甲醇半年报：港口压力下的库存挑战-华泰期货研究院分析-0701

According to the half-year report on methanol by Huatai Futures, there are several key observations regarding the current situation of the methanol market. Firstly, in the context of the traditional off-season for demand, domestic methanol inventories in mainland China remain high and continue to accumulate despite the production of Long-Term Thai methanol. This has been contributed to the continuous downward adjustment of the guiding price, resulting in general shipment levels. Secondly, in the south of Shandong Province, where the traditional off-season for demand is observed, shipment levels remain average. In the north of Shandong Province, prices are still low due to the impact of previous low-priced external sources. In addition, there is a concentration of methanol being imported to ports, leading to a continuous build-up of inventories. At the same time, the trial run of ZPC1, an Iranian methanol project, is still ongoing. Overall, the methanol market is currently facing challenges due to the weak demand during the traditional off-season. Domestic inventories remain high and continue to accumulate, putting pressure on prices. The concentration of methanol imports to ports has also led to inventory build-up. These factors suggest that the methanol market will continue to face pressure in the near future.