Investment Rating - The report maintains a positive outlook on the coal chemical engineering sector, particularly highlighting China Chemical as a representative company [1]. Core Insights - New coal chemical technology is seen as a beneficial supplement to petroleum chemistry, especially in the context of high dependence on foreign oil and gas in China. The importance of ensuring energy and supply chain security is emphasized [1]. - The report notes that China's coal chemical technology and scale are globally leading, with potential for high-quality exports to countries along the Belt and Road Initiative [1]. - Specific technologies such as methanol-to-olefins (MTO) are highlighted, with advancements leading to significant reductions in methanol consumption and promoting large-scale, low-carbon coal chemical industry development [1]. - The report provides a detailed analysis of key companies in the sector, including their price-to-book (PB) and price-to-earnings (PE) ratios, along with expected profit growth rates for 2025 [1]. Market Overview - As of January 30, 2026, the issuance of new local government special bonds reached 193.069 billion yuan, a week-on-week increase of 199.70%. The total issuance for the month was 367.679 billion yuan, reflecting a year-on-year increase of 79.53% [2]. - The national cement market price saw a week-on-week decline of 0.8%, with an average ex-factory price of 259.2 yuan per ton, down 0.6% from the previous week and down 19.8% year-on-year [2][35]. - The construction index fell by 1.44% during the week, while the building materials index rose by 0.73%. Year-to-date, the construction index has increased by 6.44%, ranking 11th among 30 industries [2][9]. Company Recommendations - The report recommends focusing on companies with low growth, low valuation, and low holdings in the construction and building materials sector, specifically China Chemical, Sinopec Engineering, and others [3]. - It also highlights real estate chain leaders such as Oriental Yuhong and Honglu Steel Structure, which are expected to benefit from market share increases [3]. - In the cement sector, companies like Conch Cement and Tianshan Cement are recommended, with a focus on regional cooperation in cement production [3].

Investment Rating - The report maintains a positive outlook on the coal chemical engineering sector, particularly highlighting China National Chemical Corporation as a representative company [1]. Core Insights - New coal chemical technology is seen as a beneficial supplement to petroleum chemistry, especially in the context of China's high dependence on foreign oil and gas. The importance of coal chemical technology is emphasized due to recent geopolitical events affecting energy security [1]. - China leads globally in coal chemical technology and scale, with potential for high-quality exports to countries along the Belt and Road Initiative. The report cites advancements in methanol-to-olefins technology as a key area of development [1]. - The report suggests that companies like China National Chemical Corporation, Sinopec Engineering, and others are well-positioned to benefit from the growth in the coal chemical sector [2]. Summary by Sections Market Review and Summary - The construction index increased by 1.88% and the building materials index rose by 9.23% during the week of January 19-23, 2026. Year-to-date, the construction index has risen by 7.99%, ranking 13th out of 30 industries, while the building materials index has increased by 12.49%, ranking 6th [9][5]. - The report notes that the chemical engineering sector saw the highest gains, with a 10.95% increase, while other sectors like housing construction and landscaping experienced declines [9]. Special Debt and Funding Status - As of January 23, 2026, local government special bond issuance amounted to 644.20 billion yuan, a week-on-week increase of 183.09%. The report anticipates a further increase in bond issuance in the following week [2][19]. - The funding availability rate for construction sites was reported at 59.21%, with a slight decline observed in both residential and non-residential projects [19]. Cement Industry Weekly Data Tracking - The national average cement price remained stable at 260.8 yuan per ton, with a slight decrease of 0.2% week-on-week and an 18.0% decrease year-on-year. The report predicts limited recovery in demand leading up to the Spring Festival [30][36]. - Cement production for the year 2025 was reported at 1.693 billion tons, reflecting a 6.9% year-on-year decline [46]. Key Company Orders and Valuation - The report highlights the valuation of key companies in the construction and building materials sectors, noting that the overall A-share market P/E ratio is 18.33, while the construction and building materials sectors have P/E ratios of 10.12 and 24.98, respectively [14]. - Companies such as China National Chemical Corporation and Sinopec Engineering are recommended for their favorable valuations and growth potential in the coal chemical sector [2].

Supply and Demand Dynamics - In 2026, new production capacity will largely have supporting downstream projects, leading to a slowdown in domestic production pressure. Seasonal maintenance will impact operating rates and output [1][18] - The demand for methanol will see significant growth from external purchases of methanol-to-olefins (MTO) units, with traditional downstream new capacity providing a certain demand increment for methanol [1][18] - The overall supply-demand balance for methanol may improve to some extent in 2026, despite facing import pressures in the second half of the year [1][18] Production Capacity Growth - As of November 2025, domestic methanol production capacity reached 108.045 million tons, an increase of approximately 5.18 million tons from the end of 2024, with a year-on-year growth rate of 5% [2] - Integrated projects are the main contributors to new capacity, with about 70% of the new capacity in 2025 being integrated projects supporting downstream applications like MTO and BDO [2] - The dominance of coal-based methanol production is expected to strengthen, with coal-based capacity projected to reach 85.97 million tons by 2025, accounting for 81.8% of total capacity [2] Production Trends - Methanol production in 2025 is expected to reach 101.83 million tons, reflecting a year-on-year increase of 10.8% [6] - The average operating rate for coal-based methanol units is around 80%, showing a gradual increase, while natural gas-based units remain stable at approximately 49% [7] - The overall operating rate for the methanol industry was 85.74% as of November 2025, an increase of 2.10 percentage points compared to the same period in 2024 [7] Import Market Dynamics - China's methanol import market experienced a "V" shaped trend in 2025, with total imports expected to reach 14.28 million tons, a year-on-year increase of 5.9% [8] - The growth in imports is influenced by multiple factors, including overseas supply and international logistics [8] - In 2026, methanol imports from Iran are expected to increase, while imports from Russia may also rise due to geopolitical factors [9] Downstream Demand - In 2025, the average weighted operating rate for downstream methanol industries was approximately 76%, a 3 percentage point increase from 2024 [10] - The methanol-to-olefins (MTO) sector remains the primary downstream consumer, accounting for about 50% of methanol demand [10] - The MTO industry is projected to continue its rapid growth in 2026, with an expected annual increase in capacity of 320,000 tons [12] Price Trends - Methanol prices are expected to exhibit seasonal fluctuations in 2026, with potential price recovery in the first half of the year due to lower import pressures, followed by a possible decline in the second half [1][18] - The overall price trend for 2026 is anticipated to show a stronger performance in the first half and a weaker performance in the second half, influenced by seasonal maintenance and import dynamics [18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The methanol market shows a pattern where port prices are relatively strong while inland prices are weak The supply of methanol is abundant, and port inventories are rising from a high level It is expected that the methanol price will fluctuate weakly in the near - term, with the 05 contract facing resistance at the 2215 level [1][2] 3. Summary of Each Section Market Review and Outlook - Last week, the port methanol market continued to be strong, with prices in Jiangsu ranging from 2120 - 2200 yuan/ton and in Guangdong from 2090 - 2130 yuan/ton Inland methanol prices were weak, with prices in Ordos, the main production area, ranging from 1870 - 1900 yuan/ton and downstream Dongying's receiving price from 2160 - 2200 yuan/ton [1] - The overall profit of methanol enterprises is poor The domestic methanol operating rate is expected to remain high, and seasonal gas restrictions in the Middle East are gradually taking effect The on - the - way cargo volume from Iran is still abundant, and imports in December are likely to remain at a high level The downstream demand for methanol is expected to be relatively stable, and the price is expected to fluctuate weakly [2] This Week's Fundamental Data Weekly Changes - The basis in Jiangsu decreased by 268% week - on - week, inland methanol sample enterprise inventories increased by 3.3%, port methanol inventories increased by 15.89%, weekly production increased by 0.79%, coal - to - methanol profit in Inner Mongolia decreased by 18.70%, coking - oven - gas - to - methanol profit in North China decreased by 13.02%, natural - gas - to - methanol profit in Southwest China remained unchanged, downstream acetic acid operating rate increased by 1.41%, and downstream olefin production operating rate decreased by 0.35% [3] Spot and Futures Market Review - Last week, the port methanol market continued to be strong, with Jiangsu prices fluctuating between 2120 - 2200 yuan/ton [6] Supply Situation Analysis - As of December 25, the capacity utilization rate of Chinese methanol plants was 91.24%, a 0.8% week - on - week increase The average weekly profit of coal - to - methanol in Northwest Inner Mongolia decreased by 18.70%, the average weekly profit of coking - oven - gas - to - methanol in Hebei decreased by 13.02%, and the average weekly profit of natural - gas - to - methanol in Southwest China remained unchanged [7] Demand Situation Analysis - As of December 25, the average weekly capacity utilization rate of MTO plants in the Jiangsu and Zhejiang regions was 69.13%, a 0.97 - percentage - point decrease from last week The capacity utilization rate of acetic acid increased due to some plants' restarts and load adjustments [9] Inventory Analysis - As of December 24, the total inventory of Chinese methanol port samples was 141.25 tons, a 19.37 - ton week - on - week increase and a 47.40% year - on - year increase [11] Position Analysis - As of December 26, the long - position volume of the top 20 members in methanol futures decreased by 21,011 to 649,496, and the short - position volume decreased by 20,164 to 796,088 The net position of the top 20 members was bearish [14]

Core Viewpoint - Tianjin is adjusting its industrial layout in response to urban development and safety challenges, particularly through the relocation of hazardous chemical production enterprises, enhancing urban safety and promoting green transformation [1] Group 1: Relocation Strategy - The relocation of hazardous chemical enterprises in Tianjin began in December 2017, aiming to improve urban safety and initiate a new phase of industrial development [1] - A city-level working group led by a deputy mayor was established to coordinate the relocation efforts, ensuring a systematic approach to the task [1] - A total of 31 enterprises were identified for relocation, with clear objectives and standards set for the process [1][2] Group 2: Funding and Support - To address funding challenges, Tianjin secured 361 million yuan from the National Development Fund and allocated over 32 million yuan from municipal finances for technology upgrades and waste disposal [2] - Local districts contributed an additional 5 million yuan to support the relocation efforts [2] Group 3: Employment and Land Solutions - The government is providing various employment support measures for displaced workers, including public job placements and the establishment of innovation and entrepreneurship bases [2] - A tailored approach for land solutions was implemented, with customized relocation plans developed for each of the 31 enterprises to ensure clarity and feasibility [2] Group 4: Case Study - Bohua Group - Bohua Group's relocation project is a key example, recognized as a national demonstration project, aimed at resolving historical industrial and urban integration issues [3] - The old factory site, established in 1938, was relocated to a new industrial zone, resulting in significant reductions in energy consumption and emissions [3][4] - The new project achieved a 10% cost saving compared to initial estimates, with land use reduced by 13% and substantial decreases in wastewater and pollutant emissions [3] Group 5: Technological Advancements - Bohua Group is developing advanced smart platforms for digitalization and integration, positioning itself as a leader in the industry [4] - The company is also exploring carbon neutrality initiatives and renewable energy projects, showcasing a commitment to sustainable practices [4] - The relocation efforts have eliminated safety risks for 31 related enterprises, reinforcing urban safety and enabling a balanced approach to industrial transformation [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the proportion of short positions in commodities has rebounded, mainly due to the decline in the factor strength of the precious metals and non - ferrous sectors, while the black sector has recovered. The black sector is relatively strong in cross - section, while the non - ferrous and agricultural sectors are relatively weak [3]. - The comprehensive signals of methanol, float glass, iron ore, and lead have different trends this week, with methanol and float glass showing long signals, iron ore showing a short signal, and lead maintaining a short signal [5][8][11]. 3. Summary by Related Content Commodity Market Overview - In the precious metals sector, the time - series momentum of gold has declined, and the trading volume of silver has decreased significantly, with an expanding divergence at both ends of the cross - section. In the non - ferrous sector, the position factor has decreased marginally, the cross - section momentum divergence has narrowed, and lead is relatively weak in the cross - section. In the black sector, the positions of iron ore and rebar have decreased slightly, but the short - term momentum time - series has recovered, and rebar is relatively strong in the cross - section. In the energy sector, the short - term momentum factor has declined, and the chemical sector is at the relatively strong end of the cross - section. In the agricultural products sector, the cross - section divergence of oil and meal has narrowed, and the overall long - term momentum has stabilized slightly [3]. Strategy Net Value and Fundamental Factors - **Methanol**: Last week, the supply factor increased by 0.57%, the demand factor decreased by 0.40%, the inventory factor strengthened by 0.58%, and the synthetic factor increased by 0.45%. This week, the comprehensive signal has turned long. In terms of fundamental factors, the supply side has turned neutral, the demand side has weakened from a long signal to neutral, the inventory side is long, and the spread side is slightly bearish [5]. - **Float Glass**: Last week, the profit factor increased by 0.05%, the spread factor weakened by 0.36%, and the synthetic factor decreased by 0.26%. This week, the comprehensive signal is long. The supply side is neutral, the demand side is slightly bearish, the inventory side is long, and the spread side has weakened significantly from a long signal to neutral [8]. - **Iron Ore**: Last week, the supply factor decreased by 0.2%, the inventory factor strengthened by 0.3%, and the comprehensive factor increased by 0.06%. This week, the comprehensive signal has turned short. The supply side remains bearish, the demand side has turned bearish, the inventory side has turned neutral, and the spread side remains neutral [11]. - **Lead**: Last week, the supply factor decreased by 0.18%, the demand factor weakened by 0.17%, the inventory factor decreased by 0.16%, the spread factor weakened by 0.07%, and the synthetic factor decreased by 0.14%. This week, the comprehensive signal remains short. The supply side has turned neutral, the inventory side remains bearish, and the spread side remains bearish [11].

Report Industry Investment Rating - No information provided Core Viewpoints - As of October 23, the domestic methanol-to-olefins plant capacity utilization rate was 91.44%, a month-on-month decrease of 1.97%. The load of individual enterprises in the northwest and east decreased, and the overall olefin industry's start-up declined this week. Affected by cost pressure and downstream price drops, the start-up of olefin enterprises may continue to decrease in the short term. The MA2601 contract is expected to fluctuate in the range of 2,260 - 2,330 in the short term [2]. - With the support of downstream rigid demand, the inventory of domestic methanol enterprises has decreased this week. At the ports, due to weather and other factors, the unloading of foreign vessels has continued to fall short of expectations, and the提货 volume of the mainstream social warehouses has significantly decreased. The methanol port inventory has slightly increased this week. The expected methanol imports in October are still sufficient, and the port inventory may still rise [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract was 2,292 yuan/ton, a month-on-month increase of 31 yuan/ton; the 1 - 5 spread of methanol was -37 yuan/ton, a month-on-month increase of 2 yuan/ton [2]. - The position of the main methanol contract was 1,066,380 lots, a month-on-month decrease of 31,400 lots; the net long position of the top 20 futures holders was -137,185 lots [2]. - The number of methanol warehouse receipts was 14,092, unchanged from the previous period [2]. Spot Market - The price in Jiangsu Taicang was 2,230 yuan/ton, unchanged; the price in Inner Mongolia was 2,010 yuan/ton, a month-on-month decrease of 5 yuan/ton [2]. - The price difference between East China and Northwest China was 220 yuan/ton, a month-on-month decrease of 15 yuan/ton; the basis of the main Zhengzhou methanol contract was -62 yuan/ton, a month-on-month decrease of 31 yuan/ton [2]. - The CFR price of methanol at the main Chinese port was 260 US dollars/ton, a month-on-month decrease of 1 US dollar/ton; the CFR price in Southeast Asia was 325 US dollars/ton, unchanged [2]. - The FOB price in Rotterdam was 272 euros/ton, unchanged; the price difference between the main Chinese port and Southeast Asia was -65 US dollars/ton, a month-on-month decrease of 1 US dollar/ton [2]. Upstream Situation - The price of NYMEX natural gas was 3.44 US dollars/million British thermal units, a month-on-month decrease of 0.05 US dollars [2]. Industry Situation - The inventory at East China ports was 102.7 tons, a month-on-month increase of 3 tons; the inventory at South China ports was 48.52 tons, a month-on-month decrease of 0.92 tons [2]. - The methanol import profit was 1.79 yuan/ton, a month-on-month decrease of 7.15 yuan/ton; the monthly import volume was 1.4269 million tons, a month-on-month decrease of 332,900 tons [2]. - The inventory of inland enterprises was 360,400 tons, a month-on-month increase of 500 tons; the methanol enterprise start-up rate was 87.42%, a month-on-month decrease of 2.17 percentage points [2]. Downstream Situation - The formaldehyde start-up rate was 40.88%, a month-on-month increase of 6.77 percentage points; the dimethyl ether start-up rate was 5.92%, a month-on-month increase of 0.94 percentage points [2]. - The acetic acid start-up rate was 72.52%, a month-on-month decrease of 10.44 percentage points; the MTBE start-up rate was 63.12%, a month-on-month decrease of 1 percentage point [2]. - The olefin start-up rate was 92.39%, a month-on-month decrease of 0.8 percentage points; the methanol-to-olefins on - paper profit was -985 yuan/ton, a month-on-month decrease of 21 yuan/ton [2]. Option Market - The 20 - day historical volatility of methanol was 18.58%, a month-on-month increase of 0.88 percentage points; the 40 - day historical volatility was 15.3%, a month-on-month decrease of 0.01 percentage points [2]. - The implied volatility of at - the - money call options for methanol was 17.73%, a month-on-month decrease of 1.19 percentage points; the implied volatility of at - the - money put options was 17.72%, a month-on-month decrease of 1.21 percentage points [2]. Industry News - As of October 22, the inventory of Chinese methanol sample production enterprises was 360,400 tons, a month-on-month increase of 50 tons, a month-on-month increase of 0.13%; the pending orders of sample enterprises were 215,700 tons, a month-on-month decrease of 13,300 tons, a month-on-month decrease of 5.79% [2]. - As of October 22, the total inventory of Chinese methanol ports was 1.5122 million tons, an increase of 20,800 tons from the previous period. Among them, the inventory in East China increased by 30,000 tons, and the inventory in South China decreased by 9,200 tons. The methanol port inventory slightly increased this week [2]. - Recently, the production capacity loss caused by maintenance and production reduction of domestic methanol is more than the production capacity output of recovery, and the overall output has decreased. The overall pressure on the supply side is not large [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Recently, the domestic chemical coal market has shown a range - bound trend, and the cost of coal - to - methanol has stabilized. Due to the conflict between Iran and Israel, there are concerns about a reduction in methanol imports. With high and stable methanol - to - olefin operating rates, good demand, low port inventories, and high basis, and driven by a sharp rise in crude oil, methanol prices have rebounded significantly. However, after methanol prices reach a high level, there is an expectation of increased domestic production, and downstream profits have deteriorated, putting pressure on downstream demand. Therefore, methanol is likely to fluctuate strongly. The recommended strategy is to operate within a range and sell straddle options [7]. 3. Summary According to Relevant Catalogs 3.1 Methanol Supply and Demand Overview - **Inventory**: China's methanol sample production enterprise inventory is expected to continue to decline slightly. Port methanol inventory is expected to increase. It is necessary to pay attention to the unloading speed of foreign vessels [7]. - **Supply**: This week, China's methanol production and capacity utilization are expected to increase. The estimated arrival plan of imported methanol samples is 26.31 tons, and the domestic trade volume is estimated to be around 2.5 - 3.0 tons [7]. - **Demand**: With the ongoing maintenance of olefin plants in Zhongmei Mengda and the expected load reduction of olefin enterprises in East China, the operating rate of the olefin industry has continued to decline passively. The operating rates of dimethyl ether, chlorides, and acetic acid have increased, while the operating rate of formaldehyde has decreased [7]. - **Industrial Chain Profits**: The import profit is inverted at - 29 yuan/ton. The profit of coal - to - methanol in Inner Mongolia has increased to 174 yuan/ton, while downstream profits are in large losses. The loss of MTO profit in East China has expanded to - 1934 yuan/ton [7]. - **Coal Price**: Recently, due to rising temperatures, coal prices have stabilized and are showing an upward trend. However, due to abundant supply of imported and domestic coal, high - level inventories, the weakening of thermal power demand due to the substitution effect of clean energy, and the slower - than - expected terminal inventory reduction speed, coal prices are still under pressure [7]. 3.2 Weekly View and Strategy - **MA Unilateral Strategy**: Short MA509. As of June 19, the price of MA509 was 2543 yuan/ton. The cost side has stabilized, inventory accumulation is less than expected, the conflict between Iran and Israel has worsened, and there are concerns about a reduction in imports. The recommended operation is to operate within a range [10]. - **PP - 3MA Strategy**: Short the PP - 3MA spread. As of June 19, the spread of the September contract was - 355 yuan/ton. The pressure of new PP production capacity is greater than that of methanol, and MTO profits are under pressure. The recommended operation is to short on rallies and wait and see for the time being [11]. 3.3 Futures and Spot Prices - **Spot Price and Basis**: As of June 19, the spot price of methanol in Jiangsu Taicang was 2765 yuan/ton, and the basis relative to the September contract was 222 yuan/ton [15]. - **Domestic Spreads and Freight**: Relevant data on the spreads between Taicang and Inner Mongolia and between Inner Mongolia and Dongying, as well as freight rates, are presented in the form of charts [16]. - **International Methanol and Natural Gas Prices**: The international prices of methanol and natural gas are presented in the form of charts [20]. - **Inter - contract Spreads**: The spreads between different methanol contracts (9 - 1, 1 - 5, 5 - 9) are presented in the form of charts [22][24]. - **Related Product Ratios**: The ratios of methanol to urea and methanol to liquefied gas are presented in the form of charts [31]. 3.4 Industrial Chain Profits - **Import Profit and Trade Gross Margin**: The import profit is inverted, and the trade gross margin from Inner Mongolia to East China is presented in the form of charts [34]. - **Coal - to - Methanol Production Profit**: The production profits of coal - to - methanol in Inner Mongolia and Shanxi are presented in the form of charts [39]. - **Natural Gas and Coke Oven Gas - to - Methanol Production Profit**: The production profits of natural gas - to - methanol in Chongqing and coke oven gas - to - methanol in Hebei are presented in the form of charts [42]. - **Methanol - to - Olefin Profit**: The production profits of methanol - to - olefin in East China and Shandong, as well as the disk MTO profit, are presented in the form of charts [46]. - **Methanol Traditional Downstream Profits**: The production profits of traditional downstream products such as formaldehyde, glacial acetic acid, MTBE, and dimethyl ether are presented in the form of charts [52][55]. 3.5 Supply Side - **Capacity Utilization and Production**: Last week, China's methanol production was 1,997,846 tons, a week - on - week increase of 15,190 tons, and the plant capacity utilization was 88.65%, a week - on - week increase of 0.76% [64]. - **International Operating Rate and Imports**: As of June 18, 2025, the port inventory data shows that the weekly arrival volume of methanol in China was 25.7 tons. The import volume in May was 1.2943 million tons, and the import volume in June 2025 is expected to be around 1.3 - 1.35 million tons [69]. - **New Methanol Production Capacity in 2025**: In 2025, China's new methanol production capacity is about 8.6 million tons, with a capacity increase of about 8.4%. Most of the new plants are equipped with downstream facilities such as MTO, acetic acid, and BDO. Overseas, the new methanol production capacity is expected to be 5.05 million tons [71][73]. 3.6 Demand Side - **Methanol Apparent Consumption**: From January to April, the apparent consumption of methanol was 26.58 million tons, an increase of 4.5% [77]. - **Methanol - to - Olefin Operating Rate and Production**: Last week, the MTO operating rate was 88.97%, a week - on - week decrease of 0.54%. Due to planned maintenance in Zhongmei Mengda and a slight reduction in the load of enterprises in East China, the weekly average operating rate of the olefin industry has decreased [81]. - **Traditional Downstream Operating Rates**: The operating rates of traditional downstream products such as formaldehyde, glacial acetic acid, MTBE, and dimethyl ether are presented in the form of charts [82][85]. - **Downstream Purchasing Volume**: The purchasing volumes of methanol - to - olefin manufacturers and traditional downstream manufacturers are presented in the form of charts [89]. - **Production Enterprise Order Volume**: As of June 18, 2025, the pending orders of sample enterprises were 273,800 tons, a decrease of 28,300 tons from the previous period, a week - on - week decrease of 9.37% [96]. - **New Downstream Production Capacity of Methanol**: In 2024, there was only one new olefin downstream plant. In 2025, new methanol downstream production capacity is mainly concentrated in the olefin field, with an expected new olefin production capacity of 2.36 million tons and a theoretical new methanol demand of 6.6 million tons. For traditional downstream products, new production capacity is mainly in acetic acid, MTBE, etc., with a theoretical new methanol demand of 5.87 million tons [98]. 3.7 Inventory - **Enterprise Inventory**: As of June 18, 2025, the inventory of China's methanol sample production enterprises was 367,400 tons, a decrease of 11,800 tons from the previous period, a week - on - week decrease of 3.10% [102]. - **Port Inventory**: As of June 18, 2025, the inventory of China's methanol port samples was 586,400 tons, a decrease of 65,800 tons from the previous period, a week - on - week decrease of 10.09%. The port inventory has decreased as expected [105]. - **Port Floating Storage**: The floating storage in East China and South China ports is presented in the form of charts [108].