Report Industry Investment Rating No relevant content provided. Core View of the Report - Export sentiment boost in the short term cannot offset weak domestic demand, and the rebound space is limited under high inventory pressure [5] Summary by Related Catalogs Fundamentals and Views - About 600,000 tons of new quotas have been implemented, boosting market sentiment, and the overseas price difference supports a short - term price rebound [4] - Coal prices remain stable, the operating rate of gas - based enterprises decreases seasonally, and the relief of cost pressure supports the bottom [4] - The autumn fertilizer season is ending, the operating rate of compound fertilizers is declining, agricultural demand is weakening, downstream procurement is cautious, and enterprise inventories remain at a high level [4] - The industry's daily average output is 198,000 tons (year - on - year increase of 14,400 tons), and the operating rate of 84.6% has reached a high for the same period. The oversupply situation remains unchanged [4] Urea Fundamental Data Inventory - Information on China's weekly urea enterprise inventory, urea inventory in Guangdong and Guangxi, and urea inventory (ports + inland) is presented in time - series charts from 2021 - 2025 [7][8][9] Futures and Warehouse Receipts - Data on the position volume, trading volume, total warehouse receipt quantity, and total valid warehouse receipt forecasts of the urea futures main contract are shown in time - series charts from 2021 - 2025 [10][11][13][14] Price and Spread - Time - series charts from 2021 - 2025 show the market price of small - particle urea in Henan and Shandong, the basis, the price difference between large and small particles, and the seasonal spreads between different contract months (1 - 5, 5 - 9, 9 - 1) [17][19][20][22] Cost and Profit - Time - series charts from 2021 - 2025 present the production costs and profits of urea produced by fixed - bed, natural gas, and coal - water slurry gasification methods, as well as the production cost, gross profit, capacity utilization rate, and inventory of compound fertilizers in Shandong [28][30][32][38][39][40] Production and Capacity Utilization - Time - series charts from 2021 - 2025 show the production enterprise's pending order days, capacity utilization rate, total daily output of urea, and the capacity utilization rate of compound fertilizers [33][35][37][38] External Market and Related Commodities - Time - series charts from 2021 - 2025 display the FOB prices of Chinese and Middle - Eastern small - particle urea, the spot price of thermal coal, and the port inventory of thermal coal [42][44][46]
尿素产业链周报-20251110
Dong Ya Qi Huo·2025-11-10 11:27