1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - **Polyester Sector**: In the short - term, supply is expected to increase while demand improvement is limited, so the polyester sector will run weakly. In the medium - to - long - term, with unobvious demand peak season features, the polyester sector will fluctuate widely within a range [41][42]. - **Methanol**: In the short - term, although it is the demand peak season, the supply side still has pressure, and methanol will continue to fluctuate within a range. In the medium - to - long - term, there is continuous pressure on the supply side and stable demand support, resulting in a multi - empty game for methanol [60][61]. 3. Summary by Relevant Catalogs 3.1 Macro and Crude Oil Important News - Israel's strike on Hamas in Qatar has increased Middle East tensions, providing some support for crude oil prices. However, EIA and IEA monthly reports have raised global oil supply growth forecasts, and EIA inventory data shows a seasonal decline in US crude oil demand, making it difficult for oil prices to rise. If the geopolitical situation eases, the pressure for crude oil adjustment will increase [6][7][41]. - OPEC + agreed to increase crude oil production by 137,000 barrels per day in October, with a lower increase rate compared to previous months. The organization is adhering to the policy of competing for market share, and the new round of production increase in October means starting to lift the 1.66 million barrels per day of agreed production cuts [7]. - The EU is preparing the 19th round of sanctions against Russia, targeting six Russian banks and energy companies, and expanding to payment systems, credit card networks, and cryptocurrency platforms [7]. - The IEA has raised the forecast for global oil supply growth this year and hinted at a possible surplus in 2026. Supply growth is much faster than demand growth [7]. - EIA weekly data shows a decline in US refined oil demand and an increase in inventories, indicating a peak in demand [8]. - The increase in the number of initial jobless claims in the US has verified the weakness of the employment market, which will weaken residents' consumption ability and energy demand expectations, leading to a more pessimistic market expectation for US oil product demand [9]. 3.2 Polyester Sector 3.2.1 Futures and Spot Prices - WTI crude oil continuous decreased by 1.71% week - on - week, while the price of some polyester products such as PX and PTA increased slightly, and the price of EG decreased [11]. - The basis of some products such as PX decreased, while the basis of some products such as ethylene glycol increased [11]. 3.2.2 Supply - **PX**: The 800,000 - ton unit of Fuhai Chuang restarted, and the Asian PX capacity utilization rate increased slightly. Next week, some units will be under maintenance while Fuhai Chuang's unit will release production, so the weekly output of PX is expected to increase slightly [20]. - **PTA**: Some previously shut - down units restarted this week, and the supply increased. Next week, large - scale units such as Fuhai Chuang are planned to restart, and the supply is expected to continue to increase, with the supply - demand situation possibly turning to inventory accumulation [25]. - **Ethylene Glycol**: New units have successfully conducted test runs, increasing the expected domestic supply pressure. The supply decreased slightly this week, and the port inventory decreased slightly. Next week, the port inventory may first accumulate and then decline [28]. 3.2.3 Demand - The polyester end had an average weekly operating rate of 87.9%, a week - on - week increase of 0.56 percentage points. Polyester filament continued to accumulate inventory this week [29][32]. - Terminal seasonal orders were generally average, and downstream demand had not significantly improved. The Jiangsu and Zhejiang loom operating rate remained stable, the number of orders from textile enterprises increased slightly, and the inventory of grey fabrics decreased slightly [36][38][39]. 3.3 Methanol Sector 3.3.1 Futures, Spot, and Downstream Prices - The futures price of MA2601 decreased by 1.49% week - on - week, and the basis increased by 29.29%. The price of methanol in Taicang decreased slightly, while the CFR price increased [44]. - Among the downstream products, the prices of formaldehyde, glacial acetic acid, and MTBE increased, while the price of dimethyl ether remained unchanged [44]. 3.3.2 Cost and Profit - This week, due to the increase in the methanol spot price, the profits of the three major production processes all improved, with a week - on - week increase. The downstream profits mostly decreased slightly, but the MTO profit was still at a relatively high level in previous years, and the profits of acetic acid and MTBE increased for two consecutive weeks [49][50]. 3.3.3 Supply - As of September 11, the methanol unit capacity utilization rate was 84.58%, a week - on - week decrease of 2.05 percentage points. China's methanol production was 1.9192 million tons, a decrease of 43,500 tons from last week, a week - on - week decrease of 2.21%. This week, the number of shut - down units was greater than the number of restarted units. Next week, some units are planned to restart [53]. - As of September 10, China's methanol port inventory was 1.5503 million tons, an increase of 122,600 tons from the previous period, a week - on - week increase of 8.59%. The port continued to significantly accumulate inventory, and the supply side was under continuous pressure, with goods flowing back to the inland. The inland inventory was 342,600 tons, a decrease of 4,500 tons from the previous period, a week - on - week decrease of 1.3% [59]. 3.3.4 Demand - Affected by the maintenance of the olefin unit of Qinghai Salt Lake, the olefin operating load decreased slightly this week. With profit restoration and the expectation of some olefin unit restarts, the olefin operating rate still has room to rise. The operating rates of traditional downstream industries fluctuated, with no obvious positive signs [60]. - The restart of Zhejiang Xingxing will provide some support for the demand in the coastal market and may promote port inventory reduction. The subsequent olefin procurement plans and the continuous high import volume need to be continuously monitored [60].

Group 1: Report Summary - The report is a weekly methanol data report released by New Era Futures Research on September 5, 2025 [1][2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - In the short - term, the supply - demand situation of methanol remains loose, with prices fluctuating within a range and being mostly affected by market sentiment. Attention should be paid to the resumption progress of olefin plants [21] - In the long - term, the supply - side pressure of methanol persists, and the fundamentals are weak. Attention should be paid to the actual demand during the "Golden September and Silver October" peak season and the impact of gas restrictions in Iran on methanol imports [21] Group 4: Price Trends - The futures price of MA2601 increased from 2361 yuan/ton to 2415 yuan/ton, with a rise of 2.29%. The basis decreased from - 136 yuan/ton to - 140 yuan/ton, a decline of 2.94%. The price of methanol in Taicang dropped from 2298.4 yuan/ton to 2255.2 yuan/ton, a decrease of 1.88%. The methanol CFR price decreased from 260 dollars/ton to 258.33 dollars/ton, a decline of 0.64% [4] - Among downstream products, the price of formaldehyde in Shandong remained unchanged, the price of glacial acetic acid in Jiangsu increased from 2229 yuan/ton to 2278.75 yuan/ton, a rise of 2.23%, the price of dimethyl ether in Henan remained unchanged, and the price of MTBE in Shandong increased from 4980 yuan/ton to 5061.25 yuan/ton, a rise of 1.63% [4] Group 5: Cost and Profit - This week, coal - based methanol profit slightly decreased due to the continuous decline and subsequent rebound of coal prices and increased freight. The profits of natural - gas - based and coke - oven - gas - based methanol recovered due to cost reduction [9] - As the methanol price decreased, the downstream profits significantly recovered, especially acetic acid, with a month - on - month increase of 23.69% [10] Group 6: Supply Side - As of September 4, the weekly plant capacity utilization rate was 86.63%, a month - on - month increase of 1.77 percentage points. Methanol production was 1.9628 million tons, an increase of 43,700 tons from last week, a month - on - month increase of 2.3% [13] - This week, the total restored capacity of returning plants was about 3.4 million tons, and the total lost capacity of maintenance plants was about 700,000 tons. Next week, some plants are planned for maintenance and some for resumption, with the resumption volume slightly larger than the maintenance volume [13] Group 7: Demand Side - With the gradual recovery of MTO profit, the MTO operating rate remained stable but decreased slightly due to the maintenance of Ningxia Baofeng's olefin plant on Thursday. Traditional downstream demand was mainly for rigid needs and decreased slightly due to some plant maintenance [16] - Although the "Golden September and Silver October" peak season has arrived, the actual demand fulfillment is slightly poor, and attention should be paid to whether future demand can meet expectations [16] Group 8: Inventory - As of September 3, the total port inventory of Chinese methanol was 1.4277 million tons, an increase of 128,400 tons from the previous period, a month - on - month increase of 9.88%. The inventory accumulation rate at ports narrowed compared to last week but still exceeded 1.4 million tons. The inland inventory was 341,100 tons, an increase of 7700 tons from the previous period, a month - on - month increase of 2.31%, remaining at a low - inventory level [19] Group 9: Strategy Recommendation - In the short - term, the supply - demand situation of methanol remains loose, with prices fluctuating within a range and being mostly affected by market sentiment. Attention should be paid to the resumption progress of olefin plants [21] - In the long - term, the supply - side pressure of methanol persists, and the fundamentals are weak. Attention should be paid to the actual demand during the "Golden September and Silver October" peak season and the impact of gas restrictions in Iran on methanol imports [21] - Next week's key points of concern include the recovery of coastal olefin plants, methanol inventory accumulation pressure, coal price impact, and macro - market sentiment [21]

Report Overview - Report Name: Methanol Data Weekly Report [1] - Report Date: August 29, 2025 [2] - Analyst: Zhang Weiwei [3] 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In the short - term, the supply - demand pattern of methanol remains loose, and the price will fluctuate weakly. Attention should be paid to the resumption progress of olefin plants and downstream inventory - building [22]. - In the long - term, there is still an expectation of inventory accumulation at ports, and the fundamentals are weak. Attention should be paid to the actual demand fulfillment during the "Golden September and Silver October" peak season and the impact of gas restrictions in Iran on methanol imports [22]. 3. Summary by Directory 3.1 Methanol Spot and Futures and Downstream Price Trends - Futures: The price of MA2601 was 2,361 yuan/ton on August 29, 2025, down 44 yuan/ton (-1.83%) from August 22. The basis was - 136 yuan/ton, down 26 yuan/ton (-23.64%) [4]. - Spot: The price of methanol in Taicang was 2,298.4 yuan/ton, down 61.2 yuan/ton (-2.59%); the CFR price of methanol was 262 US dollars/ton, up 0.6 US dollars/ton (0.23%) [4]. - Downstream: The price of formaldehyde in Shandong was 1,040 yuan/ton, down 10 yuan/ton (-0.95%); the price of glacial acetic acid in Jiangsu was 2,223.75 yuan/ton, up 33.75 yuan/ton (1.54%); the price of dimethyl ether in Henan remained unchanged at 3,400 yuan/ton; the price of MTBE in Shandong was 4,983.75 yuan/ton, down 27.25 yuan/ton (-0.54%) [4]. 3.2 Methanol Cost and Profit - Due to the decline in coal prices, although methanol prices also dropped, the decline was limited, so the profitability of coal - based methanol production slightly improved. Meanwhile, the profits of coke oven gas - based and natural gas - based methanol production decreased month - on - month, and natural gas - based methanol continued to operate at a loss [9]. - As the "Golden September and Silver October" approaches, the demand fulfillment is slightly weak. The profit of MTO continues to recover, and the demand support for methanol continues. The profits of traditional demand sectors show mixed trends, and current demand is mainly driven by rigid needs [9]. 3.3 Methanol Supply Side - As of August 28, the weekly plant capacity utilization rate was 84.84%, up 1.07 percentage points month - on - month. Methanol production was 1.9182 million tons, an increase of 24,200 tons (1.28%) from the previous week [14]. - This week, plants in Shaanxi Shenmu, Xin'ao Daqi, Inner Mongolia Yigao, etc. resumed production, with a total restored production capacity of about 2.6 million tons; plants in Xinxiang Zhongxin, Shanxi Linxin, Xiaoyi Pengfei, etc. were under maintenance, with a total lost production capacity of about 1.2 million tons [14]. - In early September, plants such as Ningxia Baofeng are planned to resume production, with a restored production capacity of about 2.2 million tons, and the next - period operating rate may continue to rise [13]. 3.4 Methanol Demand Side - The operating rate of methanol - to - olefins was 85.35%, up 0.76 percentage points; the operating rate of formaldehyde was 41.27%, down 0.27 percentage points; the operating rate of acetic acid was 85.24%, down 3.77 percentage points; the operating rate of dimethyl ether was 5.97%, down 1.05 percentage points; the operating rate of MTBE remained unchanged at 63.54%; the operating rate of methane chloride was 87.17%, up 2.49 percentage points [17]. 3.5 Methanol Port and Inland Inventory - As of August 27, the total methanol port inventory was 1.2993 million tons, an increase of 223,300 tons (20.7%) from the previous period. With stable overseas operating rates and stable imported supplies, coastal olefin plants have no restart plans, and port inventory may continue to accumulate [21]. - Inland inventory was 333,400 tons, an increase of 22,600 tons (7.27%) from the previous period, still at a low - inventory level. The marginal demand for external procurement of olefins in some inland areas has weakened. Attention should be paid to the continuous rhythm of port cargo "back - flowing" [21]. 3.6 Strategy Recommendation - Short - term: The supply - demand pattern remains loose, and methanol prices will fluctuate weakly. Attention should be paid to the resumption progress of olefin plants and downstream inventory - building [22]. - Long - term: There is still an expectation of inventory accumulation at ports, and the fundamentals are weak. Attention should be paid to the actual demand fulfillment during the "Golden September and Silver October" peak season and the impact of gas restrictions in Iran on methanol imports [22]. - Next week's focus and risk warnings: The recovery of coastal olefin plants, methanol inventory accumulation pressure, and macro - market sentiment [22]

证券代码：603968 证券简称：醋化股份 公告编号：临2025-032 南通醋酸化工股份有限公司 2025年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 主要产品 | 2024 年 1-6 | 月 | 2025 年 | 1-6 | 月 | 半年度同比 变动比率 | 二季度环比变 动比率（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | | （%） | | | 食品饲料添加剂 | 19,923.10 | | 20,380.36 | | | 2.30 | 2.11 | | 医药农药中间体 | 11,732.68 | | 12,202.25 | | | 4.00 | -8.69 | | 颜(染)料中间体 | 22,133.12 | | 20,938.96 | | | -5.40 | -4.07 | | 其他有机化合物 | 6,820.44 | | 5,844.45 | | | - ...

Group 1: Report Overview - Report Name: Methanol Data Weekly Report [1] - Report Date: August 22, 2025 [2] - Analyst: Zhang Weiwei, with qualification number F0269806 and investment consulting number Z0002796 [3] Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Views - Methanol prices in both futures and spot markets, as well as its downstream products, mostly declined this week. The production margins of various methanol production processes have weakened, but coal - and natural - gas - based methanol still have considerable profits. Downstream demand is in the off - season, but profits are gradually recovering with the decline in methanol prices. The supply side is expected to increase production as more devices are planned to resume operation in late August. The demand side shows a slight improvement in MTO开工率, while traditional downstream industries have narrow fluctuations in their开工 rates. The port and inland markets are diverging, with the port likely to continue accumulating inventory, and the inland remaining in a low - inventory stage [9][10][21]. Group 4: Price Trends - Futures: The price of MA2601 decreased by 7 yuan/ton to 2405 yuan/ton, a decline of 0.29%. The basis decreased by 23 yuan/ton to - 110 yuan/ton, a decline of 26.44% [4]. - Spot: The price of methanol in Taicang decreased by 18.60 yuan/ton to 2359.6 yuan/ton, a decline of 0.78%. The CFR price of methanol decreased by 6.67 dollars/ton to 260.33 dollars/ton, a decline of 2.50% [4]. - Downstream: The prices of formaldehyde in Shandong decreased by 2 yuan/ton to 1050 yuan/ton, a decline of 0.19%. The price of glacial acetic acid in Jiangsu decreased by 12 yuan/ton to 2190 yuan/ton, a decline of 0.54%. The price of dimethyl ether in Henan remained unchanged at 3400 yuan/ton. The price of MTBE in Shandong decreased by 46 yuan/ton to 5010 yuan/ton, a decline of 0.91% [4]. Group 5: Cost and Profit - Production Margins: Affected by the previous decline in methanol prices, the production margins of various methanol production processes have weakened, but coal - and natural - gas - based methanol still have considerable profits [9]. - Downstream Profits: The downstream is still in the off - season, with narrow profit fluctuations. As the methanol price declined this period, the profits of downstream enterprises are gradually recovering [10]. Group 6: Supply Side - Production: As of August 21, this week's methanol production was 1.8974 million tons, a 1.83% increase from last week. The capacity utilization rate was 83.91%, a 1.51 - percentage - point increase [13]. - Device Status: This week, devices such as Shanxi Lubao, Baoji Changqing, and Hualu Hengsheng resumed operation, with a total restored capacity of about 2.3 million tons. Devices such as Hebei Jinshi, Yunnan Jiehua, and Guizhou Chitianhua were under maintenance, with a total lost capacity of about 700,000 tons. In late August, devices such as Yunnan Jiehua and Inner Mongolia Yigao are planned to resume operation, with a total restored capacity of 1.14 million tons, and the next - period operating rate may continue to rise [13]. Group 7: Demand Side - MTO开工率: The MTO开工率 increased slightly by 1.46 percentage points [16]. - Traditional Downstream: Traditional downstream industries had many maintenance activities, and their operating rates mainly fluctuated within a narrow range [21]. Group 8: Inventory - Port Inventory: As of August 20, the port inventory was 1.076 million tons, a 5.3% increase from the previous period. With no restart plan for coastal olefin devices, the port may continue to accumulate inventory [20]. - Inland Inventory: The inland inventory was 295,500 tons, a 0.64% increase from the previous period, but it is still in a low - inventory stage. Due to continuous external procurement by local olefin enterprises in the inland, the port and inland markets continue to diverge [20]. Group 9: Strategy Recommendation - Short - term: The supply and demand are loose, and it is more influenced by sentiment. Pay attention to the effective breakthrough of the neckline and the resumption progress of olefin devices next week [21]. - Medium - to - long - term: There is still an expectation of inventory accumulation at the port, and the fundamentals are weak. Pay attention to the actual realization of the peak - season demand during the "Golden September and Silver October" [21]. - Next Week's Focus: The recovery of coastal olefin devices, coal price fluctuations, and macro - market sentiment [21]

Report Summary 1) Report Industry Investment Rating No information provided in the given content. 2) Report's Core View - The methanol price in many domestic regions increased slightly yesterday. The inventory of enterprises in the main production areas in the northwest is at a low level, the willingness of downstream and traders to replenish at low prices has increased, and the transaction price of enterprise auctions has risen. The positive sentiment in the futures market has driven smooth new - order transactions in the afternoon, and some enterprises have stopped selling and supported prices, pushing up the spot price. The downstream is mainly on the sidelines, and the procurement has become more rational after the previous low - price replenishment. The market trend needs to pay attention to the downstream procurement transactions on Tuesday. - In the short term, the methanol price will fluctuate within a range. In the medium to long term, the methanol spot market may change from strong to weak oscillation. [1] 3) Summary by Relevant Catalog Price - The prices of most energy and chemical products remained stable on August 19 - 20, 2025, with only a few showing changes. For example, the price of Sichuan - Chongqing liquefied gas increased by 10 yuan to 4140 yuan, the price of international natural gas decreased by 0.09 to 10.43, and the price of MTBE decreased by 20 yuan to 4980 yuan. The price of methanol in many domestic regions increased slightly, with the price in Taicang rising by 20 yuan to 2290 yuan, and the price in Shandong rising by 10 yuan to 2290 yuan. [1] Supply - Domestic methanol production decreased by 360 to 270205, and the domestic operating rate decreased by 0.11 to 83.65, while the international operating rate remained unchanged at 71.67. The arrival quantity of imports remained unchanged at 38.84. [1] Inventory - Both enterprise inventory and port inventory remained unchanged, at 295573 and 1021800 respectively. [1] Demand - The order backlog remained unchanged at 219365. The operating rates of various downstream products of methanol remained stable, such as the MTO operating rate at 83.12, the dimethyl ether operating rate at 7.15, and the formaldehyde operating rate at 41.54. [1] Associated Product Prices - The prices of most associated products remained stable, with only MTBE showing a decrease of 20 yuan to 4980 yuan. [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report believes that the fundamentals of methanol are still weak, and the rebound space is expected to be limited. It is recommended to short on rallies. The valuation of methanol is relatively high, and there is room for repair of downstream profits. The supply of methanol from domestic and imported sources will put downward pressure on prices, and the upward driving force is not strong [1]. 3) Summary by Relevant Catalogs a) Price Changes - **Methanol Futures Prices**: MA01 increased from 2391 yuan/ton to 2424 yuan/ton, a rise of 1.38%; MA05 rose from 2376 yuan/ton to 2402 yuan/ton, up 1.09%; MA09 climbed from 2285 yuan/ton to 2315 yuan/ton, a 1.31% increase [1]. - **Methanol Spot Prices**: In太仓, it went up from 2280 yuan/ton to 2300 yuan/ton, a 0.88% increase; in Shandong, it decreased from 2315 yuan/ton to 2300 yuan/ton, a -0.65% change; in Guangdong, it rose from 2275 yuan/ton to 2290 yuan/ton, a 0.66% increase [1]. - **Coal Spot Prices**: The price of Ordos Q5500 decreased from 520 yuan/ton to 517.50 yuan/ton, a -0.48% change; the price of Datong Q5500 remained unchanged at 582.50 yuan/ton; the price of Yulin Q6000 dropped from 575 yuan/ton to 572.50 yuan/ton, a -0.43% change [1]. - **Industrial Natural Gas Prices**: The prices in Hohhot and Chongqing remained unchanged at 3.94 yuan/cubic meter and 3.19 yuan/cubic meter respectively [1]. b) Profit Situation - **Methanol Production Profits**: The profit of coal - to - methanol remained at 373.70 yuan/ton, and the profit of natural gas - to - methanol stayed at -462 yuan/ton [1]. - **Downstream Profits**: The profit of Northwest MTO decreased from 122 yuan/ton to 72 yuan/ton, a -40.98% change; the profit of East China MTO dropped from -421.57 yuan/ton to -471.57 yuan/ton, a -11.86% change; the profit of acetic acid decreased from 248.86 yuan/ton to 237.32 yuan/ton, a -4.64% change; the profit of MTBE decreased from 69.12 yuan/ton to 39.12 yuan/ton, a -43.40% change [1]. c) Important Information - **Domestic Information**: The main methanol contract MA2601 stopped falling and rebounded, opening at 2393 yuan/ton and closing at 2424 yuan/ton, up 38 yuan/ton. The trading volume was 762,703 lots, and the open interest was 674,733 lots, showing increasing volume and decreasing open interest [1]. - **Foreign Information**: Currently, only one 1.65 - million - ton methanol plant in a Middle - Eastern country is under maintenance, and the remaining plants are operating at their normal loads. Attention should be paid to the operation of local methanol plants in the second half of the month [1]. d) Trading Strategy The rebound on the previous trading day was mainly due to the successful trial - run of a downstream glacial acetic acid plant and the reduction of naphtha capacity in South Korea, which boosted the olefin prices. However, considering the weak fundamentals, it is recommended to short on rallies [1].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - In the short - term, methanol prices will fluctuate within a range, and in the medium - to long - term, the methanol spot market may shift from strong to weak and fluctuate [1]. 3) Summary by Related Catalogs Spot Price - Methanol prices in many domestic regions increased slightly. In the northwest main production area, enterprise inventories were low, 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 halting sales and raising prices, pushing up spot prices. However, downstream buyers were mainly on the sidelines, and procurement became more rational after previous low - price replenishment. The market trend depends on downstream procurement transactions on Tuesday [1]. - Specific price changes: prices of Sichuan - Chongqing LPG decreased by 135 to 4130, international natural gas decreased by 0.31 to 10.52, and prices in domestic regions such as Taicang, Inner Mongolia, and Shandong decreased by 20 [1]. Supply - Domestic methanol production decreased by 600 to 271075, and the domestic start - up rate decreased by 0.19 to 83.92, while the international start - up rate remained unchanged at 71.67 [1]. - The arrival volume and enterprise inventory remained unchanged at 35.80 and 293688 respectively, and the port inventory remained unchanged at 925480 [1]. Demand - The order backlog remained unchanged at 240800 [1]. Downstream Start - up - The start - up rates of most downstream industries remained unchanged, such as the MTOH start - up rate at 83.89, the dimethyl ether start - up rate at 5.33, etc. [1]. Associated Product Prices - Dimethyl ether prices increased by 20 to 3320, acetic acid prices increased by 40 to 2200, while MTBE AP prices decreased by 30 to 5020 [1].

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View of the Report - In the short - term, methanol prices will fluctuate within a range. In the long - term, the methanol spot market may shift from a strong to a weak - oscillating trend [1]. 3. Summary by Relevant Catalogs Price - Methanol prices in many domestic regions increased slightly. For example, the price in Shandong rose from 2290.00 to 2295.00, while the price in Taicang dropped from 2400.00 to 2385.00. Other regions like Inner Mongolia remained unchanged [1]. - Among关联品 (related products), the price of methane chloride increased from 2060.00 to 2110.00, and MTBE increased from 5000.00 to 5030.00 [1]. Supply - Domestic methanol production increased from 276685.00 to 277085.00, and the domestic operating rate rose from 85.66 to 85.78. International operating rate remained at 69.71 [1]. Inventory - Both enterprise inventory and port inventory remained unchanged at 339830.00 and 725800.00 respectively [1]. Demand - The order backlog remained at 244832.00. The operating rates of MTO, dimethyl ether, formaldehyde, acetic acid, chloride, MTBE, etc. remained mostly unchanged [1]. - The formaldehyde market showed mixed trends. With a slight adjustment in raw material methanol, cost - side support strengthened. However, formaldehyde producers faced greater shipping pressure as the downstream entered the off - season [1].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the short - term, methanol prices will fluctuate within a range, and in the medium - to long - term, the methanol spot market may shift from strong to weak and fluctuate [1] 3. Summary by Relevant Catalogs Price - On July 29, 2025, prices of晋城无烟煤, 内蒙动力煤, 川渝液化气, 内蒙 methanol, 中国 methanol, 东南亚 methanol, 西北欧 methanol, and 美国 methanol remained unchanged compared to July 28, 2025. The price of 山东 methanol decreased by 40 to 2260, and the price of international natural gas in Taicang dropped by 0.03 to 10.99, while its volume increased by 5 to 2390. The price of 冰蜡酸 increased by 60 to 2250, and the price of MTBE decreased by 30 to 4950 [1] Supply - On July 29, 2025, domestic methanol production increased by 500 to 278185, domestic methanol operating rate rose by 0.15 to 86.12, and international methanol operating rate decreased by 1.92 to 69.71 compared to July 28, 2025. The arrival volume at the port remained unchanged at 43.04 [1] Inventory - On July 29, 2025, both enterprise inventory and port inventory of methanol remained unchanged at 352340 and 790200 respectively compared to July 28, 2025 [1] Demand - On July 29, 2025, the order backlog of methanol remained unchanged at 243119 compared to July 28, 2025. The operating rates of MTO, 二甲醚, 甲醛, 醋酸, 氯化物, and MTBE all remained unchanged [1] Associated Product Prices - On July 29, 2025, the price of 甲醛(山东) and 二甲醚 remained unchanged, the price of 冰蜡酸 increased by 60 to 2250, the price of 甲烷氯化物 remained unchanged, and the price of MTBE decreased by 30 to 4950 compared to July 28, 2025 [1]