butadiene rubber was significantly reduced, but actual orders still had to be sold at a loss. [7] - Recently, the output of restored methanol production capacity in China was more than that of overhauled and reduced production capacity, leading to a slight increase in overall output. Affected by weak demand, enterprises had difficulty in signing orders, and the inventory of inland enterprises increased this week. [7] - This week, foreign vessels unloaded goods intensively, causing the methanol port inventory to stop falling and rebound. The提货 in Jiangsu increased significantly, with limited inventory accumulation; the demand in Zhejiang was stable, and inventory accumulated under the supply of many foreign vessel unloading; the inventory in South China ports decreased slightly. [7] - In terms of demand, Sierbang resumed full - load operation, and the operating load of northwest enterprises' devices was slightly adjusted. This week, the operating rate of the methanol - to - olefins industry continued to increase. [7] - The MA2509 contract is expected to fluctuate in the range of 2170 - 2240 in the short term. [7] 3. Summary by Directory 3.1. Week - on - Week Summary - **Market Review**: As of May 29, the mainstream price of Daqing BR9000 in the Shandong market was around 11,450 yuan/ton, with actual orders subject to negotiation. [7] - **Market Outlook**: The overall methanol output increased slightly. The inventory of inland enterprises and port inventory changed as described above. The operating rate of the methanol - to - olefins industry increased. [7] - **Strategy Suggestion**: The MA2509 contract is expected to fluctuate between 2170 and 2240 in the short term. [7] 3.2. Futures Market - **Price Trend**: This week, the price of the main contract of Zhengzhou methanol fluctuated and closed down, with a weekly decline of 0.63%. [11] - **Inter - period Spread**: As of May 30, the MA 9 - 1 spread was - 67. [15] - **Position Analysis**: As of May 29, there were 1600 Zhengzhou methanol warehouse receipts, a decrease of 4397 compared to last week. [23] 3.3. Spot Market - **Domestic Spot Price**: As of May 30, the mainstream price in the East China Taicang area was 2260 yuan/ton, a decrease of 42.5 yuan/ton from last week; the mainstream price in the Northwest Inner Mongolia area was 1885 yuan/ton, a decrease of 145 yuan/ton from last week. The spread between East China and the Northwest was 375 yuan/ton, an increase of 102.5 yuan/ton from last week. [27] - **Foreign Spot Price**: As of May 29, the CFR price of methanol at the main Chinese port was 256 US dollars/ton, a decrease of 4 US dollars/ton from last week. The spread between Southeast Asian methanol and the main Chinese port was 71 US dollars/ton, an increase of 3 US dollars/ton from last week. [32] - **Basis**: As of May 30, the basis of Zhengzhou methanol was 52 yuan/ton, a decrease of 36 yuan/ton from last week. [36] 3.4. Industrial Chain - **Upstream**: As of May 28, the market price of Qinhuangdao thermal coal with 5500 kcal was 670 yuan/ton, unchanged from last week. As of May 29, the closing price of NYMEX natural gas was 3.54 US dollars/million British thermal units, an increase of 0.25 US dollars/million British thermal units from last week. [39] - **Industry**: As of May 29, China's methanol output was 1,966,685 tons, an increase of 5090 tons from last week, and the device capacity utilization rate was 87.19%, a month - on - month increase of 0.22%. As of May 28, the total methanol port inventory in China was 523,000 tons, an increase of 32,600 tons from the previous period. The inventory of sample production enterprises was 355,000 tons, an increase of 18,900 tons from the previous period, a month - on - month increase of 5.64%. The orders to be delivered by sample enterprises were 249,900 tons, an increase of 14,700 tons from the previous period, a month - on - month increase of 6.24%. In April 2025, China's methanol import volume was 787,700 tons, a month - on - month increase of 66.53%; from January to April 2025, the cumulative methanol import volume was 2.8648 million tons, a year - on - year decrease of 31.49%. As of May 29, the methanol import profit was 0.47 yuan/ton, a decrease of 39.99 yuan/ton from last week. [42][47][50] - **Downstream**: As of May 29, the capacity utilization rate of domestic methanol - to - olefins devices was 85.19%, a month - on - month increase of 1.35%. As of May 30, the domestic methanol - to - olefins disk profit was - 549 yuan/ton, a decrease of 23 yuan/ton from last week. [53][56]

Report Summary 1. Report Industry Investment Rating - The trend strength of methanol is -1, indicating a bearish outlook. The classification of strength levels includes weak, relatively weak, neutral, relatively strong, and strong, with -2 being the most bearish and 2 being the most bullish [5]. 2. Core View of the Report - This week, the domestic methanol market continued its downward trend. Under the influence of a weak macro - environment, some inland downstream industries stopped purchasing methanol externally, and there was an expected increase in overall domestic supply. The market was dominated by a bearish sentiment, and the domestic methanol market was under pressure. The decline in the inland market was greater than that in the coastal market, and the arbitrage space from the inland to the coastal market reopened. The inventory accumulation rhythm of port methanol needs to be monitored. The medium - term trend remains weak, and the overall absolute price is bearish [4][5]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing price of the methanol main contract was 2,218 yuan/ton, up 12 yuan from the previous day; the settlement price was 2,201 yuan/ton, down 8 yuan; the trading volume was 911,793 lots, an increase of 378,649 lots; the open interest of the 09 contract was 849,416 lots, an increase of 9,385 lots; the number of warehouse receipts was 1,600 tons, unchanged; the trading volume was 20,067.69 million yuan, an increase of 82,913.9 million yuan; the Ganglian basis was 36, up 4; the MA09 - MA01 spread was - 71, up 2 [2]. - **Spot Market**: The ex - tank price in Jiangsu was 2,300 yuan/ton, unchanged; the price in Inner Mongolia was 1,850 yuan/ton, unchanged; the price in northern Shaanxi was 1,850 yuan/ton, unchanged; the price in Shandong was 2,130 yuan/ton, unchanged [2]. 3.2 Market Situation Analysis - **Price Trend**: This week, the domestic methanol market continued to decline. The inland market declined more than the coastal market, and the arbitrage space from the inland to the coastal market reopened [4]. - **Inventory Situation**: This week, the methanol port inventory stopped falling and rebounded, with 24.56 million tons of explicit unloading. The inventory in the Jiangsu River area increased slightly due to increased ship - loading support; the inventory in Zhejiang increased due to more unloading of foreign vessels. The inventory in the South China ports decreased slightly. The inventory in Guangdong decreased due to good consumption by downstream industries, and the inventory in Fujian continued to decrease under the consumption of downstream industries [4]. - **Medium - term Outlook**: The medium - term trend remains weak. The methanol shipment situation in Iran is still the focus of market speculation. The shipment speed in Iran is gradually slowing down, and the inventory accumulation speed at ports after June is expected to be lower than previously anticipated. However, the profit of inland coal - based methanol is currently high, and the device supply will further return after June. In June, the inland market will likely focus on compressing methanol profits, and the overall absolute price is bearish [4][5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short term, methanol prices will fluctuate within a range due to a significant strengthening of the basis and good buying interest. In the medium to long term, the methanol spot market may shift from a strong to a weakening oscillatory trend [1] 3. Summary by Related Catalogs Price Indicators - The price of Jincheng anthracite remained at 1,000.00, Inner Mongolia steam coal at 630.00, Sichuan - Chongqing LPG dropped from 4,700.00 to 4,650.00, international natural gas decreased from 10.76 to 10.69, Taicang methanol rose from 2,410.00 to 2,420.00, Shandong methanol fell from 2,410.00 to 2,400.00, acetic acid dropped from 2,580.00 to 2,550.00, and methane chloride increased from 2,100.00 to 2,130.00 [1] Supply - Domestic methanol production increased from 287,855.00 to 289,115.00, and domestic methanol开工 rate rose from 90.26 to 90.65, while international开工 rate remained at 75.67 [1] Inventory - Both enterprise inventory and port inventory of methanol remained unchanged at 312,369.00 and 585,600.00 respectively [1] Demand - The order backlog of methanol remained at 274,410.00, and the开工 rates of various downstream industries such as MTO, formaldehyde, acetic acid, and chloride remained stable [1] Associated Product Prices - The prices of most associated products remained stable, except for acetic acid which decreased by 30.00 and methane chloride which increased by 30.00 [1]