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Initiative by the Nitrogen Fertilizer Industry Association: Methanol producers should take turns undergoing maintenance to reduce methanol supply and alleviate the supply-demand imbalance! Author/Source: Date: 2020-07-16 Clicks: 38 To all methanol producers: Since 2019, China’s methanol market has remained sluggish, and the sudden outbreak of COVID-19 in 2020, along with the sharp drop in international oil prices, further exacerbated the already weak conditions in this market. Due to years of rapid development, China’s methanol production capacity has exceeded 90 million tons. At the same time, there is a clear trend toward larger-scale manufacturing facilities, and a large amount of methanol products from the international market are entering China, resulting in a severe imbalance between supply and demand in the market. At the current market price levels, almost all methanol producers in China are operating at a loss, facing immense operational pressures; some of the key companies have sent letters to express their difficulties. In line with the requirements set by **** and the State Council regarding the implementation of the \"six stabilities\" strategies and the fulfillment of the \"six guarantees\" tasks, and taking into account the current conditions in the industry, in order to stabilize its economic operations, alleviate supply-demand imbalances, and reduce resource waste, the China Nitrogen Fertilizer Industry Association recommends that methanol producers start from July 2020 to adjust their production levels according to the operational status of their facilities and market demands. Producers should also carry out maintenance activities on a rotational basis in order to reduce the supply of methanol in the market. At the same time, older facilities are encouraged to accelerate the process of reducing production capacity, further optimize the industrial structure, and promote high-quality development of the industry.