Report Industry Investment Rating - The report gives a neutral rating for urea, expecting the urea market to continue to fluctuate within a narrow range [3] Core Viewpoints - The self - regulated urea export volume is lower than market expectations. Currently in the traditional urea demand peak season, agricultural demand is gradually increasing, industrial demand is stable, and production is at a high level. With the implementation of export policies, export demand is expected to increase [1][2] Summaries by Directory 1. Urea Basis Structure - Includes figures on Shandong and Henan urea small - particle market prices, Shandong and Henan main - contract basis, urea main continuous contract price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread, with data sources from Flush and Huatai Futures Research Institute [7][8][9] 2. Urea Production - Involves figures on weekly urea production and urea plant maintenance loss volume, sourced from Flush and Huatai Futures Research Institute [18] 3. Urea Production Profit and Capacity Utilization - Covers figures on production cost, spot production profit, disk production profit, national capacity utilization, coal - based capacity utilization, and gas - based capacity utilization, with data from Flush and Huatai Futures Research Institute [17][18][21] 4. Urea FOB Prices and Export Profits - Comprises figures on urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, the difference between urea small - particle FOB in the Baltic Sea and China, the difference between urea large - particle CFR in Southeast Asia and China, urea export profit, and disk export profit, sourced from Flush and Huatai Futures Research Institute [24][26][30] 5. Urea Downstream Capacity Utilization and Orders - Contains figures on compound fertilizer capacity utilization, melamine capacity utilization, and urea enterprise advance order days, with data from Flush and Huatai Futures Research Institute [47] 6. Urea Inventory and Warehouse Receipts - Includes figures on upstream in - plant inventory, port inventory, raw material inventory days of urea downstream manufacturers in Hebei, futures warehouse receipts, main - contract open interest, and main - contract trading volume, sourced from Flush and Huatai Futures Research Institute [46][48][49]

Market Sentiment - The urea futures contract 2509 saw a significant increase of over 7% before the Labor Day holiday, boosting market sentiment [1] - Following the holiday, the contract continued its upward trend, reaching 1926 CNY/ton on May 9 [1] - The market sentiment is primarily driven by expectations of relaxed export policies, leading to a notable rise in spot prices in Henan [2] Price Movements - On the last trading day before the holiday, the main spot price in Henan was 1860 CNY/ton, up 40 CNY/ton or 2.2% from the previous day [2] - By May 7, the price further increased to 1900 CNY/ton, and on May 9, it reached 1910 CNY/ton [2] - The urea 2509 contract recorded a weekly increase of 2.05% as of May 9 [2] Supply and Demand Dynamics - Urea production capacity utilization reached 89.21% before the holiday, with a daily output of 205,700 tons [4] - Despite a slight decrease in supply post-holiday due to maintenance, the overall production remains high, with weekly output at 1.41 million tons, up 0.93 thousand tons from the end of April [4] - Agricultural demand is expected to improve, particularly in the Yellow River and Huaihai regions, with preparations for summer corn fertilizer underway [3] Cost Factors - The cost of urea is influenced by declining coal prices, which have dropped over 3% during the holiday week, leading to a decrease in production costs [5] - The high inventory levels and increased supply from coal mines are expected to keep coal prices under pressure, which may weaken support for urea prices [5] Profitability and Future Outlook - With decreasing costs, urea producers are likely to see improved profit margins, which may lead to higher operational activity and increased market supply [6] - In the short term, prices may remain stable due to positive sentiment from export policy expectations and improving demand [6] - However, in the medium to long term, high supply levels and limited demand support may restrict further price increases [6]

| | | | | 尿素早评20250512: 尿素偏强震荡 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日度 | | 单位 5月9日 5月8日 (绝对值) (相对值) | | | | 变化值 | 変化值 | | UR01 | | | 元/吨 | 1790.00 | 1786.00 | 4.00 | 0.22% | | UR05 山东 | 尿素期货价格 (收盘价) | | 元/吨 元/吨 | 1935.00 1920.00 | 1911.00 1900.00 | 24.00 20.00 | | | | | | | | | | 1.26% | | UR09 | | | 元/吨 | 1893.00 | 1882.00 | 11.00 | 0.58% 1.05% | | 期现价格 山西 河南 | | | 元/吨 元/吨 | 1890.00 1910.00 | 1850.00 1900.00 | 40.00 10.00 | 2.16% 0.53% | | 国内现货价格 | | | | | | | | | 河北 | (小顆粒) | | 元/吨 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - The previous trading day, UR showed a relatively strong oscillation and closed at 1886. Looking ahead, due to the difficulty in confirming or refuting the changes in export policies in the short - term, two possibilities are considered. If export is confirmed to be liberalized, considering the large current price difference between domestic and foreign markets and the relatively considerable export profit, the domestic urea price may rise above 2000 after the export liberalization. If export remains restricted, after several rounds of false export speculations in the past, the price increase is basically taken back in the short - term. However, considering the expected peak season in the domestic market, the decline in urea price will stimulate demand, and it is believed that there is still support at the 1700 level. Strategically, it is recommended that long - position holders can appropriately realize part of the profits, and the remaining part should continue to monitor the direction of export policies [1]. 3. Summary by Relevant Catalogs Futures and Spot Prices - **Futures Prices**: On May 8, UR01 in Shandong closed at 1786 yuan/ton, up 5 yuan from May 7; UR05 closed at 1911 yuan/ton, down 1 yuan (- 0.05%); UR09 closed at 1882 yuan/ton, down 4 yuan (- 0.21%) [1]. - **Domestic Spot Prices (Small - Granule)**: In Shanxi and Henan, the prices remained unchanged at 1850 yuan/ton and 1900 yuan/ton respectively. In Hebei, it rose to 1950 yuan/ton, up 30 yuan (1.56%); in Northeast and Jiangsu, the prices remained stable at 1900 yuan/ton and 1910 yuan/ton respectively [1]. Basis and Spread - **Basis**: The basis of Shandong spot - UR was - 11 yuan/ton on May 8, up 1 yuan from May 7. - **Spread**: The 01 - 05 spread was - 125 yuan/ton on May 8, up 6 yuan from May 7 [1]. Upstream and Downstream Prices - **Upstream Cost**: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1180 yuan/ton and 850 yuan/ton respectively. - **Downstream Prices**: The price of compound fertilizer (45%S) in Shandong remained at 2980 yuan/ton, while in Henan it dropped to 2560 yuan/ton, down 20 yuan (- 0.78%). The prices of melamine in Shandong, Jiangsu remained unchanged [1]. Important Information - On the previous trading day, the opening price of the main urea futures contract 2509 was 1875 yuan/ton, the highest price was 1890 yuan/ton, the lowest price was 1859 yuan/ton, the closing price was 1882 yuan/ton, the settlement price was 1874 yuan/ton, and the position volume was 266569 lots [1].

尿素日报 | 2025-05-08 下游刚需跟进，上游小幅去库 市场分析 尿素出口放松的消息扰动盘面。新增装置投产，淡季储备货源释放，尿素产量维持高位。部分地区返青肥结束， 农业处于空档期，而南方地区降水偏少，水稻用肥需求后延且分散，工业需求复合肥开工率大幅下降，整体需求 较为分散，下游整体接货积极性不高，订单预收情况转弱。上游库存累积，中长期来看供应压力仍维持高位。内 盘尿素价格走低，而国际尿素价格小幅走高，尿素内外盘价差走高。进出口窗口维持关闭，国内出口政策维持收 紧情况下，未来短期国内企业参与出口可能性较低，港口未有明显变化，整体港口库存偏平稳运行，出口量维持 低位，建议持续关注尿素出口相关政策。 策略 中性，预计尿素行情延续窄幅震荡为主。 风险 价格与基差：2025-05-07，尿素主力收盘1886元/吨（+5）；河南小颗粒出厂价报价：1900 元/吨（0）；山东地区小 颗粒报价：1900元/吨（+10）；江苏地区小颗粒报价：1910元/吨（+20）；小块无烟煤660元/吨（+0），山东基差： 14元/吨（+5）；河南基差：14元/吨（+5）；江苏基差：24元/吨（+15）；尿素生产利润433元/吨（ ...

商 品 研 究 2025 年 05 月 08 日 尿素：震荡有支撑 | | | 【基本面跟踪】 尿素基本面数据 | 项 | 目 | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 尿素主力 | 收盘价 | （元/吨） | 1,886 | 1,881 | 5 -25978 | | | | 结算价 | （元/吨） | 1,884 | 1,868 | 1 6 | | | | 成交量 | （手） | 379,039 | 405,017 | | | | （09合约） | 持仓量 | （手） | 256,052 | 231,434 | 24618 | | | | 仓单数量 | （吨） | 4,970 | 4,970 | 0 | | | | 成交额 | （万元） | 1,428,441 | 1,513,204 | -84764 | | | 基 差 | | 山东地区基差 | 1 4 | 9 | 5 | | | | 丰喜-盘面 | （运费约100元/吨） | -36 | -61 | 2 5 | | | | 东光 ...

尿素日报 | 2025-05-07 供应端：截至2025-05-06，企业产能利用率86.30%（0.08%）。样本企业总库存量为119.17 万吨（+12.67），港口样 本库存量为11.80 万吨（+0.10）。 需求端：截至2025-05-06，复合肥产能利用率40.60%（-2.94%）；三聚氰胺产能利用率为75.16%（+9.74%）；尿素 企业预收订单天数7.47日（+2.35）。 尿素出口放松的消息扰动盘面。新增装置投产，淡季储备货源释放，尿素产量维持高位。部分地区返青肥结束， 农业处于空档期，而南方地区降水偏少，水稻用肥需求后延且分散，工业需求复合肥开工率大幅下降，整体需求 较为分散，下游整体接货积极性不高，订单预收情况转弱。上游库存累积，中长期来看供应压力仍维持高位。内 盘尿素价格走低，而国际尿素价格小幅走高，尿素内外盘价差走高。进出口窗口维持关闭，国内出口政策维持收 紧情况下，未来短期国内企业参与出口可能性较低，港口未有明显变化，整体港口库存偏平稳运行，出口量维持 低位，建议持续关注尿素出口相关政策。 策略 中性，预计尿素行情延续窄幅震荡为主。 风险 出口扰动，尿素偏强震荡 市场分析 价格 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The lower support for urea is increasing [1] - In the short - term, before the "boots land", urea is expected to maintain a relatively strong trend, and the 9 - 1 month spread remains in a positive spread pattern [4] - This week, the inventory of urea production enterprises is expected to show a downward pattern [3] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - **Futures Market**: The closing price of the urea main contract was 1,881 yuan/ton, up 24 yuan from the previous day; the settlement price was 1,868 yuan/ton, up 23 yuan; the trading volume was 405,017 lots, a decrease of 591,451 lots; the open interest of the 09 contract was 231,434 lots, an increase of 18,240 lots; the number of warehouse receipts was 4,970 tons, an increase of 111 tons; the trading volume was 1.513204 billion yuan, a decrease of 2.164616 billion yuan. The Shandong regional basis was - 1, up 6; the Fengxi - disk basis was - 61, up 26; the Dongguang - disk basis was - 91, down 24; the UR09 - UR01 spread was 86, up 7 [2] - **Spot Market**: The factory prices of some urea manufacturers remained unchanged, while others increased. For example, the price of Shandong Ruixing increased by 70 yuan to 1,840 yuan/ton, and the price of Shanxi Fengxi increased by 50 yuan to 1,820 yuan/ton. The trading prices of traders in Shandong and Shanxi regions also increased. The operating rate was 88.34%, up 0.39 percentage points, and the daily output was 203,720 tons, an increase of 900 tons [2] 2. Industry News - As of April 30, 2025, the total inventory of Chinese urea enterprises was 1.1917 million tons, an increase of 0.1267 million tons from the previous week, a year - on - year increase of 11.90%. The industrial demand continued to weaken, agricultural fertilizer preparation was postponed, and the realization of high - price orders was slow, resulting in an increase in the inventory of some urea enterprises. However, due to the strong short - term speculation of traders, the inventory of urea production enterprises is expected to decline this week [3] - Fundamentally, the top - dressing demand in Northeast China and the summer fertilizer demand in Central China are being gradually released, and the grass - roots level is replenishing urea as a raw material for rigid demand. In addition, some off - market information has increased the short - term speculation of traders. Therefore, under the joint release of rigid demand and hoarding, the urea futures have risen sharply [4] 3. Trend Intensity - The trend intensity of urea is 1, indicating a relatively strong trend [4]

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-4-30 | | 现货行情 | | | 期货盘面 | | 库 | 存 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 地 区 | 价 格 | 变 化 | 主力合约 | 价 格 | 变 化 | 类 型 | 数 量 | 变 化 | | 现货交割品 | 1800 | 1 0 | 09合约 | 1735 | -46 | 仓 单 | 4999 | 0 | | 山东现货 | 1800 | 1 0 | 基 差 | 6 5 | 5 6 | UR综合库存 | 118 2 . | 0 0 . | | 河南现货 | 1820 | 0 | UR01 | 1712 | -30 | UR厂家库存 | 106 5 . | 0 0 . | | FOB中国 | 1948 | | UR05 | 1776 | -12 | UR港口库存 | 11 7 . | 0 0 . | | | | | UR09 | 1735 | -46 | | | | 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资 ...

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-4-28 • 主要逻辑：供应端高日产，需求边际变化 • 主要风险点：出口政策变化 | | 现货行情 | | | 期货盘面 | | 库 | 存 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 地 区 | 价 格 | 变 化 | 主力合约 | 价 格 | 变 化 | 类 型 | 数 量 | 变 化 | | 现货交割品 | 1820 | -10 | 09合约 | 1757 | - 1 | 仓 单 | 5048 | 910 | | 山东现货 | 1830 | 0 | 基 差 | 6 3 | - 9 | UR综合库存 | 118 2 . | 16 4 . | | 河南现货 | 1820 | - 1 | UR01 | 1725 | - 1 | UR厂家库存 | 106 5 . | 15 9 . | | FOB中国 | 1946 | | UR05 | 1766 | 0 | UR港口库存 | 11 7 . | 0 5 . | | | | | UR09 | 1757 | - 1 | ...