According to the Commodity Market Analysis System of Shengyi Society, from September 23rd to 27th (as of 15:00), the average price of methanol in East China ports in the domestic market increased from 2380 yuan/ton to 2478 yuan/ton, with a price increase of 4.13% during the period, a month on month decrease of 0.87%, and a year-on-year increase of 0.10%. Supported by a positive macro outlook, the domestic methanol market has stopped falling. At the same time, the arrival volume of foreign ships is low, port inventory is depleted, and port methanol prices are also relatively strong.
As of the close on September 27th, the closing price of methanol futures on Zhengzhou Commodity Exchange has risen. The main contract 2501 for methanol futures opened at 2520 yuan/ton, with a highest price of 2449 yuan/ton and a lowest price of 2412 yuan/ton. It closed at 2448 yuan/ton in the closing session, up 44 yuan/ton from the previous trading day’s settlement, an increase of 1.83%. The trading volume was 617462 lots, and the position was 650407 lots, with a daily increase of -4754.
As of September 27th, the summary of methanol market prices in various regions:
Region/ Price
Shanxi region/ 2050 yuan/ton factory withdrawal in foreign exchange
Liaoning region/ 2740 yuan/ton
Anhui region/ 2305 yuan/ton
Henan region/ 2125-2130 yuan/ton factory withdrawal in foreign exchange
In terms of cost, imported coal has a price advantage compared to domestic coal, and the demand for imported coal from domestic terminals remains high. It is expected that the import volume will continue to remain high in the later stage; In terms of non electricity, the overall demand recovery in the cement industry has fallen short of expectations, with an increase in locally suspended projects and a lack of tight connection between new and old projects. Downstream demand is lower than in previous years and the decline has expanded compared to the previous period. The chemical industry still maintains normal operations after a small amount of pre holiday storage and transportation, making it difficult to support the market. Overall, it is expected that coal prices will remain stable with a moderate to strong trend before the National Day holiday. The cost of methanol is influenced by favorable factors.
On the demand side, downstream formaldehyde: mainstream factories in Shandong are operating with reduced load, resulting in a decrease in formaldehyde demand; Downstream MTBE: MTBE demand decreases; Downstream acetic acid: Increased demand for acetic acid; Downstream chloride: There are factories in East China with expectations of inventory recovery, leading to an increase in chloride demand; Downstream dimethyl ether: There is currently no plan to start or stop dimethyl ether, and there is not much change in demand. The impact of methanol demand is mixed.
Supply side, Shandong equipment maintenance; Inner Mongolia installation restored. The recovery amount exceeds the loss amount, and the capacity utilization rate increases. Negative factors affecting the methanol supply side.
In terms of external markets, as of the close of September 26th, the CFR Southeast Asian methanol market closed at $345.00- $346.00 per ton. The closing price of the US Gulf methanol market is 105.00-106.00 cents per gallon; The closing price of FOB Rotterdam methanol market is 335.50-336.50 euros/ton, up 9 euros/ton.
In the future forecast, the overall supply of goods is abundant, and the growth rate on the demand side is relatively limited. Methanol analysts predict that the domestic methanol market may mainly consolidate.
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