尿素数据日报-20251107

Report Summary 1) Report Industry Investment Rating No information provided in the report. 2) Core View of the Report The domestic demand for urea is weak, and the supply remains high with few maintenance enterprises and less urea flow, leading to an increase in enterprise inventory. Although urea exports are advancing, the domestic supply - demand situation has not reversed, and the market still has a downward trend. The overall market is in a state of oscillation, with macro and cost factors being positive, while weak domestic demand is negative [1]. 3) Summary by Related Catalogs Cost - The prices of coking coal, anthracite small pieces, and natural gas remained unchanged on November 6, 2025, compared to the previous day, at 465.00, 920.00, and 4130.00 respectively [1]. Price - On November 6, 2025, the prices in regions such as Henan, Hebei, Anhui, and Shanxi remained unchanged, while Shandong increased by 10.00 to 1570.00. International prices including China FOB, Middle East FOB, Southeast Asia CFR, and Brazil CFR also remained unchanged [1]. Inventory - Factory inventory, port inventory, and downstream sample inventory all remained unchanged on November 6, 2025, at 155.43, 11.00, and 14500.00 respectively [1]. Supply - On November 6, 2025, the daily output was 196,680.00, an increase of 7,920.00 from the previous day, and the overall start - up rate was 84.07%, an increase of 3.39 percentage points [1]. Demand - The start - up rates of compound fertilizer, melamine, formaldehyde, etc. remained unchanged on November 6, 2025 [1]. Profit - The profits of fixed - bed, coal - water slurry, and natural gas remained unchanged on November 6, 2025, at - 317.00, 104.00, and - 292.00 respectively [1]. Related Products - The price of liquid ammonia increased by 20.00 to 2050.00 on November 6, 2025, while the prices of compound fertilizer, melamine, and methanol were 2450.00, 5020.00, and 2015.00 respectively, with compound fertilizer remaining unchanged, and melamine remaining unchanged, and methanol increasing by 5.00 [1]. Futures - On November 6, 2025, the settlement price was 1640.00, a decrease of 8.00 from the previous day; the basis was - 74.00, a decrease of 11.00; the trading volume decreased by 6582.00 to 148,885.00, and the open interest increased by 2887.00 to 275,142.00 [1].