| 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) | 1817 | 63 郑州尿素9-1价差(日,元/吨) | -34 | -11 | | | 郑州尿素主力合约持仓量(日,手) | 213033 | 29238 郑州尿素前20名净持仓 | -31466 | -7339 | | | 郑州尿素交易所仓单(日,张) | 3573 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1740 | 10 河南(日,元/吨) | 1730 | 10 | | | 江苏(日,元/吨) | 1740 | 30 山东(日,元/吨) | 1730 | 0 | | | 安徽(日,元/吨) | 1750 | 10 郑州尿素主力合约基差(日,元/吨) | -87 | -63 | | | FOB波罗的海(日,美元/吨) | 450 | 0 FOB中国主港(日,美元/吨) | 450 | 0 | | 产业情况 | 港口库存(周,万吨) | 46.4 | -1.9 企业库 ...

1. Report Industry Investment Rating - No relevant information provided 2. Report's Core View - The domestic agricultural demand for urea is in a seasonal off - season with only sporadic local demand. The compound fertilizer industrial demand makes appropriate low - price purchases during the autumn fertilizer production stage, but the increase in the compound fertilizer enterprise's operating rate is slow, resulting in limited rigid demand for urea. The domestic demand progresses slowly, and the downstream factories mainly make small - quantity low - price purchases. Although some export - oriented enterprises can balance production and sales, some enterprises are affected by the weakening domestic demand. The inventory of domestic urea enterprises continues to increase, and it is expected to keep rising in the short term. The short - term trading range for the UR2601 contract is recommended to be between 1740 - 1800 [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1754 yuan/ton, with a week - on - week increase of 17; the 9 - 1 spread is - 23 yuan/ton, down 7 week - on - week. The main contract's open interest is 183,795 lots, an increase of 1,188; the net position of the top 20 is - 24,127, a decrease of 2,210. The exchange warehouse receipts are 3,573, unchanged week - on - week [3] 3.2 Spot Market - In the domestic spot market, the price in Hebei is 1730 yuan/ton, down 10; in Henan it is 1720 yuan/ton, down 20; in Jiangsu it is 1710 yuan/ton, down 20; in Shandong it is 1730 yuan/ton, up 30; in Anhui it is 1740 yuan/ton, unchanged. The FOB price in the Baltic is 450 US dollars/ton, down 5; the FOB price at the main Chinese port is 450 US dollars/ton, down 10. The basis of the Zhengzhou urea main contract is - 24 yuan/ton, up 13 [3] 3.3 Industry Situation - The port inventory is 46.4 tons, a decrease of 1.9 tons week - on - week; the enterprise inventory is 95.74 tons, an increase of 6.98 tons week - on - week. The urea enterprise operating rate is 83.22%, up 1.24%; the daily urea output is 192,700 tons, an increase of 2,900 tons. The urea export volume is 57 tons, an increase of 50 tons; the monthly urea output is 6,052,080 tons, an increase of 20,740 tons [3] 3.4 Downstream Situation - The compound fertilizer operating rate is 43.48%, up 1.98%; the melamine operating rate is 49.82%, down 11.28%. The weekly profit of compound fertilizer in China is 116 yuan/ton, up 18; the weekly profit of melamine with externally - purchased urea is - 78 yuan/ton, up 266. The monthly output of compound fertilizer is 422.12 tons, an increase of 5.3 tons; the weekly output of melamine is 24,800 tons, a decrease of 5,500 tons [3] 3.5 Industry News - As of August 13, the total inventory of Chinese urea enterprises was 95.74 tons, an increase of 6.98 tons week - on - week, a 7.86% increase. As of August 14, the sample inventory of Chinese urea ports was 46.4 tons, a decrease of 1.9 tons week - on - week, a 3.93% decrease. As of August 14, the output of Chinese urea production enterprises was 134.86 tons, an increase of 2.01 tons week - on - week, a 1.51% increase; the capacity utilization rate was 83.22%, up 1.24%, with the trend turning from decline to increase. Recently, some plants have restarted, and the domestic daily urea output has increased slightly. This week, 1 - 2 enterprises are planned to stop production, and 3 - 5 stopped enterprises will resume production. Considering short - term enterprise failures, the probability of output increase is high [3]

| 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) | 1726 | -31 郑州尿素9-1价差(日,元/吨) | -11 | 10 360 | | | 郑州尿素主力合约持仓量(日,手) | 174742 | 99834 郑州尿素前20名净持仓 | -24077 | | | | 郑州尿素交易所仓单(日,张) | 3823 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1750 | 0 河南(日,元/吨) | 1740 | 10 | | | 江苏(日,元/吨) | 1730 | 0 山东(日,元/吨) | 1720 | -10 | | | 安徽(日,元/吨) | 1740 | 0 郑州尿素主力合约基差(日,元/吨) | -6 | -10 | | | FOB波罗的海(日,美元/吨) | 455 | 0 FOB中国主港(日,美元/吨) | 460 | 0 | | 产业情况 | 港口库存(周,万吨) | 48.3 | -1 企业库存(周,万吨 ...

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - Domestic agricultural demand for urea is in a seasonal off - peak, and demand continues to weaken. Although it's entering the autumn fertilizer production stage, the increase in the compound fertilizer industry's demand for urea is slow, and downstream factories mainly make small - quantity purchases at low prices. - The export of urea fails to meet expectations, new orders for factories slow down, and the inventory of domestic urea enterprises still has a tendency to accumulate in the short term. - It is recommended to trade the UR2509 contract in the range of 1680 - 1760 yuan/ton [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1733 yuan/ton, up 24 yuan; the 9 - 1 spread is - 21 yuan/ton, up 12 yuan. - The main contract's open interest is 142,211 lots, down 489 lots; the net position of the top 20 is - 21,151 lots, down 3849 lots. - The exchange warehouse receipts are 3373 lots, unchanged [2]. 3.2现货市场 - In the domestic spot market, prices in Hebei remain unchanged at 1750 yuan/ton, in Henan and Jiangsu are down 10 yuan/ton to 1770 yuan/ton, in Shandong remain unchanged at 1760 yuan/ton, and in Anhui are down 10 yuan/ton to 1780 yuan/ton. - The main contract basis is 27 yuan/ton, down 24 yuan. - FOB Baltic is 435 dollars/ton, up 5 dollars; FOB China's main port is 410 dollars/ton, down 15 dollars [2]. 3.3 Industry Situation - Port inventory is 49.3 million tons, down 5 million tons; enterprise inventory is 91.73 million tons, up 5.85 million tons. - The urea enterprise operating rate is 83.6%, up 0.01%; the daily output is 193,500 tons, unchanged. - The urea export volume is 7 million tons, up 7 million tons; the monthly output is 6,031,340 tons, down 261,890 tons [2]. 3.4下游情况 - The compound fertilizer operating rate is 38.68%, up 5.1%; the melamine operating rate is 63.5%, down 1.7%. - The weekly profit of compound fertilizer is 101 yuan/ton, down 3 yuan; the weekly profit of melamine with purchased urea is - 395 yuan/ton, up 104 yuan. - The monthly output of compound fertilizer is 4.1682 million tons, down 0.6408 million tons; the weekly output of melamine is 31,500 tons, down 900 tons [2]. 3.5 Industry News - As of July 30, the total inventory of Chinese urea enterprises was 91.73 million tons, up 5.85 million tons from last week, a 6.81% increase. - As of July 31, the sample inventory of Chinese urea ports was 49.3 million tons, down 5 million tons from last week, a 9.21% decrease. - As of July 31, the output of Chinese urea production enterprises was 1.3548 million tons, up 0.01 million tons from the previous period, a 0.01% increase; the capacity utilization rate was 83.60%, up 0.01% from the previous period [2].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - Domestic urea demand is weak, export docking falls short of expectations, new orders at factories slow down, and shipping directions decrease. Despite appropriate restocking by compound fertilizer companies, it provides limited support, and there is still a trend of inventory accumulation in the short - term for urea enterprises. The short - term trading range for the UR2509 contract is recommended to be between 1730 - 1800 [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the Zhengzhou urea main contract is 1742 yuan/ton, down 2 yuan; the 9 - 1 spread is - 28 yuan/ton, down 2 yuan; the main contract's open interest is 147157 lots, down 5823 lots; the net position of the top 20 is - 22228 lots, up 3865 lots; and the exchange warehouse receipts are 2900 lots, unchanged [2] 现货市场 - In the spot market, prices in Hebei, Henan, Jiangsu, and Anhui decreased by 10 - 20 yuan/ton, while the price in Shandong increased by 10 yuan/ton. The FOB prices in the Baltic and Chinese main ports remained unchanged. The basis of the Zhengzhou urea main contract is 28 yuan/ton, up 12 yuan [2] Industry Situation - Port inventory is 54.3 million tons, up 0.2 million tons; enterprise inventory is 85.88 million tons, down 3.67 million tons. The urea enterprise operating rate is 83.59%, down 0.87%; the daily urea output is 193500 tons, down 2000 tons. The urea export volume is 7 million tons, up 7 million tons; the monthly urea output is 6031340 tons, down 261890 tons [2] 下游情况 - The compound fertilizer operating rate is 33.58%, up 1.03%; the melamine operating rate is 65.2%, up 0.96%. The weekly profit of compound fertilizer is 104 yuan/ton, up 13 yuan; the weekly profit of melamine with externally purchased urea is - 499 yuan/ton, down 9 yuan. The monthly compound fertilizer output is 416.82 million tons, down 64.08 million tons; the weekly melamine output is 32400 tons, up 500 tons [2] Industry News - As of July 30, the total inventory of Chinese urea enterprises is 91.73 million tons, up 5.85 million tons from last week, a 6.81% increase. As of July 24, the port sample inventory is 54.3 million tons, up 0.2 million tons, a 0.37% increase. As of July 24, the production of Chinese urea enterprises is 135.47 million tons, down 1.40 million tons, a 1.02% decrease, and the capacity utilization rate is 83.59%, down 0.87% [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Considering short - term enterprise malfunctions, the probability of a decrease in urea production is high. Domestic agricultural demand is advancing slowly, with only limited local agricultural top - dressing demand and weak rigid support. As the autumn fertilizer production stage is approaching, the industrial demand for compound fertilizers leads to appropriate low - price purchases, and the operating rate of compound fertilizer enterprises is rising steadily. However, due to the high - temperature and high - humidity weather, some production is still restricted. Recently, domestic urea demand is weak, and the overall order - taking and shipment of urea factories have slowed down. Although the inventory of domestic urea enterprises continues to decline but at a narrowing rate due to some goods being in the process of export collection, short - term collection is still ongoing, and some enterprise overhauls will reduce the inventory level to a certain extent, but weak domestic demand will affect the overall inventory reduction amplitude. It is recommended to trade the UR2509 contract in the range of 1730 - 1800 [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1744 yuan/ton, up 6 yuan; the 9 - 1 spread is - 26 yuan/ton, down 6 yuan; the position of the main contract is 152,980 lots, down 144 lots; the net position of the top 20 is - 26,093 lots, down 5234 lots; the exchange warehouse receipts are 2900 sheets, unchanged [3] 3.2 Spot Market - In the domestic spot market, prices in Hebei, Henan, Shandong, and Anhui have decreased, with Hebei, Henan, and Shandong down 20 yuan/ton, and Anhui down 30 yuan/ton. The price in Jiangsu is down 10 yuan/ton. The FOB prices in the Baltic and Chinese main ports remain unchanged at 430 US dollars/ton and 425 US dollars/ton respectively. The basis of the Zhengzhou urea main contract is 16 yuan/ton, down 26 yuan [3] 3.3 Industry Situation - The port inventory is 54.3 million tons, up 0.2 million tons; the enterprise inventory is 85.88 million tons, down 3.67 million tons. The operating rate of urea enterprises is 83.59%, down 0.87%; the daily urea output is 193,500 tons, down 2000 tons. The urea export volume is 7 million tons, up 7 million tons; the monthly output of urea is 6,031,340 tons, down 261,890 tons [3] 3.4 Downstream Situation - The operating rate of compound fertilizers is 33.58%, up 1.03%; the operating rate of melamine is 65.2%, up 0.96%. The weekly profit of compound fertilizers in China is 104 yuan/ton, up 13 yuan; the weekly profit of melamine with externally purchased urea is - 499 yuan/ton, down 9 yuan. The monthly output of compound fertilizers is 4.1682 billion tons, down 0.6408 billion tons; the weekly output of melamine is 32,400 tons, up 500 tons [3] 3.5 Industry News - As of July 23, the total inventory of Chinese urea enterprises was 85.88 million tons, a week - on - week decrease of 3.67 million tons, or 4.10%. As of July 24, the sample inventory of Chinese urea ports was 54.3 million tons, a week - on - week increase of 0.2 million tons, or 0.37%. As of July 24, the output of Chinese urea production enterprises was 1.3547 billion tons, a decrease of 0.014 billion tons from the previous period, or 1.02%, and the capacity utilization rate was 83.59%, a decrease of 0.87% from the previous period [3] 3.6 Suggestions for Attention - Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [3]

速度或减弱。UR2509合约短线建议在1740-1800区间交易。 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。 | 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) | 1770 | 7 郑州尿素9-1价差(日,元/吨) | 34 | -6 | | | 郑州尿素主力合约持仓量(日,手) | 211186 | -3200 郑州尿素前20名净持仓 | -22356 | -212 | | | 郑州尿素交易所仓单(日,张) | 2245 | -362 | | | | 现货市场 | 河北(日,元 ...

| 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) | 1748 | 13 郑州尿素9-1价差(日,元/吨) | 36 | 3 | | | 郑州尿素主力合约持仓量(日,手) | 213258 | 2436 郑州尿素前20名净持仓 | -22993 | -991 | | | 郑州尿素交易所仓单(日,张) | 1277 | 777 | | | | 现货市场 | 河北(日,元/吨) | 1790 | 10 河南(日,元/吨) | 1810 | 10 | | | 江苏(日,元/吨) | 1820 | 10 山东(日,元/吨) | 1820 | 10 | | | 安徽(日,元/吨) | 1830 | 10 郑州尿素主力合约基差(日,元/吨) | 72 | -3 | | | FOB波罗的海(日,美元/吨) | 395 | -30 FOB中国主港(日,美元/吨) | 382.5 | -22.5 | | 产业情况 | 港口库存(周,万吨) | 44 | 5.9 企业 ...

免责声明 尿素产业日报 2025-06-30 | 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) | 1712 | -5 郑州尿素9-1价差(日,元/吨) | 30 | -3 | | | 郑州尿素主力合约持仓量(日,手) | 223700 | 1164 郑州尿素前20名净持仓 | -20860 | -9903 | | | 郑州尿素交易所仓单(日,张) | 500 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1800 | 0 河南(日,元/吨) | 1800 | 0 | | | 江苏(日,元/吨) | 1820 | 10 山东(日,元/吨) | 1800 | -10 | | | 安徽(日,元/吨) | 1810 | 0 郑州尿素主力合约基差(日,元/吨) | 88 | -5 | | | FOB波罗的海(日,美元/吨) | 425 | 50 FOB中国主港(日,美元/吨) | 405 | 32.5 | | 产业情况 | 港口库存(周,万 ...

集港，叠加农业需求推进，尿素去库幅度或增大。UR2509合约短线建议在1670-1760区间交易。 尿素产业日报 2025-06-24 | 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) | 1698 | -13 郑州尿素9-1价差(日,元/吨) | 31 | 6 | | | 郑州尿素主力合约持仓量(日,手) | 247071 | 13911 郑州尿素前20名净持仓 | -12491 | -7863 | | | 郑州尿素交易所仓单(日,张) | 0 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1800 | -10 河南(日,元/吨) | 1760 | -60 | | | 江苏(日,元/吨) | 1770 | -60 山东(日,元/吨) | 1750 | 0 | | | 安徽(日,元/吨) | 1810 | -20 郑州尿素主力合约基差(日,元/吨) | 52 | 13 | | | FOB波罗的海(日,美元/吨) | 375 | 0 ...