银河期货尿素日报-20251219

Group 1: Report Overview - The report is a daily urea report dated December 19, 2025 [2] Group 2: Market Review - Urea futures oscillated and declined, closing at 1697 (-7/-0.41%) [3] - Urea spot market saw factory prices continue to rise, but trading volume weakened. Factory prices in different regions were as follows: Henan 1620 - 1650 yuan/ton, Shandong small - sized 1680 - 1690 yuan/ton, Hebei small - sized 1700 - 1710 yuan/ton, Shanxi medium and small - sized 1590 - 1610 yuan/ton, Anhui small - sized 1650 - 1660 yuan/ton, and Inner Mongolia 1540 - 1590 yuan/ton [3] Group 3: Important Information - On December 19, the daily urea production in the industry was 18.73 tons, a decrease of 0.45 tons from the previous working day and an increase of 0.9 tons compared to the same period last year. The operating rate was 77.46%, a decrease of 1.43% compared to 78.89% in the same period last year [4] Group 4: Logic Analysis - In Shandong, the mainstream factory price continued to rise, market sentiment cooled, and new orders were scarce. The industrial compound fertilizer operating rate increased, but raw material and finished - product inventories were high, and orders were few. It is expected that the factory price will remain firm [5] - In Henan, the market sentiment was weak, the factory price followed the decline, and traders stocked up. It is expected that the factory price will remain firm [5] - Around the delivery area, the factory price was firm, the market atmosphere was positive, demand in Northeast China increased, and new orders were smoothly traded. It is expected that the factory price will increase [5] - Domestic gas - based plants started maintenance, and the daily output dropped to around 19.4 tons but remained at a high level. India tendered again for 150 tons in total for the east and west coasts with a shipping date in early February. The impact was limited due to no new quotas in China [5] - The compound fertilizer operating rate in the Central Plains and Northeast regions increased seasonally, but in Henan, it stopped due to environmental protection until the end of the month, and overall demand slowed down. The progress of reserve by storage enterprises reached over 70%, and future procurement intensity will gradually slow down [5] - In the medium - term, affected by environmental protection, the compound fertilizer operating rate in Henan, Hebei, and Anhui decreased significantly, and the urea supply - demand fundamentals remained relatively loose. After the price increase in some regions, downstream acceptance decreased. Attention should be paid to the impact of phosphate fertilizer prices on the urea market sentiment [5] Group 5: Trading Strategy - Unilateral: Short 05 [6] - Arbitrage: Wait and see [6] - Options: Wait and see [6]