Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The impact of the Indian tender on market sentiment is gradually subsiding. Looking at domestic supply and demand, the supply pressure of urea remains high, with daily production close to 190,000 tons at a high level. Although the increase in enterprise inventory accumulation is not significant due to the increase in port collection, the upstream enterprise inventory is still around 780,000 tons. Domestically, agricultural demand may gradually enter the off - season. If export demand cannot be supplemented, urea prices will face significant downward pressure [1] Group 3: Summary of Relevant Catalogs 1. Urea Futures and Spot Prices - On August 8th, compared with August 7th, UR01, UR05, and UR09 futures prices decreased by -0.34%, -0.50%, and -0.52% respectively. Among domestic spot prices, the price in Henan decreased by -0.56%, while the price in Hebei (small - granular) increased by 0.57%. Prices in Shanxi, Northeast, and Jiangsu remained unchanged [1] 2. Basis and Spread - The basis of Shandong spot - UR decreased by 11 yuan/ton, and the 01 - 05 spread increased by 3 yuan/ton [1] 3. Upstream Costs and Downstream Prices - The prices of anthracite coal in Henan and Shanxi remained unchanged. The prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged. The price of melamine in Shandong increased by 0.45%, while the price in Jiangsu remained unchanged [1] 4. Important Information - On the previous trading day, the opening price of the main urea futures contract 2509 was 1738 yuan/ton, the highest price was 1748 yuan/ton, the lowest price was 1727 yuan/ton, the closing price was 1728 yuan/ton, the settlement price was 1739 yuan/ton, and the trading volume was 108,076 lots [1]

Report Industry Investment Rating - No information provided Report's Core View - India's IPL urea import tender price has jumped, exceeding market expectations, boosting the export demand of the domestic market. The urea resources have been continuously gathered at ports in the past month, and the current port inventory exceeds 500,000 tons. However, in terms of domestic supply and demand, the supply pressure of urea remains high, with the daily output close to 200,000 tons at a high level. The inventory accumulation of enterprises is not significant, mainly affected by the increase in port - gathering. The upstream enterprise inventory is still about 750,000 tons. Domestically, agricultural demand may gradually enter the off - season. If the export demand cannot be supplemented, the urea price will face significant downward pressure. (View score: 0) [1] Summary According to Relevant Catalogs 1. Price Changes - **Futures Prices**: On August 6, compared with August 5, UR01 in Shandong decreased by 15 yuan/ton (-0.84%), in Shanxi increased by 10 yuan/ton (0.61%); UR05 decreased by 8 yuan/ton (-0.44%); UR09 decreased by 22 yuan/ton (-1.24%) [1] - **Domestic Spot Prices**: In Henan (small - particle), it increased by 10 yuan/ton (0.56%); in Hebei, it increased by 30 yuan/ton (1.72%); in Northeast China, it remained unchanged; in Jiangsu, it remained unchanged [1] - **Upstream Costs**: The anthracite prices in Yunnan and Shanxi remained unchanged; the compound fertilizer (45%S) prices in Shandong and Henan remained unchanged [1] - **Downstream Prices**: The melamine price in Shandong increased by 60 yuan/ton (1.20%), and in Jiangsu, it remained unchanged [1] 2. Basis and Spread - **Basis**: The basis of Shandong spot - UR increased by 18 yuan/ton [1] - **Spread**: The spread of 01 - 05 decreased by 7 yuan/ton [1]

Report Title - Urea Industry Chain Weekly Report [1][2] Report Date - June 29, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - The loosening of export policies provides short - term support, but the high domestic inventory, scattered agricultural top - dressing, and weak industrial demand mean that the loose supply - demand situation has not been substantially reversed [5] Summary by Relevant Catalogs Fundamental and Viewpoints - Market rumors suggest that China's urea export quota has increased by about 2 million tons. The relief of international supply shortages and the boost from Indian tenders support domestic prices [4] - Shanxi enterprises plan to conduct maintenance, reducing the national daily production to 197,400 tons, a 1.2% week - on - week decrease, and inventory has decreased by 6.9% week - on - week, alleviating pressure [4] - The operating rate of compound fertilizer enterprises has dropped to a low level. The end of summer fertilizer has led to a decline in industrial demand, and end - users have strong resistance to high prices [4] - International crude oil prices have dropped by 7.2% in a week, breaking through $70 per barrel. The sentiment in the energy and chemical sector has weakened, and the weak operation of coal has weakened cost support [4] Urea Fundamental Data - Multiple data charts are presented, including China's weekly urea enterprise inventory, urea inventory in Guangdong and Guangxi, urea futures main contract positions and trading volume, urea warehouse receipt quantity and effective forecasts, market prices and basis of small - sized urea in Henan and Shandong, price differences between large and small - sized urea, seasonal price differences between different urea contracts, production costs and profits of different urea production methods, production enterprise's pending order days, capacity utilization rates of urea and compound fertilizer, compound fertilizer inventory, production costs and profits of compound fertilizer in Shandong, FOB prices of urea in the Middle East and China, spot prices of thermal coal, and thermal coal port inventory [7][10][17][28][38][43][47]