现货价格跟随3月指导价上涨

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The spot price of urea followed the March guidance price increase. The market situation is complex with changes in supply, demand, and price indicators. The overall strategy suggests a sideways - to - bullish trend for the single - sided trading with a narrowing upside space, and a positive spread trading opportunity for UR05 - 09 on dips [1][2][3] 3. Summary by Relevant Catalogs I. Urea Basis Structure - On March 2, 2026, the urea main contract closed at 1,817 yuan/ton (-30). The ex - factory price of small - sized urea in Henan was 1,860 yuan/ton (unchanged), in Shandong was 1,890 yuan/ton (+30), and in Jiangsu was 1,890 yuan/ton (+30). The basis in Shandong, Henan, and Jiangsu were 73 yuan/ton (+60), 43 yuan/ton (+60), and 73 yuan/ton (+60) respectively [1] II. Urea Production - As of March 2, 2026, the enterprise capacity utilization rate was 93.16% (0.08%). The total inventory of sample enterprises was 117.60 million tons (+14.56), and the port sample inventory was 17.40 million tons (+0.80) [1] III. Urea Production Profit and Operating Rate - The urea production profit was 325 yuan/ton (+30), and the production capacity utilization rate data is as mentioned above [1] IV. Urea FOB Price and Export Profit - The export profit was 1,239 yuan/ton (+94). India's RCF issued a urea import tender on February 7, 2026, with an intention of 1.5 million tons (700,000 tons on the east coast and 800,000 tons on the west coast). The tender was opened on February 18, with a validity period until February 28 and the latest shipping date of March 31. A total of 20 suppliers submitted bids of 3.07 million tons, with the lowest east - coast bid at CFR 512 US dollars/ton and the lowest west - coast bid at CFR 508 US dollars/ton [1][2] V. Urea Down - stream Operating Rate and Orders - As of March 2, 2026, the compound fertilizer capacity utilization rate was 33.41% (+8.91%), the melamine capacity utilization rate was 55.91% (-8.26%), and the pre - received order days of urea enterprises were 7.12 days (-2.29) [1] VI. Urea Inventory and Warehouse Receipts - As mentioned before, the total inventory of sample enterprises was 117.60 million tons (+14.56), and the port sample inventory was 17.40 million tons (+0.80). The content does not mention specific information about warehouse receipts [1]