尿素产业链周报-20250812

Report Title - Urea Industry Chain Weekly Report [1][2] Report Date - August 10, 2025 [2] Researcher Information - Author: Liu Chenrui Z0017093 [3] - Reviewer: Tang Yun Z0002422 [3] Fundamental Information and Views Fundamental Points - Capacity utilization rate decreased by 1.62% week-on-week to 81.98%. Maintenance of coal/gas-based plants increased, and supply pressure eased marginally [4]. - Total inventory dropped to 887,600 tons. Some enterprises reduced prices to attract orders, driving inventory reduction [4]. - Absolute inventory remains at a historical high. With daily production maintained at around 190,000 tons, the pattern of loose supply remains unchanged [4]. - Agricultural demand has entered a seasonal off - peak. Finished product inventory accumulation in compound fertilizer plants restrains raw material procurement, and export order conversion is not smooth [4]. Views - Although supply has contracted marginally, high inventory and weak domestic demand suppress the rebound space. Export benefits are difficult to sustain, and it will continue to fluctuate and adjust in the short term [5]. Urea Fundamental Data Inventory - Related - Data on China's weekly urea enterprise inventory, Guangdong and Guangxi urea inventory, and urea inventory (ports + inland) are presented [7][8][9] Futures - Related - Data on urea futures main contract positions, trading volume, total number of warehouse receipts, and valid warehouse receipt forecasts are shown [10][11][13] Price - Related - Data on Henan small - particle market price, basis, size - particle price difference, Shandong small - particle market price, basis, size - particle price difference, and various seasonal price differences of urea are provided [14][16][18] Cost and Profit - Related - Data on the production costs and profits of fixed - bed, natural - gas, and coal - water slurry gasification methods for urea production are presented [26][28][30] Production - Related - Data on urea production enterprise's pending order days, capacity utilization rate, total daily output, compound fertilizer capacity utilization rate, inventory, and production profit are shown [31][33][36] International Price - Related - Data on China's small - particle FOB price and Middle East small - particle FOB price are provided [39][40] Other Related - Data on thermal coal spot price, port inventory, and compound fertilizer production cost in Shandong are presented [41][43][44]