1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The domestic urea supply level has little fluctuation, with daily output around 200,000 tons. After the holiday, due to the start - up of device maintenance in individual enterprises in Ningxia and Shanxi, and the continuous shutdown and transformation of enterprises in Jincheng, Shanxi, the output continues to decline. Domestic agricultural demand has a slight increase but no obvious improvement overall. Industrial demand is relatively stable. The autumn fertilizer production of compound fertilizers is in the later stage, and the demand in most parts of North China is weakening. The compound fertilizer capacity utilization rate is expected to decline slightly. India's RCF has issued a new round of international urea import tenders, but due to the approaching end of China's export window period and the unclear export policy, the impact on the domestic urea market needs continuous tracking. The domestic enterprises still face high - inventory pressure. The UR2601 contract is expected to fluctuate in the range of 1,580 - 1,630 yuan/ton in the short term [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of Zhengzhou urea's main contract is 1,597 yuan/ton, down 13 yuan; the 1 - 5 spread is - 74 yuan/ton, down 6 yuan. The main contract's position is 321,992 lots, down 4,162 lots; the net position of the top 20 is - 44,696. The exchange's warehouse receipts are 6,570, down 347 [2] 3.2 Spot Market - In the domestic spot market, the price in Hebei is 1,570 yuan/ton, down 30 yuan; in Henan, it is 1,520 yuan/ton, down 10 yuan; in Jiangsu, it is 1,530 yuan/ton, down 20 yuan; in Shandong, it is 1,550 yuan/ton, up 20 yuan; in Anhui, it is 1,550 yuan/ton, down 10 yuan. The basis of Zhengzhou urea's main contract is - 47 yuan/ton, up 33 yuan. FOB Baltic is 370 US dollars/ton, unchanged; FOB China's main port is 385 US dollars/ton, unchanged [2] 3.3 Industry Situation - The port inventory is 415,000 tons, down 38,000 tons; the enterprise inventory is 1,443,900 tons, up 212,200 tons. The urea enterprise's operating rate is 85.66%, up 0.08%. The daily urea output is 200,400 tons, up 200 tons. The urea export volume is 800,000 tons, up 23. The monthly urea output in September 2025 is 5,747,700 tons, 181,200 tons less than last month and 110,900 tons more than the same period [2] 3.4 Downstream Situation - The compound fertilizer's operating rate is 25.5%, down 6.96%. The melamine's operating rate is 65.47%, up 3.95%. The weekly profit of compound fertilizer in China is 177 yuan/ton, down 9 yuan; the weekly profit of melamine with outsourced urea is 31 yuan/ton, up 12 yuan. The monthly output of compound fertilizer is 5,313,300 tons, up 1,092,100 tons; the weekly output of melamine is 30,000 tons, up 1,800 tons [2] 3.5 Industry News - As of October 9, the total inventory of Chinese urea enterprises is 144.39 million tons, up 17.23% from last week. The port inventory is 41.5 million tons, down 8.39% from last week. In September 2025, China's urea output is 5.7477 million tons, 181,200 tons less than last month and 110,900 tons more than the same period. The daily urea output has a slight decline, but it remains above 190,000 tons in the short term [2] 3.6 Tip for Attention - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Domestic agricultural demand is scattered, with a slight increase in local demand but no obvious improvement overall; industrial demand is stable, and the autumn fertilizer production of compound fertilizers is in the later stage, with demand in most parts of North China weakening, and it is expected that the capacity utilization rate of compound fertilizers will continue to decline slightly [2] - India's RCF has issued a new round of international urea import tenders, but due to the approaching end of China's export window period and the unclear export policy, the impact of this round of Indian tenders on the domestic urea market needs continuous tracking [2] - The rigid demand progress is still tepid, and domestic enterprises still face high inventory pressure. The short - term fluctuation range of the UR2601 contract is expected to be between 1,580 and 1,630 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1,610 yuan/ton, with a week - on - week increase of 13; the 1 - 5 spread is - 68 yuan/ton, with a week - on - week increase of 1,5954 [2] - The position of the Zhengzhou urea main contract is 326,154 lots, with a week - on - week decrease of 12,710; the net position of the top 20 is - 45,149 [2] - The number of Zhengzhou urea exchange warehouse receipts is 6,917, with a week - on - week decrease of 100 [2] 3.2 Spot Market - The spot prices in Hebei, Henan, Jiangsu, Shandong, and Anhui are 1,600 yuan/ton, 1,530 yuan/ton, 1,550 yuan/ton, 1,530 yuan/ton, and 1,560 yuan/ton respectively, with week - on - week changes of 0, - 10, - 10, - 20, and - 10 [2] - The basis of the Zhengzhou urea main contract is - 80 yuan/ton, with a week - on - week decrease of 33 [2] - FOB Baltic is 370 US dollars/ton, with a week - on - week decrease of 10; FOB China's main port is 385 US dollars/ton, with no change [2] 3.3 Industry Situation - Port inventory is 41.5 tons, with a week - on - week decrease of 3.8 tons; enterprise inventory is 144.39 tons, with a week - on - week increase of 21.22 tons [2] - The urea enterprise operating rate is 85.66%, with a week - on - week increase of 0.08%; the daily urea output is 200,400 tons, with a week - on - week increase of 200 tons [2] - Urea export volume is 80 tons, with a week - on - week increase of 23; the monthly urea output in September 2025 is 5,928,680 tons, with a month - on - month decrease of 123,400 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate is 25.5%, with a week - on - week decrease of 6.96%; the melamine operating rate is 65.47%, with a week - on - week increase of 3.95% [2] - The weekly profit of compound fertilizers in China is 177 yuan/ton, with a week - on - week decrease of 9; the weekly profit of melamine with externally purchased urea is 31 yuan/ton, with a week - on - week increase of 12 [2] - The monthly output of compound fertilizers is 531.33 tons, with a month - on - month increase of 109.21 tons; the weekly output of melamine is 30,000 tons, with a week - on - week increase of 1,800 tons [2] 3.5 Industry News - As of October 9, the total inventory of Chinese urea enterprises is 144.39 tons, with a week - on - week increase of 21.22 tons and a week - on - week growth rate of 17.23%. The inventory of urea enterprises has risen to a high level this cycle [2] - As of October 9, the sample inventory of Chinese urea ports is 41.5 tons, with a week - on - week decrease of 3.8 tons and a week - on - week decline rate of 8.39%. The departure speed of port goods has accelerated this cycle [2] - In September 2025, China's urea output is 5.7477 million tons, 181,200 tons less than last month and 110,900 tons more than the same period. There are many enterprises planning to overhaul this month, and the output will continue to decline [2] 3.6 Suggestions for Attention - Pay attention to Longzhong enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The short - term trend of the UR2601 contract is expected to fluctuate between 1580 - 1650 [6] - After the holiday, the overall bearish sentiment in the domestic urea market intensified. Mainstream regional factories continuously lowered their quotes under sales pressure, but low prices had limited appeal to downstream buyers [7] - The domestic urea supply level has shown little change recently, with daily production fluctuating around 200,000 tons. After the holiday, due to the start of device overhauls at individual enterprises in Ningxia and Shanxi, the daily urea output decreased slightly, but the short - term average daily output remained above 190,000 tons [7] - Domestic agricultural demand is scattered, with only a slight increase in local agricultural demand, and there is no obvious improvement overall. Industrial demand is relatively stable. The production of autumn compound fertilizers is in the later stage, demand in most parts of North China is weakening, and more enterprises are reducing loads or shutting down. The capacity utilization rate of compound fertilizers is expected to continue to decline slightly [7] - India's RCF has issued a new round of international urea import tenders, but since China's export window is about to close and the future export policy is unclear, the impact of this Indian tender on the domestic urea market needs continuous monitoring [7] - The advancement of rigid demand remains tepid, and domestic enterprises still face high inventory pressure [7] 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - Strategy suggestion: The UR2601 contract is expected to fluctuate in the range of 1580 - 1650 [6] - Market review: After the holiday, the domestic urea market was bearish. Factories cut prices, but low prices had limited attraction to downstream [7] - Market outlook: Supply is stable with a slight decline in daily output. Agricultural demand is scattered, industrial demand is stable but compound fertilizer demand is weakening. The impact of the Indian tender needs monitoring, and enterprises face high inventory pressure [7] 3.2 Futures Market - Price trend: This week, the price of the main contract of Zhengzhou urea futures fluctuated and closed down, with a weekly decline of 4.37% [11] - Inter - delivery spread: As of October 10, the UR 1 - 5 spread was - 69 [13] - Position analysis: Not detailed in the provided content - Warehouse receipt trend: As of October 10, there were 7,017 Zhengzhou urea warehouse receipts, a decrease of 156 from last week [23] 3.3 Spot Market - Domestic price trend: As of October 9, the mainstream price in Shandong was 1,560 yuan/ton, a decrease of 40 yuan; in Jiangsu, it was 1,570 yuan/ton, a decrease of 30 yuan [28] - Foreign price trend: As of October 9, the FOB price of urea in China was 385 US dollars/ton, a decrease of 20 US dollars/ton from last week [31] - Basis trend: As of October 9, the urea basis was - 49 yuan/ton, an increase of 21 yuan/ton from last week [36] 3.4 Upstream Situation - Coal and natural gas prices: As of September 24, the market price of Qinhuangdao thermal coal with 5,500 kcal was 680 yuan/ton, an increase of 5 yuan/ton from last week. As of October 10, the closing price of NYMEX natural gas was 3.24 US dollars/million British thermal units, a decrease of 0.09 US dollars/million British thermal units from last week [39] 3.5 Industry Situation - Production: In September 2025, China's urea production was 5.7477 million tons, a decrease of 181,200 tons from the previous month and an increase of 110,900 tons compared to the same period [42] - Inventory: As of October 9, the sample inventory of Chinese urea ports was 415,000 tons, a decrease of 38,000 tons from the previous period, a decline of 8.39%. The total inventory of Chinese urea enterprises was 1.4439 million tons, an increase of 212,200 tons from last week, a 17.23% increase [45] - Export: In August 2025, China's urea export volume was 796,700 tons, a month - on - month increase of 40.46% and a year - on - year increase of 3024.31%. From January to August 2025, the total urea export was 1.4411 million tons, an increase of 1.1966 million tons compared to the same period last year, an increase of 489.41% [48] 3.6 Downstream Situation - Compound fertilizer: As of October 9, the capacity utilization rate of compound fertilizers was 25.5%, a decrease of 6.96 percentage points from the previous period. It is expected to continue to decline slightly [51] - Melamine: As of October 9, the weekly average capacity utilization rate of Chinese melamine was 65.47%, an increase of 3.95 percentage points from last week [51]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The domestic urea spot market price showed a weak trend this week. With the expected resumption of production of overhauled devices of multiple urea enterprises in late September, the daily urea production is expected to return to a high - level in late September. On the demand side, as the autumn fertilizer production nears its end, the operating rate of compound fertilizer enterprises has gradually declined, and the finished product inventory has slightly decreased but remains at a relatively high level year - on - year. In the short term, due to the increase in supply pressure and weak demand, the urea inventory has been continuously accumulating. With uncertainties in Indian tenders and export expectations, the futures price may continue to fluctuate weakly. Attention should be paid to the dynamics of Indian tenders, macro - impacts, and export changes. For the UR2601 contract, pay attention to the support level performance around 1600 - 1630 yuan/ton [4]. 3. Summary by Relevant Catalogs 3.1 Weekly View Summary - **Supply**: The daily urea production has significantly rebounded, with the weekly urea output at 1401500 tons (+5.38%), including 1108600 tons of coal - based urea and 292900 tons of gas - based urea, with an average daily output of 200000 tons. Multiple enterprises are scheduled for maintenance in October [4][19][23]. - **Demand**: The support from autumn fertilizer is limited. The operating rate of compound fertilizer enterprises is 35.27% (-3.36%), and the finished product inventory is 791700 tons (a decrease of 8100 tons compared to the previous period). The operating rate of melamine is 60.58% (+3.80%). Attention should be paid to the dynamics of Indian tenders [4][32]. - **Inventory**: Upstream urea enterprises continue to accumulate inventory. The factory inventory is 1218200 tons, a week - on - week increase of 52900 tons. The port inventory is 496300 tons (a week - on - week decrease of 19700 tons). The mainstream pre - sale days of urea enterprises are 6.71 days (a week - on - week increase of 0.53 days) [4][25][29]. - **Cost and Profit**: Coal prices continue to be strong, and urea profits have decreased compared to the previous period [4]. - **Basis and Spread**: The 1 - 5 spread has slightly narrowed, and the 01 basis has changed little [4]. 3.2 Variety Details Decomposition - **Domestic Urea Market Price**: The domestic urea market price showed a weak trend this week [6]. - **International Urea Market Price**: The international urea market price has been adjusted downward [10]. - **Production and Maintenance**: The weekly urea output has increased, and multiple enterprises have planned maintenance in October [19][23]. - **Raw Material End**: Coal prices continue to be strong [34]. - **Urea - Related Product Spreads**: The 1 - 5 spread has slightly narrowed, and the 01 basis has changed little [43].

订单将执行到本月底。上周尿素企业库存继续增加，临近国庆，各地尿素工厂陆续启动国庆收单，少数企 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 尿素产业日报 2025-09-29 趋势，目前尿素流向偏少，刚需尚未明显增加，短期预计仍呈现小幅增加。UR2601合约短线预计在1650-1 免责声明 | 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) | 1664 | -5 郑州尿素1-5价差(日,元/吨) | -51 | 0 78 | | | 郑州尿素主力合约持仓量(日,手) | 281504 | -10529 郑州尿素前20名净持仓 | -43004 | | | | 郑州尿素交易所仓单(日,张) | 7211 | -30 | | | | 现货市场 | 河北(日,元/吨) | 1650 | 0 河南(日,元/吨) | 1610 | 0 | | | 江苏(日,元/吨) | 1600 | -20 山东(日,元/吨) | 1600 | -10 | | ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The recent increase in domestic urea daily production is due to the resumption of some previously shut - down plants, and there are no planned plant shutdowns this week, with 2 - 5 shut - down plants expected to resume production. Considering the equipment changes in the current period, this week's production has increased significantly [2]. - The market support for urea is limited. Agricultural demand is scattered, with only a small increase in local areas. Industrial demand is stable, but the production of compound fertilizer's autumn fertilizer is in the later stage, and demand in most parts of North China is weakening, with more enterprises likely to reduce production or shut down, and the capacity utilization rate of compound fertilizers is expected to decline slightly [2]. - As the National Day holiday approaches, urea factories are starting to accept orders for the holiday. Leading factories in major production and sales areas have lowered their quotes to stimulate downstream purchasing. There is continued concentrated export through ports, and some urea enterprises' export orders will be fulfilled by the end of this month [2]. - This week, the inventory of urea enterprises continues to increase. Although there are differences in inventory changes among enterprises, the overall inventory is on the rise. Currently, there are few urea flow directions, and rigid demand has not increased significantly. In the short term, it is expected to show a slight increase. The UR2601 contract is expected to fluctuate in the range of 1650 - 1700 [2]. Summary by Related Catalogs Futures Market - The closing price of the Zhengzhou urea main contract is 1674 yuan/ton, up 1 yuan/ton from the previous period. The 1 - 5 spread of Zhengzhou urea is - 53 yuan/ton, down 2 yuan/ton [2]. - The open interest of the Zhengzhou urea main contract is 301,894 lots, an increase of 1,736 lots. The net position of the top 20 in Zhengzhou urea is - 46,677 lots, a decrease of 3,648 lots [2]. - The number of exchange warehouse receipts for Zhengzhou urea is 7,535, unchanged from the previous period [2]. Spot Market - The spot prices in Hebei, Jiangsu, Shandong, and Anhui are 1650 yuan/ton, 1620 yuan/ton, 1610 yuan/ton, and 1620 yuan/ton respectively, with no change. The price in Henan is 1610 yuan/ton, down 10 yuan/ton [2]. - The basis of the Zhengzhou urea main contract is - 64 yuan/ton, down 1 yuan/ton [2]. - The FOB price in the Baltic Sea is 387.5 US dollars/ton, and the FOB price at the main Chinese port is 417.5 US dollars/ton, both unchanged [2]. Industry Situation - The port inventory is 51.6 tons, a decrease of 3.34 tons from the previous week. The enterprise inventory is 121.82 tons, an increase of 5.29 tons [2]. - The operating rate of urea enterprises is 81.22%, an increase of 1.88 percentage points. The daily urea output is 190,000 tons, an increase of 4,400 tons [2]. - The urea export volume is 80 tons, an increase of 23 tons. The monthly output of urea is 5,928,680 tons, a decrease of 123,400 tons [2]. Downstream Situation - The operating rate of compound fertilizers is 38.63%, an increase of 0.81 percentage points. The operating rate of melamine is 56.78%, an increase of 1.4 percentage points [2]. - The weekly profit of compound fertilizers in China is 186 yuan/ton, an increase of 21 yuan/ton. The weekly profit of melamine with externally - purchased urea is 19 yuan/ton, an increase of 35 yuan/ton [2]. - The monthly output of compound fertilizers is 531.33 tons, an increase of 109.21 tons. The weekly output of melamine is 28,200 tons, an increase of 700 tons [2]. Industry News - As of September 24, the total inventory of Chinese urea enterprises is 121.82 tons, an increase of 5.29 tons from the previous week, a year - on - year increase of 4.54% [2]. - As of September 25, the sample inventory of Chinese urea ports is 49.63 tons, a decrease of 1.97 tons from the previous period, a year - on - year decrease of 3.82%. During this period, there are both cargo arrivals and departures at the ports [2]. - As of September 25, the output of Chinese urea production enterprises is 140.15 tons, an increase of 7.15 tons from the previous period, a year - on - year increase of 5.38%. The capacity utilization rate of Chinese urea production enterprises is 85.58%, an increase of 4.36 percentage points from the previous period [2].

尿素产业日报 2025-09-24 | 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) | 1673 | 15 郑州尿素1-5价差(日,元/吨) | -51 | 4 | | | 郑州尿素主力合约持仓量(日,手) | 300158 | -4730 郑州尿素前20名净持仓 | -43029 | 3584 | | | 郑州尿素交易所仓单(日,张) | 7535 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1650 | -10 河南(日,元/吨) | 1620 | 0 | | | 江苏(日,元/吨) | 1620 | -10 山东(日,元/吨) | 1610 | 0 | | | 安徽(日,元/吨) | 1620 | -10 郑州尿素主力合约基差(日,元/吨) | -63 | -15 | | | FOB波罗的海(日,美元/吨) | 387.5 | 0 FOB中国主港(日,美元/吨) | 417.5 | 0 | | 产业情况 | 港口库存(周, ...

尿素产业日报 2025-09-23 | 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) | 1658 | -2 郑州尿素1-5价差(日,元/吨) | -55 | -2 | | | 郑州尿素主力合约持仓量(日,手) | 304888 | -2508 郑州尿素前20名净持仓 | -46613 | -590 | | | 郑州尿素交易所仓单(日,张) | 7535 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1660 | -20 河南(日,元/吨) | 1620 | -20 | | | 江苏(日,元/吨) | 1630 | -20 山东(日,元/吨) | 1620 | -20 | | | 安徽(日,元/吨) | 1630 | -20 郑州尿素主力合约基差(日,元/吨) | -40 | -19 | | | FOB波罗的海(日,美元/吨) | 387.5 | 0 FOB中国主港(日,美元/吨) | 417.5 | 0 | | 产业情况 | 港口 ...

国泰君安期货·能源化工 尿素周度报告 国泰君安期货研究所 杨鈜汉 投资咨询从业资格号：Z0021541 日期：2025年09月21日 Guotai Junan Futures all rights reserved, please do not reprint 资料来源：钢联，隆众资讯，国泰君安期货研究 本周尿素观点：趋势偏弱 • 本周(20250911-0917)，中国尿素生产企业产量：133万吨，较上期涨3.07万吨，环比涨2.36%。周期内新增1家企业装置停车，停车企业恢复6家（装置）企 业，同时延续上周期的装置变化，本周产量明显上涨。下周，中国尿素周产量预计140-141万吨附近，较本期明显上涨。下个周期预计1家企业计划停车， 4-5家停车企业恢复生产，考虑到短时的企业故障发生，延续上周期的变化，预期下个周期产量大概率会有明显增加。（隆众资讯） • 内需方面，内需持续偏弱。北方地区农业追肥需求基本结束，在今年农业需求总量有需求前置的背景下，追肥需求的同比增速出现明显下滑。此外，复 合肥行业近期产成品销售压力较大，开工率维持低位，对尿素原料采购需求较为有限，对高价尿素货源接受度低。 • 出口方面，目前三 ...

Report Overview - Report Title: Urea Market Weekly Report - Report Date: September 19, 2025 - Researcher: Lin Jingyi 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The domestic urea market fluctuated at a low level this week, with prices first rising and then falling. The average price of small and medium - sized urea particles in Shandong dropped to 1,610 - 1,640 yuan/ton, a week - on - week decrease of 5 yuan/ton [6]. - In the short term, domestic urea production is expected to increase as some idle plants resume operation. Agricultural demand is scattered, and industrial demand improvement is below expectations. Although there is concentrated export shipping, overall demand is less than supply, and enterprise inventories may continue to accumulate [6]. - The UR2601 contract is expected to fluctuate in the range of 1,650 - 1,690 yuan in the short term [6]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: The domestic urea market fluctuated at a low level this week, with prices first rising and then falling. The average price of small and medium - sized urea particles in Shandong dropped to 1,610 - 1,640 yuan/ton, a week - on - week decrease of 5 yuan/ton [6]. - **Market Outlook**: Domestic urea daily production is expected to increase. Agricultural demand is scattered, and industrial demand improvement is below expectations. Although there is concentrated export shipping, overall demand is less than supply, and enterprise inventories may continue to accumulate [6]. - **Strategy Recommendation**: The UR2601 contract is expected to fluctuate in the range of 1,650 - 1,690 yuan in the short term [6]. 3.2 Futures Market - **Price Movement**: The main contract price of Zhengzhou urea futures oscillated and closed down this week, with a weekly decline of 0.12% [9]. - **Inter - period Spread**: As of September 19, the UR 1 - 5 spread was - 61 [12]. - **Open Interest Analysis**: Not elaborated in detail in the report. - **Warehouse Receipts**: As of September 19, there were 7,810 urea warehouse receipts in Zhengzhou, a decrease of 1,081 from last week [20]. 3.3 Spot Market - **Domestic Spot Price**: As of September 18, the mainstream price in Shandong was 1,640 yuan/ton, a decrease of 20 yuan; the mainstream price in Jiangsu was 1,650 yuan/ton, unchanged [25]. - **Foreign Spot Price**: As of September 18, the FOB price of urea in China was 423.5 US dollars/ton, an increase of 8.5 US dollars/ton from last week [28]. - **Basis**: As of September 18, the urea basis was - 30 yuan/ton, a decrease of 19 yuan/ton from last week [33]. 3.4 Upstream Market - **Coal Price**: As of September 17, the market price of Qinhuangdao thermal coal with a calorific value of 5,500 kcal was 675 yuan/ton, unchanged from last week [36]. - **Natural Gas Price**: As of September 18, the closing price of NYMEX natural gas was 2.94 US dollars/million British thermal units, an increase of 0.02 US dollars/million British thermal units from last week [36]. 3.5 Industry Situation - **Capacity Utilization and Output**: As of September 18, China's urea production was 1.33 million tons, an increase of 30,700 tons from the previous period, a week - on - week increase of 2.36%; the capacity utilization rate was 81.22%, an increase of 1.88% from the previous period [39]. - **Enterprise and Port Inventories**: As of September 18, the sample inventory of Chinese urea ports was 516,000 tons, a week - on - week decrease of 33,400 tons, a decrease of 6.08%; as of September 17, the total inventory of Chinese urea enterprises was 1.1653 million tons, an increase of 32,600 tons from last week, a week - on - week increase of 2.88% [42]. - **Export Situation**: In July 2025, China's urea export volume was 567,200 tons, a month - on - month increase of 756.80% and a year - on - year increase of 614.36% [45]. 3.6 Downstream Market - **Compound Fertilizer and Melamine Capacity Utilization**: As of September 18, the capacity utilization rate of compound fertilizers was 38.63%, a week - on - week increase of 0.81 percentage points; the average weekly capacity utilization rate of Chinese melamine was 56.78%, an increase of 1.4 percentage points from last week [50].