Last week, China methanol market fell deeply. Due to the decline of coal price and the weakening of methanol cost support, Baofeng and other olefin enterprises sold methanol away, and some methanol plants were restored, the supply side was abundant. In the middle of the week, the quotations of major manufacturers were successively reduced, and the price adjustment range was 100-200 RMB/ ton, resulting in the continued downward price focus of the domestic methanol market, difficult transaction volume and cautious market mentality.

According to the monitoring data of SunSirs, from November 12 to November 19, the average price of domestic methanol production enterprises fell from 3,056 RMB/ ton to 2,748 RMB/ ton. During the cycle, the price fell by 10.09%, 34.37% month on month and 44.87% year-on-year.

As of the closing on November 19, methanol futures of Zhengzhou Commodity Exchange rebounded strongly and fell in the late trading. The main contract MA2201 closed at 2,600 RMB/ ton, up 58 RMB/ ton compared with the closing of the previous trading day.

The price of methanol industrial chain products mainly fell, the coal price of methanol upstream products fell slightly, the price of natural gas was stable, and the support for methanol cost was weak; Among the downstream products, the price of formaldehyde in Shandong decreased the most; Among related products, the price of Shandong ethylene glycol decreased the most.

In terms of external market, as of the closing on November 18, the closing price of CFR Southeast Asia methanol market was $445.00-446.00/ ton. The closing price of US Gulf methanol market is 133.50-134.50 cents/ gallon; The closing price of FOB Rotterdam methanol market is 367.00-368.00 euros/ ton.

The macro level may continue to be weak, and the price of steam coal may have limited support for the cost of methanol. In terms of fundamentals, the supply side is relatively abundant and the demand side has little change. SunSirs methanol analysts expect that China domestic methanol market will be depressed in the short term.

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