Supply and Demand Data - National operating rate is at 77.91% with a decrease of 0.18% [1] - Non-integrated operating rate stands at 70.6%, down by 0.25% [1] - International operating rate is at 57.09%, showing a decline of 2.84% [1] - MTO operating rate is at 80.75%, down by 4.67% [1] - Traditional downstream weighted operating rate is at 44.99%, decreasing by 0.08% [1] - MTBE operating rate has decreased [1] - Inland inventory has increased by 0.32wt, while port inventory has decreased by 100,000 tons [1] Market Insights - Methanol futures are experiencing low-level narrow fluctuations, with basis trading as the main focus [1] - Overall basis has slightly strengthened, and daily trading volume remains acceptable [1] - Inland supply remains high, while traditional demand is weak, indicating short-term pressure [1] - Expectations of spring maintenance and new capacity may alleviate long-term pressure [1] - Although port inventory has slightly decreased, MTO demand is weak due to multiple units undergoing maintenance or reducing output [1] - The reduction in inventory for May has significantly weakened, limiting the price rebound potential [1] Key Variables - The two critical variables affecting the market are: 1. The low production levels of Iranian methanol leading to a reduced pace of imported goods arriving at ports, with 310,000 tons shipped from Iran recently [1] 2. The gradual decline of risk premiums associated with previous geopolitical factors [1]