January 30th News: According to recent statistics, the operating rate of natural gas-to-methanol plants in Sichuan and Chongqing plummeted from 34% in December 2025 to 21% in January 2026 (a record low), impacted by winter supply restrictions and competition from low-priced methanol from Xinjiang. Meanwhile, coal-to-methanol plants in Xinjiang and Inner Mongolia are operating at full capacity, with low-priced supply flowing into other regions, putting downward pressure on domestic prices. Chempricehub's analysis of methanol gives a bearish score of -1.5. The article highlights the sharp decline in the operating rate of natural gas-to-methanol plants in Sichuan and Chongqing to a historic low of 21%, driven by winter supply restrictions and the influx of low-priced methanol from Xinjiang. At the same time, coal-to-methanol plants in Xinjiang and Inner Mongolia are running at full capacity, with their low-priced supply flowing into other regions and suppressing domestic prices. This indicates an increase in supply, particularly the influx of low-priced methanol into the market, putting downward pressure on spot prices. Combined with the performance of the methanol futures main contract 2605 (settlement price of 2,335 yuan/ton, up 12 yuan, with open interest decreasing by 9,459 lots), the fundamental oversupply may intensify, negatively impacting futures prices. The decline in open interest suggests a risk of capital outflow. The overall score is -1.5 (moderately bearish), as the partial support from reduced operating rates is offset by the influx of low-priced supply, leading to significant downward price pressure.