尿素产业期现日报-20251202

Report Information - Report Date: December 2, 2025 [1] - Author: Zhang Pengzhen [1] - Author ID: Z0003135 [1] Futures Closing Prices - 01 Contract: Opened at 1677, closed at 1668, down 0.54% [2] - 05 Contract: Opened at 1743, closed at 1727, up 0.93% [2] - 09 Contract: Opened at 1757, closed at 1736, up 1.21% [2] - Methanol Main Contract: Opened at 2135, closed at 2114, up 0.99% [2] Futures Contract Spreads - 01 Contract - 05 Contract: Spread was -66 on November 28, down 11.86% from November 27 [2] - 05 Contract - 09 Contract: Spread was -14 on November 28, down 55.56% from November 27 [2] - 09 Contract - 01 Contract: Spread was 80 on November 28, up 17.65% from November 27 [2] - UR - MA Main Contract: Spread was -378 on both November 28 and 27 [2] Main Positions - Long Top 20: 127,004 on November 28, down 0.39% from November 27 [2] - Short Top 20: 153,617 on November 28, down 2.63% from November 27 [2] - Long - Short Ratio: 0.85 on November 28, up from 0.83 on November 27 [2] - Unilateral Trading Volume: 146,936 on November 28, up 9.26% from November 27 [2] - Zhengzhou Commodity Exchange Warehouse Receipts: 7,587 on November 28, up 5.65% from November 27 [2] Upstream Raw Materials - Anthracite Small Pieces (Shecheng): Price was 930 yuan/ton on both November 28 and 27 [2] - Steam Coal Pit - Mouth (Ejin Horo Banner): Price was 620 yuan/ton on November 28, down from 630 yuan/ton on November 27 [2] - Steam Coal Port (Qinhuangdao): Price was 821 yuan/ton on November 28, down 0.12% from November 27 [2] - Synthetic Ammonia (Shandong): Price was 2,446 yuan/ton on November 28, up 0.62% from November 27 [2] Spot Market Prices - Shandong (Small Granules): Price was 1,670 yuan/ton on November 28, up 1.21% from November 27 [2] - Shanxi (Small Granules): Price was 1,530 yuan/ton on November 28, up 0.66% from November 27 [2] - Henan (Small Granules): Price was 1,660 yuan/ton on November 28, up 0.61% from November 27 [2] - Northeast Region (Small Granules): Price was 1,720 yuan/ton on both November 28 and 27 [2] - Guangdong (Small Granules): Price was 1,770 yuan/ton on November 28, up 0.57% from November 27 [2] - Guangxi (Small Granules): Price was 1,810 yuan/ton on November 28, up 0.56% from November 27 [2] - FOB China: Small Granules: Price was 400 US dollars/ton on both November 28 and 27 [2] - US Gulf FOB: Large Granules: Price was 375 US dollars/ton on both November 28 and 27 [2] Cross - Regional Spreads - Shandong - Henan: Spread was 10 yuan/ton on both November 28 and 27 [2] - Guangdong - Henan: Spread was 110 yuan/ton on both November 28 and 27 [2] - Guangdong - Shanxi: Spread was 240 yuan/ton on both November 28 and 27 [2] - Domestic - Overseas Spread: Spread was 26 US dollars/ton on both November 28 and 27 [2] Basis - Shandong Basis: Basis was -7 on November 28, up 61.11% from November 27 [2] - Shanxi Basis: Basis was -147 on November 28, up 0.68% from November 27 [2] - Henan Basis: Basis was -17 on November 28, up 5.56% from November 27 [2] - Guangdong Basis: Basis was 92 on November 28, up 1.09% from November 27 [2] Downstream Products - Melamine (Shandong): Price was 5,190 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer 45%S (Henan): Price was 3,000 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer 45%CL (Henan): Price was 2,580 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer - Urea Ratio: Ratio was 1.68 on November 28, down from 1.69 on November 27 [2] Fertilizer Market - Ammonium Sulfate (Shandong): Price was 1,070 yuan/ton on November 28, up 0.23% from November 27 [2] - Sulfur (Zhenjiang): Price was 3,960 yuan/ton on both November 28 and 27 [2] - Potassium Hydride (Jinghai): Price was 3,150 yuan/ton on both November 28 and 27 [2] - Monoammonium Phosphate (Jiangsu): Price was 3,750 yuan/ton on both November 28 and 27 [2] - Monoammonium Phosphate (Baltic Sea): Price was 605 US dollars/ton on both November 28 and 27 [2] - Diammonium Phosphate (Jiangsu): Price was 4,250 yuan/ton on both November 28 and 27 [2] - Diammonium Phosphate (US Gulf Region): Price was 647.7 US dollars/ton on both November 28 and 27 [2] Supply - Demand Situation Daily Data - Domestic Urea Daily Output: 20.34 million tons on November 28, up 1.19% from November 27 [2] - Coal - Based Urea Daily Output: 16.40 million tons on November 28, up 1.11% from November 27 [2] - Gas - Based Urea Daily Output: 3.94 million tons on November 28, up 1.55% from November 27 [2] - Small - Granule Urea Daily Output: 16.59 million tons on November 28, up 1.47% from November 27 [2] - Urea Manufacturer Operating Rate: 84.10% on November 28, up 1.19% from November 27 [2] Weekly Data - Domestic Urea Weekly Output: 141.70 million tons on November 28, down 0.24% from November 21 [2] - Domestic Urea Plant Maintenance Loss (Weekly): 20.94 million tons on November 28, up 12.94% from November 21 [2] - Domestic Urea In - Plant Inventory (Weekly): 136.39 million tons on November 28, down 5.10% from November 21 [2] - Domestic Urea Port Inventory (Weekly): 10.00 million tons on both November 28 and November 21 [2] - Domestic Northeast Urea Inflow (Weekly): 16.50 million tons on November 28, down 34.00% from November 21 [2] - Domestic Urea Producer Order Days (Weekly): 6.65 days on November 28, down 6.60% from November 21 [2]