The supply gap will become the core support of methanol prices.

While the inventory at the port continues to decline, the domestic supply side is performing positively. As of the week ending on March 18th, the operating rate of domestic methanol plants has rebounded to 92.8%, reaching a historical high. The current domestic methanol market is showing a structural characteristic of "drastic reduction in imports, full production domestically." The continuous depletion of port inventory confirms the substantial impact of reduced imports; while the domestic operating rate has reached a historical high, indicating that there is little room for additional supply. Once the import gap continues to widen, it will be difficult for the domestic market to effectively compensate through increased production, and the supply-demand gap may further widen. Under the dual constraints of high import dependence and near maximum domestic production capacity utilization, the market is transitioning from "dominated by expectations" to "driven by reality", with the realization of supply gaps becoming the core support for prices.