Report Investment Rating - Unilateral: Neutral; Inter - period: After the export window period, go short on the 01 - 05 spread when it is high; Inter - variety: None [3] Core View - Recent export expectations have boosted the urea futures market, making it fluctuate on the strong side, and the spot price has followed suit. However, the new order transaction is average. There is still a large export space in July, and the subsequent implementation needs attention. The downstream agricultural demand is in the off - season, and the industrial demand is weak. Although some enterprises are under maintenance, with new capacity coming on - stream, the future urea supply - demand remains loose if the export does not exceed the 2023 level. The coal - based urea profit is okay, and the cost support is average. The Indian tender will affect the international market, and the export dynamics should be continuously monitored [2] Summary by Directory 1. Urea Basis Structure - As of August 22, 2025, the urea main contract closed at 1764 yuan/ton (-12). The small - particle ex - factory prices in Henan, Shandong, and Jiangsu were 1760 yuan/ton (0), 1760 yuan/ton (-10), and 1760 yuan/ton (-20) respectively. The Shandong basis was - 4 yuan/ton (+2), the Henan basis was - 4 yuan/ton (-8), and the Jiangsu basis was - 4 yuan/ton (-8) [1] 2. Urea Output - As of August 22, 2025, the enterprise capacity utilization rate was 83.98% (0.08%). Although Jiujiang Xinlianxin (520,000 - ton capacity) and Xinjiang Yihua (600,000 - ton capacity) started maintenance on August 20 for over 20 days, new capacity is being released [1][2] 3. Urea Production Profit and Operating Rate - As of August 22, 2025, the urea production profit was 230 yuan/ton (-10), and the enterprise capacity utilization rate was 83.98% (0.08%) [1] 4. Urea FOB Price and Export Profit - As of August 22, 2025, the export profit was 1249 yuan/ton (-42). In July, 570,000 tons of urea were exported, and there is still large export space. The Indian NFL issued a urea import tender, which will affect the international market [1][2] 5. Urea Downstream Operating Rate and Orders - As of August 22, 2025, the compound fertilizer capacity utilization rate was 40.84% (-2.64%); the melamine capacity utilization rate was 46.60% (-3.22%); the urea enterprise advance order days were 6.06 days (-0.23). The downstream industrial demand is weak due to the military parade [1][2] 6. Urea Inventory and Warehouse Receipts - As of August 22, 2025, the sample enterprise total inventory was 1.0239 million tons (+66,500), and the port sample inventory was 501,000 tons (+37,000). The upstream inventory is still relatively high year - on - year [1][2]

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The urea futures market has been falling for two consecutive days due to uncertainties in exports and real domestic supply - demand pressures. With agricultural demand in the off - season and domestic supply at a high level (daily production of about 190,000 tons and upstream inventory of about 860,000 tons), exports can help relieve the high - supply pressure. However, short - term excessive price increases should be guarded against as it may go against the policy of ensuring supply and stabilizing prices. It is recommended to focus on long - position opportunities after price corrections. (View score: 0) [1] 3) Summary by Related Catalogs Urea Futures and Spot Prices - Urea futures prices on August 21st: UR01 was 1764 yuan/ton (-12 yuan or -0.56% compared to August 20th), UR09 was 1737 yuan/ton (-14 yuan or -0.80%), UR05 was 1797 yuan/ton (-13 yuan or -0.72%). Spot prices in some regions also declined, e.g., in Henan and Jiangsu, it dropped by 20 yuan/ton or -1.12%. [1] Key Information on Trading - On the previous trading day, the opening price of the main urea futures contract 2601 was 1790 yuan/ton, the highest was 1794 yuan/ton, the lowest was 1762 yuan/ton, the closing price was 1764 yuan/ton, and the settlement price was 1773 yuan/ton. The 2601 position was 205,717 lots. [1] Upstream and Downstream Prices - Upstream coal prices in Henan and Shanxi remained unchanged at 1000 yuan/ton and 900 yuan/ton respectively. Downstream, the price of compound fertilizer (45%S) in Shandong and Henan was stable at 2950 yuan/ton and 2550 yuan/ton respectively. The price of melamine in Shandong was unchanged at 5250 yuan/ton, while in Jiangsu it increased by 200 yuan/ton to 5300 yuan/ton (3.92% increase). [1] Trading Strategy - It is recommended to pay attention to long - position opportunities after price corrections. [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The urea market is currently in a state of overall supply exceeding demand in China, with the export policy not being relaxed beyond expectations. The main contract of urea is expected to fluctuate today, as the international urea price is relatively strong, and the domestic market shows a clear oversupply situation [4]. 3. Summary by Relevant Catalogs Urea Overview - **Fundamentals**: The urea futures market has been fluctuating recently. After the "anti - involution" sentiment cooled down, the market returned to fundamentals. On the 19th, rumors of increased urea exports to India during the China - India foreign ministers' meeting led to a rise in futures prices. Currently, the daily production and operating rate are still at relatively high levels, and the overall inventory is high. In terms of demand, the operating rates of compound fertilizers and melamine in industrial demand are both low, and agricultural demand is weak. The overall supply of urea in China still significantly exceeds demand, and although the export profit has declined, it remains strong, while the export policy has not been relaxed beyond expectations. The spot price of the delivery product is 1820 (-30), and the overall fundamentals are neutral [4]. - **Basis**: The basis of the UR2601 contract is 56, with a premium - discount ratio of 3.1%, indicating a bullish signal [4]. - **Inventory**: The comprehensive UR inventory is 1.457 million tons (-0.2), suggesting a bearish signal [4]. - **Disk**: The 20 - day moving average of the main UR contract is flat, and the closing price is above the 20 - day line, showing a bullish signal [4]. - **Main Position**: The net position of the main UR contract is short, and the short position is decreasing, indicating a bearish signal [4]. - **Expectation**: The main contract of urea is expected to fluctuate today. The international urea price is strong, the export policy has not been relaxed beyond expectations, and the overall supply in the domestic market still significantly exceeds demand [4]. - **Leverage Factors**: The bullish factor is the strong international price, while the bearish factors are the high operating rate and daily production, and the weak domestic demand. The main logic lies in the marginal changes in international prices and domestic demand [5]. Spot and Futures Market - **Spot**: The spot price of the delivery product is 1820 (-30), the Shandong spot price is 1820 (-40), the Henan spot price is 1840 (0), and the FOB China price is 2942 [6]. - **Futures**: The price of the UR01 contract is 1764 (-12), the UR05 contract is 1797 (-13), and the UR09 contract is 1737 (-14). The basis of the UR2601 contract is 56 (-18), with a premium - discount ratio of 3.1% [4][6]. Inventory The UR comprehensive inventory is 1.457 million tons (-0.2), including 0.968 million tons in factory inventory and 0.489 million tons in port inventory. The number of warehouse receipts is 3573 (0) [4][6]. Supply - Demand Balance Sheet - From 2018 to 2025E, the urea production capacity has been increasing, with capacity growth rates of 8.9% in 2019, 15.5% in 2020, 11.4% in 2021, 8.4% in 2022, 14.1% in 2023, and 11.0% in 2025E. - Production has also generally increased, and the apparent consumption has shown an upward trend. The import dependence has gradually decreased over the years [10].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: After the export window period, conduct a reverse spread for the 01 - 05 contract when the price is high; Inter - variety: None [3] Core Viewpoints - Recent market export expectations have boosted the urea futures to fluctuate strongly, and the spot price has been adjusted upwards, but the new order trading volume is average. Urea exports in July were 570,000 tons, with a large export space compared to the previously recognized export quota. The downstream agricultural demand is in the off - season, and the industrial demand is weak. The urea production is at a high level, and the upstream inventory is still relatively high year - on - year. Future urea supply and demand may remain loose. The profit of coal - based urea is acceptable, and the cost support is average. The Indian tender will boost the international urea market, and the export dynamics need continuous attention [2] Summary by Directory Urea Basis Structure - The figures include Shandong urea small - particle market price, Henan urea small - particle market price, Shandong main - continuous basis, Henan main - continuous 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] Urea Production - The figures include urea weekly production and urea plant maintenance loss volume, with data sources from Flush and Huatai Futures Research Institute [16] Urea Production Profit and Operating Rate - The figures include production cost, spot production profit, disk production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate, with data sources from Flush and Huatai Futures Research Institute [16][18][20] Urea FOB Price and Export Profit - The figures include 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, price differences, urea export profit, and disk export profit, with data sources from Flush and Huatai Futures Research Institute [21][23][27] Urea Downstream Operating Rate and Orders - The figures include compound fertilizer operating rate, melamine operating rate, and pending order days, with data sources from Flush and Huatai Futures Research Institute [39][40][41] Urea Inventory and Warehouse Receipts - The figures include upstream in - factory inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main contract holding volume, and main contract trading volume, with data sources from Flush and Huatai Futures Research Institute [44][47][49]

Report Industry Investment Rating - Unilateral: Neutral; Inter - term: After the export window period, conduct a reverse spread on 01 - 05 at high levels; Inter - variety: None [3] Core View - Recent market export expectations have been boosted, driving up urea futures. Although there is still significant export space in July, the subsequent domestic demand drive is weak. With high - level urea production and high upstream inventory, future urea supply and demand may remain loose if exports do not exceed last year's total. The cost - side support is average, and the port inventory fluctuates slightly. Attention should be paid to the follow - up export implementation and dynamic changes [2] Summary by Catalog 1. Urea Basis Structure - On August 19, 2025, the urea main contract closed at 1817 yuan/ton (+63). The ex - factory price of small - sized urea in Henan was 1740 yuan/ton (0), in Shandong was 1730 yuan/ton (+0), and in Jiangsu was 1740 yuan/ton (+0). The Shandong basis was - 87 yuan/ton (-63), the Henan basis was - 77 yuan/ton (-63), and the Jiangsu basis was - 77 yuan/ton (-63) [1] 2. Urea Production - As of August 19, 2025, the enterprise capacity utilization rate was 83.21% (0.08%). Jiujiang Xinlianxin (capacity of 520,000 tons) and Xinjiang Yihua (capacity of 600,000 tons) are expected to stop for maintenance for more than 20 days on August 20 [1][2] 3. Urea Production Profit and Operating Rate - As of August 19, 2025, the urea production profit was 200 yuan/ton (+0). The coal - based urea profit is acceptable, and the cost - side support is average [1][2] 4. Urea FOB Price and Export Profit - As of August 19, 2025, the urea export profit was 1290 yuan/ton (-32). India's NFL has issued a urea import tender, which will boost the international urea market. August is the export window period, and urea exports continue [1][2] 5. Urea Downstream Operating Rate and Orders - As of August 19, 2025, the compound fertilizer capacity utilization rate was 43.48% (+1.98%); the melamine capacity utilization rate was 49.82% (-11.28%); the urea enterprise's advance order days were 6.29 days (-0.24). The downstream industrial demand is weak, and the compound fertilizer factory mainly conducts rigid procurement [1][2] 6. Urea Inventory and Warehouse Receipts - As of August 19, 2025, the total inventory of sample enterprises was 957,400 tons (+69,800), and the port sample inventory was 464,000 tons (-19,000). The port inventory fluctuates slightly [1][2]

Core Viewpoint - The article discusses the potential for China's urea exports to India, driven by rising international urea prices and India's increasing import demand due to insufficient domestic production [6][12]. Group 1: Export Quantity Growth - Urea export quantity surged to 570,000 tons in July 2025, marking a significant increase and reaching a recent monthly high [7]. - Despite the growth in export numbers, China's direct urea exports to India remain restricted, limiting the overall impact on export demand [7]. Group 2: India's Rigid Urea Demand - Recent bidding prices in India have escalated from approximately $350 per ton at the end of 2024 to nearly $530 per ton, indicating a potential profit margin exceeding 100% for Chinese urea exports [8]. - India's urea production has declined from 2.497 million tons in March 2025 to around 2.2 million tons in April-May 2025, while import demand is expected to rise by 2-3 million tons throughout the year [12]. Group 3: Cost Support for Urea Production - The production profit for gas-based urea has turned negative, while coal-based urea production remains profitable [18]. - The potential for easing export restrictions could provide support for gas-based urea prices, given the current high export profits [18].

Report Overview - The report focuses on the urea market, analyzing the reasons for the rapid increase in urea futures prices and providing trading suggestions [3] Key Points Market Performance - As of the mid - session on August 19, 2025, the main urea futures rose rapidly, with a gain of more than 3% [3] Influencing Factors - According to the latest market news, China is preparing to supply fertilizers, rare - earth materials, and tunnel excavators to India [3] - A new round of Indian tenders requires 1 million tons each for the east and west coasts, and the time is tight, approaching China's export window period on October 15. China exported 570,000 tons of urea in July, with a cumulative export of 640,000 tons from January to July. The second - batch export quota is 1.5 million tons. It is expected that the export volume will be high from July to August, and the concentrated export will occur from August to September [3] Operational Suggestions - In the short term, the domestic supply - demand fundamentals provide limited support. The new round of Indian tenders guides the sentiment of the spot market. The spot trading in the mainstream areas improved yesterday. The short - term price rebounds from the bottom. For unilateral trading, be cautious about chasing up. Hold the previous long positions, and for those not yet entered the market, wait for the price to pull back and then layout long positions for distant contracts [3]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: After the export window period, conduct a reverse spread on 01 - 05 when the price is high; Inter - variety: None [3] Core Viewpoints - Market sentiment has improved, and the spot price has stabilized due to the release of the Indian tender and export news. However, the subsequent domestic demand drive is not obvious, and attention should be paid to the dynamic changes in exports. There is still a large export space for urea in July, and the subsequent implementation needs to be monitored. The downstream agricultural demand is in the off - season, and the industrial demand is weak. The urea production is at a high level, and the future supply - demand is still relatively loose. The profit of coal - based urea is acceptable, and the cost - side support is average. The Indian tender and demand will boost the international urea market. [2] Summary by Directory 1. Urea Basis Structure - On August 18, 2025, the closing price of the urea main contract was 1754 yuan/ton (+17). The ex - factory price of small - sized urea in Henan was 1740 yuan/ton (0), in Shandong was 1730 yuan/ton (+30), and in Jiangsu was 1740 yuan/ton (+30). The basis in Shandong was - 24 yuan/ton (+13), in Henan was - 14 yuan/ton (+3), and in Jiangsu was - 14 yuan/ton (+13) [1] 2. Urea Production - As of August 18, 2025, the enterprise capacity utilization rate was 83.21% (0.08%). The total inventory of sample enterprises was 95.74 million tons (+6.98), and the port sample inventory was 46.40 million tons (-1.90). Jiujiang Xinlianxin (capacity of 52 million tons) and Xinjiang Yihua (capacity of 60 million tons) are expected to stop for maintenance for more than 20 days on August 20, but with the release of new production capacity, the future urea supply - demand remains relatively loose [1][2] 3. Urea Production Profit and Operating Rate - As of August 18, 2025, the urea production profit was 200 yuan/ton (+30), and the export profit was 1321 yuan/ton (-49). The coal - based urea profit is acceptable, and the cost - side support is average [1][2] 4. Urea FOB Price and Export Profit - Urea exports continued in August, and the port inventory fluctuated slightly. India's NFL issued a urea import tender, which will boost the international urea market. The urea export in July was 57 million tons, and there is still a large export space compared with the previously recognized export quota [2] 5. Urea Downstream Operating Rate and Orders - As of August 18, 2025, the capacity utilization rate of compound fertilizers was 43.48% (+1.98%); the capacity utilization rate of melamine was 49.82% (-11.28%); the pre - received order days of urea enterprises were 6.29 days (-0.24). The downstream industrial demand is affected by the parade, with melamine and panel factories expected to reduce production. The compound fertilizer factory's operating rate has increased, but the finished product inventory has accumulated, and the procurement is mainly for rigid demand [1][2] 6. Urea Inventory and Warehouse Receipts - As of August 18, 2025, the total inventory of sample enterprises was 95.74 million tons (+6.98), and the port sample inventory was 46.40 million tons (-1.90) [1]

Report Industry Investment Rating - No relevant information provided Core View of the Report - Last week, the urea futures market first rose and then fell. Affected by the high price of the Indian tender and the opening of exports to India, the market soared and then declined. The downstream's ability to bear high prices is insufficient. Although there is demand resilience, there is no willingness to purchase urea in a concentrated manner for the time being. It is mainly based on replenishing stocks at low prices. With the support of exports and subsequent purchases by compound fertilizer factories, the downside space for urea is limited, and it will mainly undergo weak consolidation in the short term [1] Summary by Related Catalogs Spot Market Dynamics - In the first half of last week, affected by the rising futures price, the Indian tender price, and export news, the trading atmosphere in the urea spot market was hot, and the spot price increased. In the second half of the week, the export situation was less than expected, and the downstream support was insufficient, so the price stabilized and declined. Since the weekend, the downstream trading has been mediocre, and the price has mainly been adjusted downward [3] Futures Dynamics - Last week, the urea futures first declined and then rose, with an overall increase. As of August 11, the main September contract of urea closed at 1,722 yuan/ton, a decrease of 4 yuan/ton compared to the settlement price on August 4. The trading volume of the main contract last week was 15.6933 million tons, a week-on-week decrease of 163,000 tons; the open interest was 5.7222 million tons, a week-on-week decrease of 370,600 tons. After the Indian tender price increased and China opened the export of urea to India, the futures price soared to a high of 1,791 yuan/ton, but then the export volume was less than expected, and the futures price corrected. Last week, the decline of urea futures was weaker than that of the spot, and the basis weakened [5] Urea Supply - Last week, the weekly output of urea decreased. From July 31 to August 6, the weekly output of urea was 1.3285 million tons, a decrease of 9,100 tons from the previous period, a week-on-week decrease of 0.87%; the average daily output was 189,800 tons, a week-on-week decrease of 13,000 tons. It is expected that no enterprise's equipment will be shut down next week, and one shut-down enterprise will resume production. As of August 11, 2025, the national daily output of urea was 191,700 tons, and the operating rate was 81.62% [12] Urea Demand - Last week, the price of compound fertilizer remained flat compared to the previous week. As of August 8, the quotation of 45% sulfur-based compound fertilizer was 2,950 yuan/ton, remaining unchanged week-on-week. Currently, compound fertilizer factories are in the initial stage of autumn fertilizer production, with an increasing operating load. Sales are mainly based on pre-sales orders, and the finished product inventory in the factories is continuously increasing. Due to the general bearish sentiment in the market and the lack of preparations for large-scale inventory replenishment by compound fertilizer factories, the purchase of raw material urea is mainly based on buying at low prices and making appropriate replenishments. At present, the probability of subsequent concentrated purchases is low. From August 1 to August 7, the operating rate of compound fertilizer was 41.5%, an increase of 3.03 percentage points from the previous week and 2.75 percentage points higher than the same period last year. From August 1 to August 7, the average weekly capacity utilization rate of melamine in China was 61.1%, a decrease of 0.12 percentage points from the previous period and 11.85 percentage points lower than the same period last year. The operating load of melamine decreased, the number of shut-down and maintenance equipment increased during the week, and the downstream demand was weak. It is expected that the operating load will continue to decline in the short term [17] Inventory - As of August 8, 2025, the total inventory of Chinese urea enterprises was 887,600 tons, a decrease of 29,700 tons from the previous week, a week-on-week decrease of 3.24%, and 563,300 tons higher than the same period last year. During the week, the urea output decreased, and the downstream's low-price purchasing increased, so the inventory in the urea factories decreased. It is expected that the urea inventory will continue to decline next week. The inventory of the port samples was 483,000 tons, a decrease of 10,000 tons from the previous week. As the export goods gradually left the port, the port inventory decreased [19] International Market - China will export a limited quantity of urea to India, with an expected export volume of 200,000 - 300,000 tons. The price of the IPL Indian tender is higher than the market expectation, and India's demand for urea is still increasing. It is expected that a new tender will be launched in September. Except for India and Brazil, the demand in other global markets has declined to varying degrees. It is expected that the international urea price will have a correction trend before the new demand from these two countries emerges. As of August 8, the FOB price of small-grain urea in China was reported at $460/ton, a week-on-week increase of $50/ton; the FOB price in the Baltic Sea was reported at $455/ton, a week-on-week increase of $20/ton; the price in the Arabian Gulf was $512.5/ton, a week-on-week increase of $20/ton; the CFR price in Southeast Asia was reported at $457.5/ton, a week-on-week increase of $20/ton. As of August 8, the FOB price of large-grain urea in China was reported at $467.5/ton, a week-on-week increase of $30/ton; the FOB price of large-grain urea in Egypt was $502.5/ton, a week-on-week increase of $12.5/ton; the FOB price of large-grain urea in the Arabian Gulf was $456.5/ton, a week-on-week increase of $7/ton; the FOB price of large-grain urea in the Baltic Sea was $455/ton, a week-on-week increase of $15/ton; the CFR price in Southeast Asia was reported at $465/ton, a week-on-week increase of $7.5/ton; the FOB price in the US Gulf was reported at $446.5/ton, a week-on-week decrease of $12.5/ton [21]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The Indian urea tender price and the number of bids have increased significantly, and Chinese urea is expected to be exported to the Indian market [1] - Currently, there is basically no agricultural demand, and the compound fertilizer industry is producing based on sales, with some enterprises entering the maintenance period. The downstream demand for compound fertilizers is expected to increase month - on - month, but it is difficult to drive up the urea price significantly, only providing some support [5] - The current spot market is relatively weak, and it is expected that the policy pressure to restrict exports is relatively small. Near the contract roll - over period, one should seize the medium - term opportunities brought by short - term rhythm fluctuations [5] 3. Summary by Directory 3.1 Overview - **Supply**: From August 1st to August 28th, 2025, the weekly average daily output of urea increased from 18.98 tons to 19.86 tons. Last week, 4 new enterprises stopped production, 4 stopped enterprises resumed production, and this week, it is expected that 0 enterprises will plan to overhaul, and 1 stopped enterprise will resume production [5] - **Demand**: Agricultural demand has basically ended. In the 32nd week of 2025 (August 1 - 7), the capacity utilization rate of compound fertilizers was 41.5%, a month - on - month increase of 2.82 percentage points. The compound fertilizer start - up rate is slowly increasing. In the first half of 2025, the cumulative thermal power generation in China was 2940.9 billion kWh, a year - on - year decrease of 2.4%. Later, with the rise in temperature, the consumption of urea for thermal power denitrification will increase [5] - **Inventory**: On August 6, 2025, the total inventory of Chinese urea enterprises was 88.76 tons, a decrease of 2.97 tons from the previous week, a month - on - month decrease of 3.24%. The inventory of domestic urea enterprises decreased slightly this cycle [5] - **Valuation**: The production cost of the fixed - bed process in Shanxi urea factories remained stable at 1300 yuan/ton, and the production profit was also stable, with the current profit at a reasonable level [5] - **Strategy**: The futures market focused on the impact of the Indian urea tender on the domestic market last week. The Indian urea tender price increased significantly, and the number of bids, winning bids also increased significantly. There are rumors in the market that China can directly supply 20 - 30 tons of urea to India. The domestic urea spot market sentiment rose to some extent, but the weakness of the domestic spot market remained unchanged, and the spot price dropped to around 1700 yuan/ton near the weekend [5] 3.2 Price - **Domestic Urea Spot Price**: Provided historical price trends of urea in Henan, Sichuan, Shanxi large - particle, and Shanxi small - particle regions from 2021 to 2025 [7][8] - **International Urea Price and Spread**: Presented historical data on small - particle urea (Shandong factory port collection profit), small - particle urea (Middle East - Shandong factory port collection cost), small - particle urea (China) FOB price, and small - particle urea (Middle East) FOB price from 2021 to 2025 [10][11] - **Phosphate and Potash Fertilizer Prices**: Showed historical price trends of Hubei monoammonium phosphate, Hubei diammonium phosphate, and Shandong 60% powdered potassium chloride from 2021 to 2025 [12][13] - **Urea Futures Price, Basis, and Inter - month Spread**: Displayed historical data on the urea futures 09 contract price, urea futures 9 - 1 spread, and urea 09 contract basis from 2021 to 2025 [15][16] 3.3 Supply - **Urea Output**: Provided historical data on the weekly average daily output of urea, natural - gas - made urea, and coal - made urea from 2021 to 2025 [18][19] - **Urea Cost and Profit**: Showed historical data on anthracite lump, bituminous coal prices, Shanxi fixed - bed process marginal profit, and Henan new - process marginal profit from 2021 to 2025 [21][22] - **Urea Inventory and Apparent Consumption**: Presented historical data on urea enterprise inventory, urea port inventory, domestic average daily apparent consumption of urea, and enterprise - perspective average daily apparent consumption of urea from 2021 to 2025 [24][25] 3.4 Demand - **Compound Fertilizer Industry**: Provided historical data on the compound fertilizer enterprise start - up rate and compound fertilizer inventory from 2021 to 2025 [28][29] - **Melamine Industry**: Showed historical data on melamine weekly output, melamine price, and melamine/urea price ratio from 2021 to 2025 [30][31] - **Export**: Presented historical data on China's monthly urea export volume and monthly cumulative urea export volume from 2021 to 2025 [32][33]