光大期货煤化工商品日报-20260313

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Urea futures prices were firm and volatile on Thursday, with the main 05 contract closing at 1,875 yuan/ton, up 0.81%. The spot market was mostly stable, with prices in some regions slightly up. The supply was high and overall sufficient, and the demand was positive but showed regional differences. The futures price was short - term bullish due to external factors, but the upside was limited, and over - bullish views were not recommended [1] - Soda ash futures prices were bullish on Thursday, with the main 05 contract closing at 1,256 yuan/ton, up 1.05%. The spot price was mostly stable, and the supply and demand changed little. The futures price was short - term firm due to global situation disturbances, but the upside was limited [1] - Glass futures prices were bullish and volatile on Thursday, with the main 05 contract closing at 1,113 yuan/ton, up 1.83%. The spot market was bullish. The supply was stable, and the spot sales rate was high. The futures price would remain bullish in the short - term, but the volatility would increase [1] Summary by Directory Research Views - Urea: The futures price was firm and volatile. The supply was at a high level with daily output of 21.78 tons, down 0.04 tons. The demand was positive but regionally different. The futures was short - term bullish due to external factors, but the upside was limited [1] - Soda Ash: The futures price was bullish, first rising then falling. The supply and demand changed little, and the cost support was strengthened. The futures was short - term firm but the upside was limited [1] - Glass: The futures price was bullish and volatile. The supply was stable, and the spot sales rate was high. The futures would remain bullish in the short - term, but the volatility would increase [1] Market Information - Urea: On March 12, the futures warehouse receipts were 6,380, up 947; the daily output was 21.78 tons, down 0.04 tons from the previous day and up 2.61 tons from the same period last year; the industry operating rate was 92.46%, up 7.26 percentage points from the same period last year. Some regional spot prices were stable, and some increased. The enterprise inventory on March 11 was 95.76 tons, down 14.05 tons week - on - week [4][5][6] - Soda Ash & Glass: On March 12, the soda ash futures warehouse receipts remained unchanged at 2,497, with 879 valid forecasts; the glass futures warehouse receipts were 770, down 5. The soda ash output in the week ending March 12 was 80.92 tons, up 0.22 tons week - on - week; the industry capacity utilization rate was 87%, up 0.23 percentage points. The soda ash factory inventory on March 12 was 193.17 tons, up 0.90 tons from Monday and down 1.55 tons from last Thursday. The floating glass market average price on March 12 was 1,157 yuan/ton, up 6 yuan/ton day - on - day; the daily output was 14.69 tons, unchanged day - on - day. The floating glass enterprise inventory on March 12 was 7,584.9 million weight boxes, down 378.8 million weight boxes week - on - week [8][9] Chart Analysis - The content includes multiple charts such as the closing price, basis, trading volume and open interest, and price spread of urea and soda ash futures, and the price trend charts of urea and soda ash spot, as well as the price spread charts of urea - methanol and glass - soda ash futures [11][13][15][19][20][22] Research Team Introduction - The resource product research team includes Zhang Xiaojin, the research director focusing on the sugar industry; Zhang Linglu, responsible for research on futures varieties such as urea, soda ash, and glass; and Sun Chengzhen, engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys [26]