煤化工11月月报：尿素、DMF价格下跌，EVA出口同比高增

Investment Rating - The industry is rated as "Outperform the Market" [3][65]. Core Viewpoints - The report indicates that with the advancement of coal supply policies, coal prices are expected to continue to decline, leading to a marginal improvement in the profitability of coal chemical companies. It suggests focusing on leading coal chemical companies such as Hualu Hengsheng and Luxi Chemical [2]. Summary by Sections Prices - As of December 13, methanol prices improved month-on-month by 8.0% to 2170 CNY/ton, while urea prices decreased by 1.7% to 1839.9 CNY/ton, and DMF prices fell by 4.5% to 4231.3 CNY/ton. Other notable price changes include acetic acid at 2793.3 CNY/ton (up 3.8%), and EVA at 10000 CNY/ton (up 0.2%) [2][18]. Supply - As of November 30, the operating rates were as follows: methanol at 74.5%, urea at 71.26%, and EVA at 79.29%. Urea inventory continues to accumulate, while DMF inventory is being depleted, with DMF inventory at 1.2 million tons [2][34]. Import and Export - In October, urea exports plummeted by 99.4% year-on-year to 0.4 thousand tons, while EVA exports increased by 17.4% to 2.3 thousand tons. Acetic acid exports rose by 82.1% to 90 thousand tons, and methanol imports decreased by 6.0% to 122.7 thousand tons [2][53].