Port stocks increase methanol recovery limited

Increased port stocks Methanol recovery limited
Zhengzhou methanol ME1405 contract closed up, the highest offer on the 4th 2700 yuan / ton, the lowest offer 2668 yuan / ton, closing at 2694 yuan / ton, compared with the previous trading day rose 0.37%, positions decreased 1644 hand, volume 9208 hands.
In terms of news:
1. On April 2nd, Huizhou Zhongchuang 20,000 tonne/year MTBE plant started normally. The daily output was about 100 tons. The product purity was 98%, and the content was 80 PPM or less. The price was reported at 8,500 yuan/ton, and there was no concession for shipping.
2. On April 2nd, the latest offer of Shanxi Lanchuangkechuang was executed at 2,450 yuan/ton, and the total output of the three plants totaling 120,000 tons/ton was stable and normal. The daily output was 150 tons.
In terms of spot: Jiangsu Port's Taicang Imports Supply quotation is 2840-2860 yuan/ton. The cost of imported goods has been reduced recently. The price of domestic coal supply is about RMB 2830-2870 yuan/ton, and Jiangyin region has made an offer for domestic goods. Implementation of 2,880 yuan / ton, Nantong area, the latest offer of 2,860 yuan / ton, strong in the morning market field, but the atmosphere is not good negotiations, difficult to see the volume of heavy volume.
Summary of views: The domestic methanol production, import, and inventory point of view, the entire supply of methanol oversupply status is far from improving, resulting in further increase in methanol inventory, while downstream acetic acid, methyl ether and MTBE demand is less than expected, the overall operating rate remains to maintain In the low position, the overall methanol is bearish. Technically, the methanol 1405 contract rebounded slightly, but the recovery was limited. In the short-term, it faced pressure near the 2700 integer mark. In operation, it relied on 2700 first-line short-term wet storage to break the 2700 stop loss.

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