现货价格小幅松动，复合肥开工继续回升

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On March 5, 2026, the spot price of urea slightly loosened, and the compound fertilizer production continued to pick up. The new order transactions slowed down, and some quotes slightly decreased. The supply increased as some gas - based and technical - reformed enterprises resumed production, and some off - season reserves were released in March. The demand improved as the green - returning fertilizer demand started after the Spring Festival, and the compound fertilizer production increased. However, the melamine production decreased due to some temporary shutdowns, with only rigid demand. The inventory in factories decreased, while the port inventory slightly increased. The international urea price was strong due to the Iran situation, and the domestic export quota had no new news. The report suggested continuous attention to export dynamics, off - season reserve release rhythm, and the sustainability of spot purchase sentiment [1][2] 3. Summary by Directory I. Urea Basis Structure - The report presents data on Shandong and Henan urea small - particle prices, Henan basis, urea main contract closing price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread, with data sources from Longzhong and Flush [1][5][7] II. Urea Production - It shows the urea weekly production and urea device maintenance loss volume, sourced from Longzhong [24][25] III. Urea Production Profit and Operating Rate - The report includes information on urea production cost, production profit, and capacity utilization rates of coal - based and natural - gas - based production, with data from Longzhong and Flush [22][23][30] IV. Urea Foreign Market Price and Export Profit - It provides data on urea small - particle FOB in the Baltic Sea, large - particle CFR in Southeast Asia, and the difference between them and China's FOB, as well as export profit and on - disk export profit, sourced from Longzhong [37][41][50] V. Urea Downstream Operating Rate and Orders - The report shows the capacity utilization rates of compound fertilizer and melamine, and the number of days of pending orders, with data from Longzhong [51][52] VI. Urea Inventory and Warehouse Receipts - It presents information on factory inventory, port inventory, raw material inventory of downstream urea manufacturers in Hebei, urea warehouse receipt quantity, main contract holding volume, and trading volume, with data from Longzhong and Flush [55][58][61] 4. Strategies - Unilateral: Oscillation [3] - Inter - period: Wait - and - see [3] - Inter - variety: None [3]