The capacity continues to increase and methanol is under pressure

In terms of news: 1. On May 26th, the latest offer of Shanxi Lanchuangkechuang was reduced to 2,240 yuan per ton, and its three plants totaling 120,000 tons/ton were stable and normal, with a daily output of less than 100 tons. 2. On May 26, there was no latest offer for Shanxi Everbright Coking Methanol, and its 150,000-ton/year methanol plant was currently started at 50%, with a daily output of 270 tons.

Spots: Jiangsu port methanol market to maintain a light pattern, Taicang import source prices to implement the 2630-2650 yuan / ton out of the library, the domestic supply price of 2620-2640 yuan / ton, Jiangyin, Changzhou region, domestic sources of latest offer 2620-2660 yuan / Ton, Nantong area was closed to the market, the atmosphere of the current trading atmosphere was slightly deadlocked, short-term or weak consolidation mainly.

Domestic disk: Zhengzhou methanol ME1409 contract closed up, the highest offer on the 26th 2622 yuan / ton, the lowest offer 2580 yuan / ton, closing at 2608 yuan / ton, up 1.24% over the previous day, positions to reduce 2890 hand, volume 57094 hand.

Summary of views: In April 2014, methanol production reached 2.9899 million tons, an increase of 23.93% year-on-year. In January-April 2014, the cumulative production reached 11.0157 million tons, an increase of 19.31% year-on-year. As of the May 9th week, East China Port stocks 190,000 tons, an increase of 0.2 million tons from the previous week. After entering May, the methanol plant for early shutdown and overhaul started to drive. Currently, the plant operating rate has reached 60%, and the oversupply of methanol continues to exist. As a result, the inventory of methanol is reduced slowly. After entering May, the downstream acetic acid and methyl ether MTBE demand was generally lower than the market expectation. For the plant operating rate, acetic acid started at 63.1%, a decrease of 8.2 percentage points, the formaldehyde utilization rate was 63.0%, an increase of 1.1%, and the operating rate of dimethyl ether production was 43.4%, a decrease of 0.7%. Therefore, the trend of weak and volatile methanol will continue. Technically, the methanol 1409 contract oscillated upwards, but the upside was limited. The pressure above the 2647 line was above the short-term line. The 2582 first-line support was tested below, and the short-term wet storage transaction between the 2582-2647 range was operational.