Today's Summary

①、Some POM manufacturers have high inventory levels.

② Market观望情绪加重, trade让利操盘. Revised translation: ② Market观望情绪加重 (The market's观望情绪加重 indicates an increase in观望, which can be translated as "wait-and-see attitude" or "cautious sentiment"), trade让利操盘 (let利 refers to profit or benefit, 操盘 refers to operating or managing trading activities, so this phrase means "trading activities involve offering discounts or concessions"). Direct translation: ② The wait-and-see attitude in the market has intensified, and trading activities involve offering discounts or concessions.

2 Spot Overview

Table 1 Summary of Domestic POM Prices (Unit: CNY/ton)

Based on the Yuyao region, today's Yuntianhua M90 is priced at 13,800 yuan per ton, with limited price fluctuations. Today's POM market remains weak and观望. POM manufacturers have high inventory levels, and the fundamentals are lackluster,加重ing the market's观望 atmosphere. Trading operations are relatively cautious, with room for concessions in mainstream quotations. Downstream buyers are replenishing stocks in small lots, and actual trading volumes remain relatively limited. The mainstream quotation range is 10,500-14,400 yuan/ton.

3

This week, the domestic POM capacity utilization rate remained stable at 96.99%. All manufacturers' POM plants were operating at full capacity. The price of methanol has declined, while the price of POM remains stable, leading to an increase in product gross margin and a profit margin expansion of approximately 9 yuan per ton.

Figure 3: Domestic POM Capacity Utilization Trend Chart for 2024-2025	Figure 4 Domestic POM Profit and Price Comparison for 2024-2025 (RMB/ton)
Data source: Longzhong Information	Data source: Longzhong Information

4. Price Forecast

POM supply from YKLF二期检修 leads to a tightening in overall supply. However, demand remains weak, putting considerable pressure on manufacturers' sales. In the short term, there may be continuous price reduction plans. Given that the market trading atmosphere has not shown significant improvement, traders' mindsets are unlikely to improve. Some traders are flexible with their operating margins to facilitate sales. Downstream buyers have little interest in procurement, resulting in average actual transaction volumes. Bloomberg Intelligence expects that the domestic POM market will weaken in the short term. 。

5 Related product information

Methanol: Today's methanol spot price index is 2352.02, down by 9.31. Among them, the spot price in Taicang is 2655, down by 32, while the price in North Inner Mongolia is 2200, down by 5. According to Longzhong's monitoring of prices in 20 major cities, 10 cities saw varying degrees of decline, with drops ranging from 5 to 35 yuan/ton. Today, the methanol market in the northwest continued to weaken, with some producers further lowering prices to move inventory. However, due to cautious buying sentiment, overall trading activity remained sluggish. Approaching the weekend, market activity was generally subdued, with most companies focusing on contract fulfillment and limited spot negotiations. Transfer prices for trade continued to decline, while downstream buyers in North Shandong maintained a strategy of pressing for lower prices to meet rigid demand, resulting in a generally weak trading atmosphere. Market sentiment remains cautious, with widespread wait-and-see attitudes and poor purchasing willingness.

6 Data Calendar

Table 2 Overview of Domestic POM Data (Unit: Million Tonnes)