下游农需带动，尿素当前价格偏高

Report Industry Investment Rating - The report gives a neutral rating, expecting the urea market to continue narrow - range fluctuations [3] Core Viewpoints - Urea prices are currently high due to downstream agricultural demand. The supply of urea remains high with few maintenance enterprises, and the demand is also good. Agricultural demand is supported by the fertilizer needs of northern corn and southern rice, and industrial demand for compound fertilizers is in the peak production season. The domestic export policy is tightened, and the possibility of enterprises participating in the Indian import tender is low. The supply and demand of urea are both strong, and attention should be paid to export - related policies and demand progress [1][2] Summary by Directory 1. Urea Basis Structure - The report presents data on the market prices of small - particle urea in Shandong and Henan, the basis of Shandong and Henan main - continuous contracts, the price of the urea main - continuous contract, and the 1 - 5, 5 - 9, and 9 - 1 spreads [1][7][8] 2. Urea Production - It shows the weekly urea production and the loss of urea plant maintenance [16] 3. Urea Production Profit and Operating Rate - The report includes information on production costs, spot production profit, disk production profit, national capacity utilization, coal - based capacity utilization, and gas - based capacity utilization [16][19][22] 4. Urea FOB Price and Export Profit - It provides data on the FOB price of small - particle urea in the Baltic Sea, the CFR price of large - particle urea in Southeast Asia, the FOB price of small - particle urea in China, the CFR price of large - particle urea in China, the price difference between the Baltic Sea and China, the price difference between Southeast Asia and China, urea export profit, and disk export profit [26][30][40] 5. Urea Downstream Operation and Orders - The report shows the operating rates of compound fertilizers and melamine, and the number of days of pre - received orders [42][43] 6. Urea Inventory and Warehouse Receipts - It includes data on upstream in - plant inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main - contract positions, and main - contract trading volume [45][48][53]