数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 增加采购，部分货源流向港口，助力工厂库存逐渐下降。UR2509合约短线建议在1840-1900区间交易。 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 尿素产业日报 2025-05-19 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1847 | -30 郑州尿素9-1价差(日,元/吨) | 76 | -13 2170 | | ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Recent domestic urea production decreased due to some plant shutdowns, but production is likely to increase in the future as three shutdown plants will resume production and no new shutdowns are planned next week [2]. - Agricultural demand is gradually rising, and port - collection demand will increase due to export news. Industrial demand is mainly for essential purchases. Northeast compound fertilizer production is ending, and enterprises are digesting inventory and entering maintenance, but compound fertilizer shipment and capacity utilization are expected to improve as summer replenishment time shortens [2]. - This week, urea enterprise inventory decreased significantly. Affected by export news, downstream purchasing enthusiasm increased, some domestic downstream industries increased procurement, and some goods flowed to ports, helping factory inventory decline. The UR2509 contract is recommended to be traded in the 1840 - 1940 range [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract was 1892 yuan/ton, up 6 yuan; the 9 - 1 spread was 93 yuan/ton, up 21 yuan; the main contract position was 245,094 lots, down 5,374 lots; the top 20 net positions were 510 lots, up 3,683 lots; and the exchange warehouse receipts were 7,352 pieces, unchanged [2]. 3.2 Spot Market - In the domestic spot market, prices in Hebei, Henan, and Anhui were unchanged, Shandong decreased by 10 yuan/ton to 1950 yuan/ton, and Jiangsu remained at 1950 yuan/ton. The main contract basis was 58 yuan/ton, down 16 yuan. FOB prices in the Baltic and Chinese main ports were unchanged at 350 and 357.5 dollars/ton respectively [2]. 3.3 Industry Situation - Port inventory was 13.3 million tons, up 1.5 million tons; enterprise inventory was 81.72 million tons, down 24.84 million tons. The urea enterprise operating rate was 87.35%, up 0.58 percentage points; daily production was 201,400 tons, up 1,300 tons. Urea exports were 0, unchanged. The monthly output was 6,087,080 tons, up 610,930 tons [2]. 3.4 Downstream Situation - The compound fertilizer operating rate was 37.9%, down 2.7 percentage points; the melamine operating rate was 75.24%, up 0.08 percentage points. The weekly profit of compound fertilizer was 304 yuan/ton, up 60 yuan; the weekly profit of melamine using externally - purchased urea was - 190 yuan/ton, up 20 yuan. The monthly output of compound fertilizer was 6.8383 million tons, up 1.5092 million tons; the weekly output of melamine was 37,370 tons, up 4,880 tons [2]. 3.5 Industry News - As of May 14, the total inventory of Chinese urea enterprises was 81.72 million tons, a 23.31% week - on - week decrease. As of May 15, the port inventory was 16.3 million tons, a 22.56% week - on - week increase. As of May 15, the output of Chinese urea production enterprises was 1.3947 million tons, a 1.09% week - on - week decrease; the weekly average daily output was 199,200 tons, a 0.22 - million - ton decrease from last week; the capacity utilization rate was 86.40%, a 0.95 - percentage - point decrease from the previous period, with the trend changing from rising to falling [2]. 3.6 Viewpoint Summary - Due to some domestic urea plants shutting down, daily production decreased. With no planned shutdowns next week and three shutdown plants resuming production, production is likely to increase. Agricultural demand is rising, and port - collection demand will increase due to export news. Industrial demand is mainly for essential purchases. Northeast compound fertilizer production is ending, but the compound fertilizer shipment and capacity utilization are expected to improve as summer replenishment time shortens. This week, the inventory of urea enterprises decreased significantly, and downstream purchasing enthusiasm increased due to export news [2]. 3.7 Suggested Attention Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [2].

尿素产业日报 2025-05-14 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1886 | -11 郑州尿素9-1价差(日,元/吨) | 72 | -27 | | | 郑州尿素主力合约持仓量(日,手) | 250468 | -24630 郑州尿素前20名净持仓 | -3173 | -12615 | | | 郑州尿素交易所仓单(日,张) | 7352 | 303 | | | | 现货市场 | 河北(日,元/吨) | 1950 | -10 河南(日,元/吨) | 1930 | 0 | | | 江苏(日,元/吨) | 1950 | 10 山东(日,元/吨) | 1960 | -20 | | | 安徽(日,元/吨) | 1940 | 0 郑州尿素主力合约基差(日,元/吨) | 74 | -9 | | | FOB波罗的海(日,美元/吨) | 350 | 0 FOB中国主港(日,美元/吨) | 357.5 | 0 | | 产业情况 | 港口库存(周 ...

回升。由于假期尿素工厂前期收单充足，而市场受出口消息的影响成交重心上移，下游提货速度有所改善 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ ，带动上周尿素企业库存减少，短期尿素企业库存或呈现稳中下降。UR2509合约短线建议在1880-1940区 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 | | | 尿素产业日报 2025-05-13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1897 | 0 郑州尿素9-1价差(日,元/吨) | 99 | 3 2939 | | | 郑州尿素主力合约持仓量(日,手) | 275098 | 8127 郑州尿素前20名净持仓 | 9442 | | | | 郑州尿素交易所仓单(日,张) | 7049 | 2149 | | | | 现货市场 | 河北(日,元/吨) | 1960 | 10 河南(日,元/吨) | 1930 | 20 | | | 江苏( ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - Agricultural demand is gradually increasing, export policies are becoming clearer, and port - collection demand will rise. Some traders have port - collection plans. Industrial demand is mainly for rigid procurement. The compound fertilizer in Northeast China is in the final stage, and enterprises are digesting inventory and entering the maintenance stage. However, as the summer replenishment time shortens, the compound fertilizer shipping atmosphere is expected to improve, and the compound fertilizer capacity utilization rate is expected to rebound. Due to sufficient pre - holiday orders at urea factories and the influence of export news on the market, the trading center has shifted upward, and the downstream提货 speed has improved, driving the reduction of urea enterprise inventory this week. Short - term urea enterprise inventory may show a stable decline. It is recommended to trade the UR2509 contract in the range of 1830 - 1900 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1882 yuan/ton, a decrease of 4 yuan/ton; the 9 - 1 spread is 96 yuan/ton, a decrease of 9 yuan/ton. The main contract's open interest is 266,569 lots, an increase of 10,517 lots; the net position of the top 20 is 5,465 lots, a decrease of 731 lots. The exchange warehouse receipts are 4,970 pieces, unchanged [3]. 3.2 Spot Market - In the domestic spot market, prices in Hebei, Henan, Jiangsu, Anhui increased by 20, 10, 20, 20 yuan/ton respectively, while that in Shandong remained unchanged. The main contract basis is 18 yuan/ton, an increase of 4 yuan/ton. FOB prices in the Baltic and Chinese main ports remained unchanged at 354 US dollars/ton and 260.5 US dollars/ton respectively [3]. 3.3 Industry Situation - Port inventory is 11.8 million tons, an increase of 0.1 million tons; enterprise inventory is 106.56 million tons, a decrease of 12.61 million tons. The urea enterprise operating rate is 86.77%, an increase of 3.16 percentage points; the daily output is 200,100 tons, an increase of 7,300 tons. The export volume is 0, unchanged. The monthly output is 6,087,080 tons, an increase of 610,930 tons [3]. 3.4 Downstream Situation - The compound fertilizer operating rate is 40.6%, a decrease of 2.94 percentage points; the melamine operating rate is 75.16%, an increase of 9.74 percentage points. The weekly profit of compound fertilizer is 254 yuan/ton, an increase of 14 yuan/ton; the weekly profit of melamine with externally - purchased urea is - 58 yuan/ton, an increase of 30 yuan/ton. The monthly output of compound fertilizer is 6.8383 million tons, an increase of 1.5092 million tons; the weekly output of melamine is 32,490 tons, a decrease of 1,070 tons [3]. 3.5 Industry News - As of May 7, the total inventory of Chinese urea enterprises was 106.56 million tons, a decrease of 12.61 million tons from last week, a year - on - year decrease of 10.58%. As of May 8, the sample inventory of Chinese urea ports was 13.3 million tons, an increase of 1.5 million tons, a year - on - year increase of 12.71%. As of May 8, the output of Chinese urea production enterprises was 1.41 million tons, an increase of 0.0093 million tons from the previous period, a year - on - year increase of 0.66%; the weekly average daily output was 201,400 tons, an increase of 0.0013 million tons from last week; the capacity utilization rate of Chinese urea production enterprises was 87.35%, an increase of 0.58 percentage points from the previous period, and the upward trend continues [3]. 3.6 Suggestions - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday. The UR2509 contract is recommended to be traded in the range of 1830 - 1900 yuan/ton [3][4].

尿素产业日报 2025-05-07 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1886 | 5 郑州尿素9-1价差(日,元/吨) | 105 | 19 | | | 郑州尿素主力合约持仓量(日,手) | 256052 | 24618 郑州尿素前20名净持仓 | 6196 | 10553 | | | 郑州尿素交易所仓单(日,张) | 4970 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1900 | 70 河南(日,元/吨) | 1890 | 30 | | | 江苏(日,元/吨) | 1890 | 30 山东(日,元/吨) | 1900 | 20 | | | 安徽(日,元/吨) | 1910 | 60 郑州尿素主力合约基差(日,元/吨) | 14 | 15 | | | FOB波罗的海(日,美元/吨) | 354 | 0 FOB中国主港(日,美元/吨) | 260.5 | 0 | | 产业情况 | 港口库存(周,万吨) | ...

尿素产业日报 2025-04-29 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1735 | -46 郑州尿素5-9价差(日,元/吨) | 41 | 34 | | | 郑州尿素主力合约持仓量(日,手) | 210028 | 4562 郑州尿素前20名净持仓 | -471 | 3789 | | | 郑州尿素交易所仓单(日,张) | 4999 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1810 | -10 河南(日,元/吨) | 1800 | 0 | | | 江苏(日,元/吨) | 1800 | -20 山东(日,元/吨) | 1810 | 10 | | | 安徽(日,元/吨) | 1810 | -10 郑州尿素主力合约基差(日,元/吨) | 75 | 56 | | | FOB波罗的海(日,美元/吨) | 350 | 0 FOB中国主港(日,美元/吨) | 267 | 0 | | 产业情况 | 港口库存(周,万吨) | 1 ...

Report Industry Investment Rating - Not provided Core View of the Report - The domestic urea market is under relatively pessimistic sentiment. The short - term compound fertilizer operating rate may continue to decline, and the melamine downstream follow - up atmosphere is not optimistic. The factory operating rate is at a low level. The domestic urea enterprise inventory continues to increase this week. It is recommended to trade the UR2509 contract in the range of 1730 - 1780 yuan/ton [2] Summary by Relevant Catalogs Futures Market - The closing price of the Zhengzhou urea main contract is 1755 yuan/ton, down 34 yuan; the 5 - 9 spread is 13 yuan/ton, down 9 yuan; the main contract position is 162305 lots, an increase of 76135 lots; the net position of the top 20 is - 4767, an increase of 2062; the exchange warehouse receipts are 4480, down 28 [2] Spot Market - In the domestic spot market, the prices in Hebei, Henan, and Shandong are down 10 yuan/ton, the price in Jiangsu remains unchanged, and the price in Anhui is down 10 yuan/ton. The main contract basis is 125 yuan/ton, up 24 yuan. The FOB prices in the Baltic and Chinese main ports remain unchanged [2] Industry Situation - The port inventory is 11.9 million tons, down 0.1 million tons; the enterprise inventory is 90.62 million tons, up 7.25 million tons. The urea enterprise operating rate is 86.4%, up 0.51%; the daily output is 194400 tons, up 1200 tons. The export volume is 0, unchanged. The monthly output is 6087080 tons, an increase of 610930 tons [2] Downstream Situation - The compound fertilizer operating rate is 48.89%, down 3.48%; the melamine operating rate is 64.63%, up 4.45%. The weekly profit of compound fertilizer is 261 yuan/ton, up 88 yuan; the weekly profit of melamine with externally - purchased urea is - 39 yuan/ton. The monthly output of compound fertilizer is 683.83 million tons, an increase of 150.92 million tons; the weekly output of melamine is 32100 tons, an increase of 2210 tons [2] Industry News - As of April 16, the total inventory of Chinese urea enterprises is 90.62 million tons, an increase of 7.25 million tons from last week, a month - on - month increase of 8.70%. As of April 17, the sample inventory of Chinese urea ports is 11.2 million tons, a month - on - month decrease of 0.7 million tons, a month - on - month decline of - 5.88%. As of April 17, the output of Chinese urea production enterprises is 135.03 million tons, a decrease of 1.04 million tons from the previous period, a month - on - month decline of - 0.76% [2]

尿素产业日报 2025-04-15 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 上周国内尿素企业库存呈现增加，市场情绪受挫，下游补仓放缓，尿素流向减少，企业库存随之增加。关 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 税政策引发的利空逐步消化，UR2505合约短线关注1800附近支撑力度，建议暂以观望为主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 | 项目类别 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 郑州尿素主力合约收盘价(日,元/吨) 期货市场 | 1802 | -14 郑州尿素5-9 ...