甲醇日报 | 2026-02-26 港口库存节后微幅累积 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤515元/吨（+0），内蒙煤制甲醇生产利润363元/吨（+0）；内地甲醇价格方面，内 蒙北线1868元/吨（+0），内蒙北线基差219元/吨（+36），内蒙南线1860元/吨（-20）；山东临沂2193元/吨（-18）， 鲁南基差144元/吨（+19）；河南2050元/吨（+20），河南基差1元/吨（+56）；河北2055元/吨（+0），河北基差66元/ 吨（+36）。隆众内地工厂库存535410吨（+195030），西北工厂库存346600吨（+177500）；隆众内地工厂待发订单 206751吨（-108280），西北工厂待发订单82500吨（-77500）。 单边：谨慎逢低做多套保 跨期：无 跨品种：无 风险 港口方面：太仓甲醇2232元/吨（-11），太仓基差-17元/吨（+25），CFR中国269美元/吨（+5），华东进口价差-38元/ 吨（-3），常州甲醇2275元/吨；广东甲醇2235元/吨（-15），广东基差-14元/吨（+21）。隆众港口总库存1446697吨 （+145 ...

Report Industry Investment Rating - Not mentioned in the provided content Core View of the Report - The port's actual inventory remains at a relatively high level before the holiday, with inventory decreasing in Jiangsu and increasing in Zhejiang. The MTO units of Xingxing and Shenghong in the downstream are still under maintenance. The progress of the recovery of Iran's winter - shutdown units before the Spring Festival is still slow, and attention should be paid to the recovery progress from late February to March and the development of the US - Iran situation. The expected loading volume from Iran is further decreasing, and attention should be paid to when the expectation of the port inventory reaching its peak and then decreasing will be confirmed. In the inland area, coal - based methanol plants maintain high operation rates, and the downstream pending orders are performing well. The inventory of inland factories has decreased again, and the seasonal inventory build - up before the Spring Festival has not been realized. The traditional downstream is in the seasonal off - season, with formaldehyde rapidly reducing its load seasonally before the Spring Festival, the acetic acid operation rate remaining low, and the MTBE operation rate being acceptable [2][3] Summary According to the Directory I. Methanol Basis & Inter - period Structure - Multiple figures are presented, including methanol Taicang basis and the main contract, methanol basis in different regions, and the price difference between different methanol futures contracts [7][13][20] II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, the import price difference of Taicang methanol, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [24][25][30] III. Methanol Operation, Inventory - Figures display the total port inventory of methanol, the MTO/P operation rate (including integrated plants), the sample inventory of inland factories, and the operation rate of Chinese methanol plants (including integrated plants) [33][40] IV. Regional Price Difference - Figures illustrate the price differences between different regions, such as Lubei - Northwest, East China - Inner Mongolia, Taicang - Lunan, etc [37][44][46] V. Traditional Downstream Profit - Figures show the production gross profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [50][53]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The domestic methanol production is expected to increase as the loss of production capacity from maintenance and production cuts is less than the output from restored production. The inventory of inland production enterprises is expected to accumulate during the holiday due to the slow transfer of goods to the downstream. The port inventory of methanol increased slightly this week, and it may remain stable or increase during the Spring Festival. The domestic methanol - to - olefins operating rate increased last week and is expected to continue rising. The MA2605 contract is expected to fluctuate between 2200 - 2300 in the short term [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 2248 yuan/ton, up 7 yuan; the 5 - 9 spread of methanol is - 32 yuan/ton, down 3 yuan. The main contract's holding volume is 786,703 lots, down 20,668 lots; the net long position of the top 20 futures holders is - 121,881 lots, up 13,766 lots. The number of warehouse receipts is 7,582, up 500 [3] 3.2 Spot Market - The price in Jiangsu Taicang is 2210 yuan/ton, unchanged; the price in Inner Mongolia is 1855 yuan/ton, up 5 yuan. The price difference between East China and Northwest China is 355 yuan/ton, down 5 yuan; the basis of the main Zhengzhou methanol contract is - 38 yuan/ton, down 7 yuan. The CFR price at the main Chinese port is 264 US dollars/ton, unchanged; the CFR price in Southeast Asia is 323 US dollars/ton, unchanged. The FOB price in Rotterdam is 298 euros/ton, unchanged; the price difference between the main Chinese port and Southeast Asia is - 59 US dollars/ton, unchanged [3] 3.3 Upstream Situation - The price of NYMEX natural gas is 3.16 US dollars/million British thermal units, up 0.02 US dollars [3] 3.4 Industry Situation - The inventory at East China ports is 100.81 tons, down 6.48 tons; the inventory at South China ports is 40.29 tons, up 0.37 tons. The import profit of methanol is - 27.36 yuan/ton, unchanged; the import volume in the current month is 1.734 million tons, up 316,400 tons. The inventory of inland enterprises is 368,300 tons, down 55,800 tons; the operating rate of methanol enterprises is 92.26%, up 1.05% [3] 3.5 Downstream Situation - The operating rate of formaldehyde is 30.04%, down 3.28%; the operating rate of dimethyl ether is 5.92%, unchanged. The operating rate of acetic acid is 81.72%, down 0.55%; the operating rate of MTBE is 68.01%, unchanged. The operating rate of olefins is 82.74%, up 1.87%; the on - paper profit of methanol - to - olefins is - 851 yuan/ton, down 16 yuan [3] 3.6 Option Market - The 20 - day historical volatility of methanol is 23.72%, down 0.34%; the 40 - day historical volatility is 21.9%, down 0.15%. The implied volatility of at - the - money call options for methanol is 24.84%, up 0.9%; the implied volatility of at - the - money put options is 24.71%, up 0.77% [3] 3.7 Industry News - As of February 11, the inventory of Chinese methanol sample production enterprises is 340,300 tons, down 28,000 tons or 7.61% from the previous period; the pending orders of sample enterprises are 315,000 tons, up 28,000 tons or 9.75% from the previous period. Most enterprises in Shaanxi and Inner Mongolia have no inventory and are in a situation of queuing for loading. As of February 11, the total inventory at Chinese methanol ports is 1.4322 million tons, up 21,200 tons from the previous period. The inventory in East China increased by 36,600 tons, while that in South China decreased by 15,400 tons. As of February 4, the capacity utilization rate of domestic methanol - to - olefins plants is 83.82%, up 1.86% [3]

甲醇日报 | 2026-02-10 伊朗冬检恢复仍慢 甲醇观点 跨期：无 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤505元/吨（+0），内蒙煤制甲醇生产利润388元/吨（+68）；内地甲醇价格方面， 内蒙北线1873元/吨（+68），内蒙北线基差242元/吨（+81），内蒙南线1800元/吨（+0）；山东临沂2183元/吨（+0）， 鲁南基差152元/吨（+13）；河南2020元/吨（+20），河南基差-11元/吨（+33）；河北2040元/吨（+0），河北基差69 元/吨（+13）。隆众内地工厂库存368900吨（-55820），西北工厂库存189000吨（-53100）；隆众内地工厂待发订单 287051吨（+21391），西北工厂待发订单166000吨（+2200）。 港口方面：太仓甲醇2205元/吨（-2），太仓基差-26元/吨（+11），CFR中国262美元/吨（+0），华东进口价差-25元/ 吨（-4），常州甲醇2265元/吨；广东甲醇2225元/吨（+15），广东基差-6元/吨（+28）。隆众港口总库存1411048吨 （-61003），江苏港口库存697148吨（-33703）， ...

| | | 甲醇产业日报 2026-02-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2231 | -13 甲醇5-9价差(日,元/吨) | -36 | -7 | | | 主力合约持仓量:甲醇(日,手) | 831646 | 5357 期货前20名持仓:净买单量:甲醇(日,手) | -146398 | -14155 | | | 仓单数量:甲醇(日,张) | 7082 | 0 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2200 | 0 内蒙古(日,元/吨) | 1805 | 7.5 | | | 华东-西北价差(日,元/吨) | 395 | -7.5 郑醇主力合约基差(日,元/吨) | -44 | -19 | | | 甲醇:CFR中国主港(日,美元/吨) | 262 | 0 CFR东南亚(日,美元/吨) | 323 | 0 | | | FOB鹿特丹(日,欧元/吨) | 297 | -1 中国主港-东南亚价差(日,美元/吨) ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周三夜盘主力合约 2605 期货价格上涨 8 元至 2266 元/吨，华东主流地区甲醇现货价 格上涨 13 元至 2238 元/吨。持仓方面，多头持仓增加 17852 手至 47.1 万手，空头 持仓增减少 4088 手 ...

甲醇日报 | 2026-02-04 市场要闻与重要数据 关注伊朗就核问题与美国谈判进展 甲醇观点 内地方面：Q5500鄂尔多斯动力煤515元/吨（+0），内蒙煤制甲醇生产利润280元/吨（+0）；内地甲醇价格方面，内 蒙北线1785元/吨（+0），内蒙北线基差138元/吨（+5），内蒙南线1800元/吨（-10）；山东临沂2185元/吨（+3），鲁 南基差138元/吨（+8）；河南2000元/吨（-10），河南基差-47元/吨（-5）；河北2070元/吨（+55），河北基差83元/吨 （+60）。隆众内地工厂库存424720吨（-13700），西北工厂库存242100吨（-19300）；隆众内地工厂待发订单265660 吨（+27392），西北工厂待发订单163800吨（+13000）。 港口方面：太仓甲醇2225元/吨（-5），太仓基差-22元/吨（+0），CFR中国265美元/吨（-4），华东进口价差-29元/吨 （-5），常州甲醇2280元/吨；广东甲醇2225元/吨（-5），广东基差-22元/吨（+0）。隆众港口总库存1472051吨（+14600）， 江苏港口库存730851吨（+17900），浙江 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 3 日星期二 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周一夜盘主力合约 2605 期货价格下跌 27 元至 2262 元/吨，华东主流地区甲醇现货 价格下跌 40 元至 2230 元/吨。持仓方面，多头持仓增加 5920 手至 46.7 万手，空头 持仓增加 5946 手至 59.2 万手。 【重要资讯】 1、供应方面，国内甲醇开工率 89.9%，环比-1.3%。海外甲醇开工率 52.1%，环比-8.6%。 | | --- | --- | --- | --- | | 能源与化 | 甲醇 | 震荡 | 2、库存方面，中国甲醇港口库存总量在 147.21 万吨，较上一期数据增加 1.46 万吨。 其中，华东地区累库，库存增加 4.76 万吨；华南地区去库，库存减少 3.3 万吨。中 国甲醇样本生产企业库存 42.4 ...

关注伊朗局势动向，港口库存仍未兑现去库周期 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤500元/吨（+0），内蒙煤制甲醇生产利润310元/吨（+0）；内地甲醇价格方面，内 蒙北线1785元/吨（+0），内蒙北线基差33元/吨（-13），内蒙南线1810元/吨（+0）；山东临沂2195元/吨（+10），鲁 南基差43元/吨（-3）；河南2015元/吨（+5），河南基差-137元/吨（-8）；河北2015元/吨（+0），河北基差-77元/吨（-13）。 隆众内地工厂库存424720吨（-13700），西北工厂库存242100吨（-19300）；隆众内地工厂待发订单265660吨（+27392）， 西北工厂待发订单163800吨（+13000）。 港口方面：太仓甲醇2282元/吨（-8），太仓基差-70元/吨（-21），CFR中国271美元/吨（+3），华东进口价差-22元/ 吨（-2），常州甲醇2275元/吨；广东甲醇2285元/吨（+5），广东基差-67元/吨（-8）。隆众港口总库存1472051吨（+14600）， 江苏港口库存730851吨（+17900），浙江港口库存342000吨（ ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The situation in Iran has become an important influencing factor for the methanol market. The movement of US warships to the Middle East and the reported progress of US preparations for action against Iran have led to a rebound in the methanol futures market, but the basis in ports has weakened. The winter shutdown of Iranian methanol plants and the subsequent reduction in arrivals to China are key factors affecting the port inventory and market trends [3]. - Inland, coal - based methanol production maintains high - pressure operation, and it is in the traditional seasonal inventory rebuilding period with the traditional downstream in the off - season [4]. - The recommended trading strategy is to cautiously go long on a hedging basis on a single - sided basis, and there are no recommended strategies for inter - period or cross - variety trading [5]. 3. Summary by Relevant Catalog I. Methanol Basis & Inter - period Structure - The report presents multiple charts related to methanol basis (such as methanol basis in different regions including Taicang, Lunan, Inner Mongolia North Line, etc. compared with the main futures contract) and inter - period spreads (such as spreads between different methanol futures contracts like 01 - 05, 05 - 09, 09 - 01) [7][8][23] II. Methanol Production Profit, MTO Profit, Import Profit - Charts show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and various import profit - related indicators such as the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [7][27][28] III. Methanol Start - up, Inventory - Information on methanol port total inventory, MTO/P start - up rate (including integrated ones), inland factory sample inventory, and China's methanol start - up rate (including integrated ones) is presented in the charts [7][35][42] IV. Regional Price Differences - The report shows regional price differences such as the price difference between North Shandong and Northwest, East China and Inner Mongolia, Taicang and Lunan, etc. through multiple charts [7][39][49] V. Traditional Downstream Profits - Charts display the production gross profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [7][51][55]