尿素日报：市场交投平稳，尿素窄幅波动-20250528

Report Industry Investment Rating - The report gives a neutral rating, expecting the urea market to continue to fluctuate within a narrow range [3] Core Viewpoints - The market trading of urea is stable with narrow fluctuations. The supply is in a loose pattern due to high - level production and new capacity release. The cost is stable as coal and gas prices change little. The export window is open, and the port inventory has increased. The agricultural demand is growing steadily, while the industrial demand is weakening, and the factory inventory has slightly increased. The urea market is expected to continue narrow - range oscillations [1][2][3] Summary by Directory 1. Urea Basis Structure - The report presents data on Shandong and Henan urea small - particle market prices, Shandong and Henan main - contract basis, urea main - continuous contract price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread [1][7][8] 2. Urea Production - It shows information about urea weekly production and urea plant maintenance loss volume [16] 3. Urea Production Profit and Operating Rate - Data on production cost, spot production profit, disk production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate are provided [19][30][32] 4. Urea Overseas Price and Export Profit - The report includes data on urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, urea export profit, and disk export profit [27][31][43] 5. Urea Downstream Operating Rate and Orders - Information about the operating rates of compound fertilizers and melamine, and urea enterprises' advance order days are presented [1][44][49] 6. Urea Inventory and Warehouse Receipts - Data on upstream in - factory inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main - contract holding volume, and main - contract trading volume are provided [47][50][53]