Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Trump's decision - making is changeable, leading to a rapid correction in methanol prices. The energy and chemical sectors have seen a peak and decline due to Trump's statements about the Iran situation. The tension between the US and Iran remains high as the shipping volume through the Strait of Hormuz is still low and no actual peace talks have occurred. [2][3] - The port basis is high and firm. With the expected decline in April imports to a historical low, port destocking is related to the duration of Iranian methanol plant shutdowns. Coal - based methanol production has high profits and limited spring inspections. Inland factory inventories continue to decline, and traditional downstream industries have good performance. [3][4] Summary by Directory I. Methanol Basis & Inter - period Structure - Figures show the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, Guangdong) and the main futures contract, as well as the price differences between different methanol futures contracts (01 - 05, 05 - 09, 09 - 01). [7][8][10] II. Methanol Production Profit, MTO Profit, Import Profit - Figures display the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and the import price differences (Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China). [7][31] III. Methanol Start - up, Inventory - Figures present the total port inventory of methanol, MTO/P start - up rate (including integrated ones), inland factory sample inventory, and China's methanol start - up rate (including integrated ones). [7][34] IV. Regional Price Differences - Figures show the price differences between different regions, such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200. [7][40] V. Traditional Downstream Profits - Figures show the production gross margins of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan. [7][48]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report believes that the methanol futures are expected to maintain a volatile and slightly stronger trend. The short - term, medium - term, and intraday views are all "volatile and slightly stronger" [1][5] 3. Summary According to Related Catalogs 3.1 Methanol Futures Price Trend - The short - term, medium - term, and intraday trends of methanol 2605 are all considered to be volatile and slightly stronger [1] 3.2 Core Logic - The US is taking actions such as deploying troops to the Middle East and releasing signals of peace talks with Iran, which aims to ease the financial market tension and boost risk appetite. Recently, there have been continuous military conflicts between the US, Israel and Iran, leading to a significant rebound in international crude oil futures. Although the domestic methanol futures showed a slightly weaker and volatile trend in the night session on Monday with a slight decline, the retracement space is limited [5]

1. Report Industry Investment Rating - The investment rating for the methanol in the energy and chemical sector is "volatile and bullish" [2] 2. Core View of the Report - Due to the complex and changeable geopolitical situation in the Middle East, international crude oil fluctuates sharply at a high level. This week, the domestic methanol port inventory has decreased, and the import volume is expected to decline significantly from March to April. Some olefin plants at ports downstream have resumed operation. Under the influence of geopolitical factors, the methanol price is expected to fluctuate strongly [2] 3. Summary According to the Directory 3.1 Market Review - On Monday night, the futures price of the main contract 2605 of methanol dropped by 47 yuan to 3347 yuan/ton, while the spot price of methanol in the mainstream area of East China rose by 155 yuan to 3515 yuan/ton. In terms of positions, long positions increased by 3411 lots to 443,000 lots, and short positions increased by 3024 lots to 425,000 lots [2] 3.2 Important Information - **Supply**: The domestic methanol operating rate is 92.7%, a month - on - month increase of 0.8%. The overseas methanol operating rate is 48.2%, a month - on - month decrease of 0.9% [2] - **Inventory**: The total inventory of methanol ports in China is 115.55 tons, a decrease of 10.62 tons compared with the previous data. Among them, the inventory in East China decreased by 8.47 tons, and the inventory in South China decreased by 2.15 tons. The inventory of sample methanol production enterprises in China is 43.50 tons, a decrease of 5.04 tons compared with the previous period, a month - on - month decrease of 10.39% [2] - **Demand**: The signed orders of methanol enterprises in the northwest are 4.8 tons, a month - on - month decrease of 0.74 tons. The pending orders of sample enterprises are 28.39 tons, an increase of 0.46 tons compared with the previous period, a month - on - month increase of 1.64%. The olefin operating rate is 86.8%, a month - on - month increase of 1.2%; the methyl chloride operating rate is 81.7%, a month - on - month decrease of 1.3%; the acetic acid operating rate is 84.6%, a month - on - month decrease of 0.8%; the formaldehyde operating rate is 45.6%, a month - on - month increase of 3.1%; the MBTE operating rate is 69.8%, a month - on - month increase of 0.3% [2] - **Import Data**: In December 2025, China's methanol import volume was 1.734 million tons, a month - on - month increase of 24.56%, and the average import price was 240.61 US dollars/ton, a month - on - month decrease of 7.23%. Among them, the import volume from Saudi Arabia was the largest, reaching 604,400 tons, and the average import price was 238.74 US dollars/ton. From January to December 2025, China's cumulative methanol import volume was 14.4054 million tons, a year - on - year increase of 6.75% [2] - **Oil Price**: The situation in Iran shows no sign of easing, and the Houthi armed forces have taken military actions against Israel, so the supply risk continues, and international oil prices have risen. The NYMEX crude oil futures 05 contract rose 3.24 US dollars/barrel to 102.88 US dollars/barrel, a month - on - month increase of 3.25%; the ICE Brent crude oil futures 05 contract rose 0.21 US dollars/barrel to 112.78 US dollars/barrel, a month - on - month increase of 0.19%. The Chinese INE crude oil futures 2605 contract rose 22.5 to 763 yuan/barrel, and dropped 3.1 to 759.9 yuan/barrel at night [2] 3.3 Market Logic - The geopolitical situation in the Middle East is complex and changeable, and international crude oil fluctuates sharply at a high level. This week, the domestic methanol port inventory has decreased, and the import volume is expected to decline significantly from March to April. Some olefin plants at ports downstream have resumed operation. Under the influence of geopolitical factors, the methanol price is expected to fluctuate strongly [2] 3.4 Trading Strategy - Hold the long positions at low levels [2]

Report Summary 1. Report Industry Investment Rating - The investment rating for methanol in the energy and chemical sector is "Bullish" [2] 2. Core View of the Report - The complex and volatile geopolitical situation in the Middle East causes significant fluctuations in international crude oil prices. The domestic methanol port inventory has decreased this week, with a significant reduction in imports expected from March to April. Some port olefin plants downstream have resumed operation. Under the influence of geopolitical factors, the methanol price is expected to fluctuate strongly [2] 3. Summary by Relevant Catalog **Market Review** - On Friday night, the futures price of the main contract 2605 rose by 139 yuan to 3381 yuan/ton, and the spot price of methanol in the mainstream East China region rose by 95 yuan to 3360 yuan/ton. In terms of positions, long positions increased by 44,103 lots to 454,000 lots, and short positions increased by 18,547 lots to 422,000 lots [2] **Important Information** - **Supply**: The domestic methanol operating rate is 92.7%, a month - on - month increase of 0.8%. The overseas methanol operating rate is 48.2%, a month - on - month decrease of 0.9% [2] - **Inventory**: The total inventory of methanol ports in China is 115.55 tons, a decrease of 10.62 tons compared with the previous period. Among them, the inventory in the East China region decreased by 8.47 tons, and the inventory in the South China region decreased by 2.15 tons. The inventory of sample methanol production enterprises in China is 43.50 tons, a decrease of 5.04 tons from the previous period, a month - on - month decrease of 10.39% [2] - **Demand**: The signed orders of methanol enterprises in the Northwest are 4.8 tons, a month - on - month decrease of 0.74 tons. The orders to be shipped of sample enterprises are 28.39 tons, an increase of 0.46 tons from the previous period, a month - on - month increase of 1.64%. The olefin operating rate is 86.8%, a month - on - month increase of 1.2%; the methyl chloride operating rate is 81.7%, a month - on - month decrease of 1.3%; the acetic acid operating rate is 84.6%, a month - on - month decrease of 0.8%; the formaldehyde operating rate is 45.6%, a month - on - month increase of 3.1%; the MTBE operating rate is 69.8%, a month - on - month increase of 0.3% [2] - **Imports**: In December 2025, China's methanol imports were 1.734 million tons, a month - on - month increase of 24.56%, and the average import price was 240.61 US dollars/ton, a month - on - month decrease of 7.23%. Among them, the imports from Saudi Arabia were the largest, at 604,400 tons, with an average import price of 238.74 US dollars/ton. From January to December 2025, China's cumulative methanol imports were 14.4054 million tons, a year - on - year increase of 6.75% [2] - **Oil Prices**: The continuous blockage of the Strait of Hormuz has increased supply risks, and the market doubts the prospects of the US - Iran peace talks, leading to an increase in international oil prices. The NYMEX crude oil futures 05 contract rose 5.16 US dollars/barrel to 99.64 US dollars/barrel, a month - on - month increase of 5.46%; the ICE Brent crude oil futures 05 contract rose 4.56 US dollars/barrel to 112.57 US dollars/barrel, a month - on - month increase of 4.22%. The China INE crude oil futures 2605 contract rose 12.1 to 740.5 yuan/barrel, and rose 19.8 to 760.3 yuan/barrel at night [2] **Market Logic** - The complex geopolitical situation in the Middle East causes international crude oil to fluctuate sharply at high levels. The domestic methanol port inventory has decreased this week, and imports are expected to decrease significantly from March to April. Some port olefin plants downstream have resumed operation. Under the influence of geopolitical factors, the methanol price fluctuates strongly [2] **Trading Strategy** - Hold long positions at low levels [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The MTO is gradually resuming work, and the ports are realizing inventory reduction. The Middle - East war situation has concerns of escalation, which may affect the methanol market. The port inventory is rapidly decreasing, and the expected import arrivals in April are at a historical low. The MTO demand has passed its low point, and the port basis has strengthened significantly. Coal - based methanol production is operating at high profit, and the spring inspection scale is limited. The inventory of inland factories continues to decline, and the traditional downstream industries are performing well [3]. 3. Summary According to the Directory I. Methanol Basis & Inter - period Structure - The report includes figures showing the methanol basis in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) compared with the main futures contract, and the price differences between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][8] II. Methanol Production Profit, MTO Profit, and Import Profit - It presents figures on the production profit of Inner Mongolia coal - based methanol, the MTO profit in the East China region (PP&EG type), and the import price differences (e.g., Taicang methanol - CFR China, CFR Southeast Asia - CFR China, etc.) [6][25][28] III. Methanol开工, Inventory - Figures show the total port inventory of methanol, the MTO/P operating rate (including integrated ones), the inventory of inland factory samples, and the operating rate of Chinese methanol production (including integrated ones) [6][36][42] IV. Regional Price Differences - The report provides figures on regional price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][39][49] V. Traditional Downstream Profits - It includes figures on the production profits of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6][47][56]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - Methanol is expected to continue to strengthen after a short - term correction. The short - term volatility is intensified due to the current situation. The supply will take time to return to the pre - war state, and the overall situation is still bullish in the short term. It is necessary to focus on the current US - Iran situation and crude oil trends, with relatively high short - term risks [4] Group 3: Summary by Relevant Catalogs Fundamental Analysis - 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 month - on - month decrease of 10.39%. The pending orders of sample enterprises were 28.39 tons, an increase of 0.46 tons from the previous period, a month - on - month increase of 1.64%. The total inventory of Chinese methanol ports was 115.55 tons, a decrease of 10.62 tons from the previous data. As of March 19, the capacity utilization rate of domestic methanol - to - olefins plants was 85.57%, a month - on - month increase of 3.08%. The restart of the second - phase plant of Yanchang Yulin Zhongmei and the increase in the load of Tianjin Bohua led to an increase in industry start - up [1] - Zhengshang Institute decided to add Anhui Province as the methanol futures delivery area to improve the function of methanol futures and serve the industrial development. It is now publicly soliciting designated delivery warehouses for methanol futures. The premium and discount for the new delivery area is 150 yuan/ton, to be implemented from the date of the announcement of the new delivery warehouses [1] Macroeconomic Analysis - In March, the traffic volume of the Strait of Hormuz dropped by more than 90%. An Iranian Revolutionary Guard ordered a ship to return. The UK Royal Navy will lead a coalition to reopen the Strait of Hormuz [2] - A person from the securities department of China Merchants Energy Shipping revealed that the company has no ships stranded in the Persian Gulf, and has no plan to pass through the risk area after the war, instead choosing other shipping routes. The current tanker freight rate has increased by more than 50% compared with before the war [2] - The US plans to cease fire for one month, and a plan to end the conflict with Iran was exposed [2] Futures and Spot Market Analysis - Due to the inconsistent statements of the two sides in the Middle East peace talks and the changes in key events, crude oil may experience sharp fluctuations. Methanol's short - term fluctuations are intensified by the situation. Considering the damaged facilities and production capacity in the war, it will take time for the supply to return to the pre - war state. With the Strait of Hormuz not fully open, methanol is still considered bullish after a short - term correction, and the US - Iran situation and crude oil trends should be closely monitored [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The methanol market showed a pattern of opening low and closing high. The progress of the US - Iran peace talks affected the chemical sector, and currently it is in the "fighting while talking" stage [3]. - The port inventory of methanol has been rapidly reduced, and the expected import arrivals in April are further dropping to a historical low. The sustainability of port de - stocking is related to the duration of the shutdown of Iranian methanol plants [3]. - The inventory of inland factories continued to decline, the coal - based methanol start - up rate only slightly decreased from a high level, and the scale of spring maintenance was still limited. The start - up rate of traditional downstream industries increased [3]. 3. Summary by Relevant Catalogs I. Methanol Basis & Inter - period Structure - Multiple figures are presented to show the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the price differences between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][16] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures display the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and the import price difference between Taicang methanol and CFR China, as well as price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [6][25][26] III. Methanol Start - up and Inventory - Figures show the total port inventory of methanol, the start - up rate of MTO/P (including integrated ones), the sample inventory of inland factories, and the start - up rate of Chinese methanol (including integrated ones) [6][33][39] IV. Regional Price Differences - Figures present the price differences between different regions, such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][36][44] V. Traditional Downstream Profits - Figures show the production gross profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6][46][55]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The price of methanol has declined, and attention should be paid to the progress of the US-Iran negotiations. The destocking cycle at Chinese ports is slowly being realized, and the subsequent imports will further decline to a historical low. The duration of destocking at ports is related to the length of the shutdown of Iranian methanol plants. The inventory of inland factories has gradually declined from a high level, the coal-based methanol start-up rate has only slightly declined from a high level, and the scale of spring maintenance is still limited. The start-up rate of traditional downstream industries has increased [1][2][3] Summary by Directory I. Methanol Basis & Inter - period Structure - Figures show methanol basis in different regions (such as methanol in Taicang, Lunan, Inner Mongolia North Line, etc.) relative to the main futures contract, and the price differences between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [7][15][21] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures display the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import price difference of methanol in Taicang compared to CFR China, as well as price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [25][26][30] III. Methanol Start - up and Inventory - Figures present the total inventory of methanol at ports, the start - up rate of MTO/P (including integrated ones), the sample inventory of inland factories, and the start - up rate of methanol in China [33][40] IV. Regional Price Differences - Figures show price differences in different regions, such as the price difference between North Shandong and Northwest, East China and Inner Mongolia, Taicang and Lunan, etc. [37][45][49] V. Traditional Downstream Profits - Figures show the production gross profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [47][57]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Due to the changing geopolitical situation in the Middle East, methanol prices have fluctuated significantly. The ongoing tension in the Middle East has led to a sharp rise in methanol prices during the day session, while the prices of the chemical sector have shown a peak - to - decline trend during the night session. The port is expected to continue de - stocking, and the inventory of inland factories is gradually falling from a high level [1][3] 3. Summary According to the Directory 3.1 Methanol Basis & Inter - period Structure - Figures include methanol Taicang basis and the main methanol contract, methanol spot - main futures basis in different regions, and the price differences between different methanol futures contracts [7][8][19] 3.2 Methanol Production Profit, MTO Profit, and Import Profit - Figures cover the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import price difference of Taicang methanol - CFR China, as well as the price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [23][26][29] 3.3 Methanol Start - up and Inventory - Figures show the total methanol port inventory, MTO/P start - up rate (including integrated), inland factory sample inventory, and China's methanol start - up rate (including integrated) [31][36] 3.4 Regional Price Differences - Figures display the price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc [34][43][46] 3.5 Traditional Downstream Profits - Figures present the production gross margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [44][53]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The attack on Pars Gas Field led to a rapid increase in methanol prices. There are concerns about the supply disruption of Iranian methanol due to the ongoing conflict in Iran, and the decline in port inventory is slower than expected. The inventory of inland factories continues to decline from a high level, and the start - up of coal - based methanol has only slightly decreased. The start - up of traditional downstream industries has seasonally recovered [2][3][4]. 3. Summary According to the Catalog 3.1 Methanol Basis & Inter - period Structure - Figures 1 - 11 show the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the price differences between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [8][10][12][14][18][20][21] 3.2 Methanol Production Profit, MTO Profit, and Import Profit - Figures 12 - 17 display the production profit of Inner Mongolia coal - based methanol, the MTO profit in East China (PP&EG type), and the import price differences (such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China) [24][25][29] 3.3 Methanol Start - up and Inventory - Figures 18 - 21 present the total port inventory of methanol, the start - up rate of MTO/P (including integrated ones), the sample inventory of inland factories, and the start - up rate of Chinese methanol (including integrated ones) [32][39] 3.4 Regional Price Differences - Figures 22 - 27 show the price differences between different regions, such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [36][43][46] 3.5 Traditional Downstream Profits - Figures 28 - 31 show the production gross profits of traditional downstream products, including Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [44][53]