化工周报（2、24-3、2）：需求旺季到来，磷酸一铵、氯化钾、尿素、制冷剂等价格上涨

Investment Rating - The report maintains a positive outlook on the basic chemical industry, indicating a "Buy" rating due to the anticipated demand season and rising prices of key products [1]. Core Insights - The demand season is approaching, leading to price increases for monoammonium phosphate, potassium chloride, urea, and refrigerants. The average operating load for compound fertilizers has increased to 43.17%, up by 9.04% from the previous week, boosting demand for these fertilizers [3][21]. - The prices for key products as of March 2 are as follows: monoammonium phosphate at 3,279 CNY/ton (up 211 CNY), urea at 1,856 CNY/ton (up 2.83%), and potassium chloride at 3,286 CNY/ton (up 11.24%) [3][24]. - Refrigerant prices are also rising, with R142b at 25,000 CNY/ton (up 1,000 CNY), R22 at 34,000 CNY/ton (up 500 CNY), and R134a at 45,000 CNY/ton (up 500 CNY) [4][31]. Summary by Sections (1) Key Chemical Product Price Tracking - Significant price increases were observed in monoammonium phosphate (8.47%), carbon black (8.37%), and potassium chloride (6.16%) during the week [14]. - The average operating load for compound fertilizers has increased, indicating a positive trend in production and demand [21]. (2) Polyurethane: MDI and TDI Price Decline - MDI prices have decreased due to limited purchasing enthusiasm from downstream enterprises, with current prices at 18,300 CNY/ton for polymer MDI and 19,100 CNY/ton for pure MDI [17]. (3) Agricultural Chemicals: Urea and Potassium Chloride Price Increase - Urea prices have risen due to increased demand as northern wheat enters the fertilization period, with current prices at 1,856 CNY/ton [24]. - Potassium chloride supply is tight due to reduced production from major manufacturers, leading to a price increase to 3,286 CNY/ton [24]. (4) Fluorochemicals: Refrigerant Price and Profit Margin Increase - The refrigerant market is experiencing price increases across major products, driven by rising export orders and domestic consumption incentives. The price for R125 is now 44,000 CNY/ton, and for R32, it is 44,500 CNY/ton [29][31].