Group 1: Report Overview - Research variety: Urea [1] - Report type: Daily report - Report date: November 20, 2025 [1] Group 2: Futures Market 2.1 Contract Market - On November 20, 2025, the price of the main urea futures contract fluctuated upwards, closing at 1665 yuan/ton, with a maximum of 1674 yuan/ton and a minimum of 1648 yuan/ton. The trading volume was 209,000 lots, an increase of 53,000 lots from the previous day, and the open interest was 245,000 lots, a decrease of 4,000 lots from the previous day [2] 2.2 Variety Price - Urea 2512: Closing price 1651, change 0.06%, trading volume 6093 lots, a decrease of 538 lots, high 1658, low 1635, open 1648, close 1643 - Urea 2601: Closing price 1665, change 0.00%, open interest 245,423 lots, a decrease of 3,667 lots, trading volume 209,245 lots, high 1661, low 1661 - Urea 2602: Closing price 1670, previous close 1668 [6] Group 3: Spot Market 3.1 Spot Price and Basis Data - Domestic major regional urea spot prices remained generally stable, with slight differences in some regions due to demand. Representative factory quotes were: Henan Xinlianxin in Central China at 1640 yuan/ton (basis -25 yuan/ton), Ningxia Petrochemical in Northwest China at 1500 yuan/ton (basis -165 yuan/ton), Ruixing Group in East China at 1600 yuan/ton (basis -65 yuan/ton), and Hualu Hengsheng in North China at 1620 yuan/ton (basis -45 yuan/ton) [6] Group 4: Influencing Factors 4.1 Industry Information - Demand side: The operating rate of compound fertilizer was 30.2%, and the operating rate of melamine was 53.2%. The new order transactions in the urea market were slow last week, but improved after enterprises cut prices. Currently, prices have risen slightly, and the market trading atmosphere has continued to warm up. The autumn fertilizer production of agriculture and compound fertilizer has entered the final stage, winter storage fertilizer production has not started on a large scale, and the overall operating rate has declined slightly due to environmental protection factors. Although the operating rate of melamine has increased, purchases are still mainly for rigid demand [7][8] - Supply side: The winter storage process has gradually started, and the urea of Xinjiang Zhongneng has been put on the market. With the gradual release of new production capacity, the urea supply is expected to be loose in the medium and long term. It is expected that the maintenance of gas - fired plants in the fourth quarter will start gradually from December [8] Group 5: Market Outlook - The current urea market transactions have warmed up, but the autumn fertilizer production is coming to an end, winter storage has not started on a large scale, and the operating rates of industries such as compound fertilizer remain low due to environmental protection and other factors. On the supply side, new production capacity is gradually being released, and the products of Xinjiang Zhongneng have been put on the market. It is expected that the urea supply will be loose in the medium and long term. The maintenance of gas - fired plants in the fourth quarter may start gradually in December, which may support the supply to some extent. The current market is still mainly for rigid demand purchases. It is expected that the short - term urea futures market may continue to fluctuate. The progress of winter storage and the impact of environmental protection policies need to be monitored in the future [9]
尿素期货日报-20251124
Guo Jin Qi Huo·2025-11-24 14:53