光大期货煤化工商品日报-20250827

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - On August 27, 2025, the urea futures price was weakly volatile, with the main 01 contract closing at 1,737 yuan/ton, a slight decline of 0.52%. The spot market was partially stable, and prices in some peripheral areas continued to decline. The urea supply was fluctuating at a high level, with a daily output of 192,400 tons on August 26, a daily increase of 100 tons. The demand side remained cautious, and the spot sales-to-production ratio in the mainstream areas showed significant differentiation. The short - term domestic urea market sentiment was under pressure, but subsequent environmental protection restrictions in the north, transportation conditions, and the latest Indian urea tender results in early September could be new factors. The volatility of the urea futures market may increase [1]. - On August 27, 2025, the soda ash futures price first fluctuated narrowly and then dropped significantly in the afternoon. The main 01 contract closed at 1,311 yuan/ton, a decline of 1.80%. The spot market quotation was basically stable, and the traders' quotations declined with the market sentiment. Large - scale enterprises in Qinghai and Inner Mongolia reduced their loads, and the industry's operating rate dropped to 81.33% on August 26. The demand side was even weaker, and the resumption of production in the float glass industry provided limited support for the rigid demand of soda ash. The overall fundamentals of soda ash had no obvious improvement, and the short - term new driving forces in the futures market were still limited. There might be phased market conditions as themes such as the reduction of alkali plant loads, production restrictions, and the return of the chemical sector sentiment fermented [1]. - On August 27, 2025, the glass futures price was weakly volatile, with the main 01 contract closing at 1,173 yuan/ton, a decline of 1.76%. The spot market quotation increased locally, and the average price of the domestic float glass market on August 26 was 1,151 yuan/ton, a daily increase of 1 yuan/ton. There was a phenomenon of production line ignition and resumption, but the glass daily melting volume remained stable at 159,600 tons. The glass supply was expected to increase. The demand side sentiment improved, and the sales - to - production ratio in the mainstream areas mostly recovered to over 100%. However, logistics and transportation restrictions in some areas might suppress the enterprise's shipment speed. The short - term supply - demand contradiction of glass was still not optimistic [1]. Group 3: Summary According to Related Catalogs Market Information - Urea: On August 26, the urea futures warehouse receipts at Zhengshang Institute were 5,123, unchanged from the previous trading day, and the effective forecasts were 33. The daily output of the urea industry was 192,400 tons, an increase of 100 tons from the previous working day and 24,900 tons from the same period last year. The industry operating rate was 83.12%, a 7.17 - percentage - point increase from 75.95% in the same period last year. The spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,700 yuan/ton (unchanged), Henan 1,710 yuan/ton (unchanged), Hebei 1,730 yuan/ton (unchanged), Anhui 1,720 yuan/ton (- 10), Jiangsu 1,710 yuan/ton (unchanged), Shanxi 1,610 yuan/ton (unchanged) [4]. - Soda Ash & Glass: On August 26, the number of soda ash futures warehouse receipts at Zhengshang Institute was 9,178, a decrease of 135 from the previous trading day, and the effective forecast volume was 1,911; the number of glass futures warehouse receipts was 2,099, an increase of 456 from the previous trading day. The soda ash spot prices in various regions were provided. The soda ash industry operating rate on August 26 was 81.33%, down from 83.98% on the previous working day. The average price of the float glass market on August 26 was 1,151 yuan/ton, a daily increase of 1 yuan/ton, and the industry daily output was 159,600 tons, unchanged from the previous day [6][7]. Chart Analysis - The report includes various charts such as the closing price of the main contract, basis, trading volume and open interest, price spread, spot price trend, and futures price spread of urea, soda ash, and glass, which visually show the price trends and relationships of these products over time [9][10][12][16][18][20]. Research Team Introduction - The resource product research team of Everbright Futures includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen. They have rich experience and many honors in the field of futures analysis, covering various product categories such as sugar, urea, soda ash, cotton, and iron alloy [23].