印标发布，尿素低价成交好转

1. Report Industry Investment Rating - Unilateral: Range-bound with a bullish bias - Inter-period: Wait-and-see - Inter-variety: None [3] 2. Report's Core View - India's NFL issued a new round of urea import tenders, with an intended purchase of 1.5 million tons. The urea spot price has loosened, and low-price trading has improved, leading to a stronger market trading atmosphere. The daily urea output has slightly decreased, and the current off-season storage procurement has slowed down. The industrial rigid demand has slightly declined, while the melamine plant has resumed production and the rigid demand procurement has increased. With market activities such as off-season storage, compound fertilizer procurement, and export procurement, the factory inventory has decreased, and the port inventory has increased slightly. Attention should be paid to the start-up rate of compound fertilizers in Northeast China, the raw material procurement rhythm, the national off-season storage rhythm, and the sustainability of spot procurement sentiment [2] 3. Summary According to Relevant Catalogs 3.1 Urea Basis Structure - Includes charts of Shandong and Henan urea small particle market prices, Shandong and Henan main continuous basis, urea main continuous contract price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread [6][7][14][16] 3.2 Urea Production - Includes charts of urea weekly output and urea plant maintenance loss volume [19] 3.3 Urea Production Profit and Start-up Rate - Includes charts of production cost, spot production profit, disk production profit, national capacity utilization rate, coal-based capacity utilization rate, and gas-based capacity utilization rate [24][25][27][29] 3.4 Urea Offshore Price and Export Profit - Includes charts of urea small particle FOB in the Baltic Sea, urea large particle CFR in Southeast Asia, urea small particle FOB in China, urea large particle CFR in China, the difference between urea small particle FOB in the Baltic Sea and China FOB minus 30, the difference between urea large particle CFR in Southeast Asia and China FOB, urea export profit, and disk export profit [31][38][40][45] 3.5 Urea Downstream Start-up and Orders - Includes charts of compound fertilizer start-up rate, melamine start-up rate, and pending order days [50][47] 3.6 Urea Inventory and Warehouse Receipts - Includes charts of upstream factory inventory, port inventory, raw material inventory days of urea downstream manufacturers in Hebei, futures warehouse receipts, main contract holding volume, and main contract trading volume [51][53][58]