The rebound in raw material costs continues, with methanol futures prices gaining support

May 29, 2024, 11:58 AM

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Guide

Highlights at a glance

As of Friday's close, the methanol futures market showed a slight reduction in positions, with prices fluctuating downwards by 0.8%. Despite emerging downstream demand, operating rates have declined, affecting supply and demand dynamics. In 2023, orders for methanol dual-fuel powered containerships have outpaced LNG orders, indicating a shift towards environmentally friendly fuel options.

1.Marketreviewandoutlook

AsofthecloseofFridayonthefuturesmarket,themethanolcontracthasslightlyreduceditspositiontoday,with5,161positionsintheweightedmethanolcontractand4,966positionsinthe05maincontract.Theweightedcontract,theintradaytrend,fluctuateddownwardthroughouttheday,closingdown0.8%overall.

EmergingdownstreamdemandTheaverageoperatingloadrateofChina'scoal(methanol)toolefinsunitswas88.38%,down1.24%month-on-month.Ithasbeendecliningforthreeconsecutiveweeks,butisstillatamid-to-highhistoricallevel;portinventorieshavestoppedfallingandrebounded.InthethreemajorproductionareasofNorthwestChina,EastChina,andNorthChina,theoperatingrateshaveallincreased,andthesupplysidehasincreased.Althoughthefundamentalcontradictionisnotbig,thegapbetweensupplyanddemandhasexpanded,whichhassuppressedthepriceofmethanol.Theupstreamrawmaterialcostsideofthecoalmarketstoppedfallingandrebounded,whichprovidedsomesupportformethanolfuturesprices.Short-termmethanolpricefluctuationsareviewedasweak.

Technicaltrend:Inthehourlycycle,afterthepricebrokethroughthesecondarydownwardtrendpressureline,itcameunderpressureandadjustedslightlyattherecenthighpoint.Inthedailycycle,thepricereturnedtobelow2350again,andtheshort-termlongandshortsideswereatthekeyprice.Thereisfiercecompetitionnearby,andtheshorttermisexpectedtobevolatile.

2.IndustryNews

AccordingtoClarksonstatistics,in2023,therewere72ordersformethanoldual-fuelpoweredcontainershipswithadeadweightof8.869million,whileordersforLNGdual-fuelpoweredcontainershipswereonly43withadeadweightof5.916million.Comparedwithlastyear,ordersforLNGdual-fuelpoweredcontainershipswereashighas103withadeadweightof12.613milliontons,whileordersformethanoldual-fuelpoweredcontainershipswereonly34withadeadweightof5.640million.Fromthispointofview,theorderscaleofmethanoldual-fuelpowercontainershipsin2023hascompletelysurpassedthatofLNGdual-fuelpowercontainerships.BytheendofDecember2023,intermsofdeadweighttonnage,theproportionofmethanoldual-fuelpoweredshipsintheglobalcontainershiporderbookhasreached31.6%,andLNGdual-fuelpoweredships,whichaccountedfor40.4%,formedthe"twostrongones"ofenvironmentallyfriendlyfuelships."pattern.

CSSCTongliaoCity’s500,000-kilowattwindpowerhydrogenproductionandmethanolintegrateddemonstrationproject-hydrogenproductionandmethanolprojecthasbeenregistered.

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