Group 1: Report Summary - The domestic urea market continued its weak performance this week. As of Thursday, the mainstream ex - factory price of small and medium - sized urea particles in Shandong dropped to 1,800 - 1,860 yuan/ton, with the average price down 10 yuan/ton week - on - week. The UR2509 contract is expected to fluctuate in the range of 1,700 - 1,800 in the short term [6]. Group 2: Futures Market Price Movement - The price of the main contract of Zhengzhou urea futures fluctuated and closed lower this week, with a weekly decline of 2.99% [9]. Inter - delivery Spread - As of June 6, the UR 9 - 1 spread was 51 [12]. Position Analysis - As of June 6, the number of Zhengzhou urea warehouse receipts was 6,069, a decrease of 887 from last week [20]. Group 3: Spot Market Domestic Spot Price - As of June 5, the mainstream price in Shandong was 1,850 yuan/ton, a decrease of 30 yuan; in Jiangsu, it was 1,870 yuan/ton, also a decrease of 30 yuan [26]. Foreign Spot Price - As of June 5, the FOB price of urea in China was 360 US dollars/ton, unchanged from last week [30]. Basis - As of June 5, the urea basis was 128 yuan/ton, an increase of 32 yuan/ton from last week [33]. Group 4: Upstream Situation - As of June 4, the market price of Qinhuangdao thermal coal with 5,500 kcal was 670 yuan/ton, unchanged from last week. As of June 5, the closing price of NYMEX natural gas was 3.66 US dollars/million British thermal units, an increase of 0.12 US dollars/million British thermal units from last week [37]. Group 5: Industry Situation Production Capacity Utilization and Output - As of June 5, the output of Chinese urea production enterprises was 143.94 tons, a decrease of 0.65 tons from the previous period, a week - on - week decrease of 0.45%. The production capacity utilization rate was 89.43%, a decrease of 0.40% from the previous period, and the trend changed from rising to falling [40]. Inventory - As of June 5, the sample inventory of Chinese urea ports was 20.5 tons, unchanged from last week. As of June 4, the total inventory of Chinese urea enterprises was 103.54 tons, an increase of 5.48 tons from last week, a week - on - week increase of 5.59% [43]. Export - In April 2025, the export volume of urea was 2,252.62 tons, a month - on - month decrease of 2.06%; the average export price was 217.39 US dollars/ton, a month - on - month decrease of 22.06% [46]. Group 6: Downstream Situation - As of June 5, the production capacity utilization rate of domestic compound fertilizers was 37.13%, a decrease of 2.96 percentage points from last week. The weekly average production capacity utilization rate of Chinese melamine was 64.31%, an increase of 1.33 percentage points from last week [49].

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-6-5 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • 尿素概述： • 1. 基本面：近期尿素盘面回落。供应方面，开工率及日产持续高位，近期有新装置投产，库 存短期震荡。需求端，工业需求中复合肥开工回落，三聚氰胺开工偏高，农业需求短期偏弱。尿 素国际价格强势，5月15-16日尿素出口专题会议召开，出口政策落地，内外价格双轨制使得出口 利润高但对国内价格影响小。交割品现货1820（-30），基本面整体偏空； • 2. 基差： UR2509合约基差59，升贴水比例3.2%，偏多； • 3. 库存：UR综合库存118.2万吨（+16.4），偏空； • 4. 盘面： UR主力合约20日均线向下，收盘价位于20日线下，偏空； • 5. 主力持仓：UR主力持仓净空，增空，偏空； • ...

下游有集港预期，但部分企业出口订单偏少以及国内需求不温不火，企业库存仍有小幅增长趋势。UR2509 尿素产业日报 2025-06-04 | 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) | 1774 | 13 郑州尿素9-1价差(日,元/吨) | 68 | 3 | | | 郑州尿素主力合约持仓量(日,手) | 219590 | -11488 郑州尿素前20名净持仓 | 9175 | -2915 | | | 郑州尿素交易所仓单(日,张) | 6409 | -210 | | | | 现货市场 | 河北(日,元/吨) | 1860 | 10 河南(日,元/吨) | 1850 | 0 | | | 江苏(日,元/吨) | 1900 | 0 山东(日,元/吨) | 1870 | 0 | | | 安徽(日,元/吨) | 1900 | 10 郑州尿素主力合约基差(日,元/吨) | 96 | -13 | | | FOB波罗的海(日,美元/吨) | 355 | 0 F ...

Report Investment Rating - The report suggests a neutral strategy, expecting the urea market to continue narrow - range fluctuations [3] Core Viewpoints - Market sentiment is weak, with urea export inspections underway and domestic urea exports proceeding in an orderly manner. Downstream industrial demand for compound fertilizers and melamine has weakened, while agricultural demand shows signs of starting but is weaker than expected. Coal - based urea enterprises have decent profits, with few maintenance enterprises and high - level device operating rates. The daily urea output will remain at a high level. The urea export window is open, and the price difference between domestic and foreign markets has decreased, leading to increased willingness of factories to ship goods to ports and rising port inventories. It is recommended to continuously monitor the start of downstream agricultural demand for urea and relevant export policies [2] Summary by Catalog 1. Urea Basis Structure - Includes information on the market prices of small - sized urea in Shandong and Henan, the basis of Shandong and Henan main - continuous contracts, the price of the urea main - continuous contract, and the 1 - 5, 5 - 9, and 9 - 1 spreads [7][8][16] 2. Urea Production - Covers the weekly urea production and the loss of urea device maintenance [18] 3. Urea Production Profit and Operating Rate - Involves production costs, spot production profit, disk production profit, national capacity utilization, coal - based capacity utilization, and gas - based capacity utilization [22][24][26] 4. Urea Overseas Prices and Export Profits - Contains FOB prices of small - sized urea in the Baltic Sea, CFR prices of large - sized urea in Southeast Asia, FOB and CFR prices of domestic urea, price differences, and export and disk export profits [29][34][39] 5. Urea Downstream Operation and Orders - Comprises the operating rates of compound fertilizers and melamine, and the number of days of pre - received orders from urea enterprises [49][45] 6. Urea Inventory and Warehouse Receipts - Covers upstream in - factory inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main - contract positions, and main - contract trading volume [48][51][54] Market Analysis - **Price and Basis**: On June 3, 2025, the closing price of the urea main contract was 1,761 yuan/ton (- 12). The ex - factory price of small - sized urea in Henan was 1,850 yuan/ton (0), in Shandong was 1,870 yuan/ton (0), and in Jiangsu was 1,900 yuan/ton (0). The price of small - sized anthracite was 660 yuan/ton (0). The basis in Shandong was 109 yuan/ton (+ 12), in Henan was 89 yuan/ton (+ 12), and in Jiangsu was 139 yuan/ton (+ 12). The urea production profit was 403 yuan/ton (0), and the export profit was 487 yuan/ton (0) [1] - **Supply Side**: As of June 3, 2025, the enterprise capacity utilization rate was 89.83% (0.08%). The total inventory of sample enterprises was 98.06 million tons (+ 6.32), and the port sample inventory was 20.50 million tons (+ 0.20) [1] - **Demand Side**: As of June 3, 2025, the capacity utilization rate of compound fertilizers was 40.09% (+ 2.52%), the capacity utilization rate of melamine was 62.98% (- 3.51%), and the number of days of pre - received orders from urea enterprises was 5.88 days (- 0.06) [1]

瑞达期货研究院 「 2025.05.30」 尿素市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询证书号Z0021558 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业链分析 「 周度要点小结」 3 行情回顾：本周国内尿素市场偏弱窄幅波动，截止本周四山东中小颗粒主流出厂至1820-1860元/ 吨，均价环比持平。 行情展望：前期检修装置陆续恢复，上周国内尿素日产量提升，下周预计1家企业计划停车，1-2 家停车企业可能恢复生产，考虑到企业的短时故障，产量下降的概率较大。近期由南向北麦收逐 渐展开，农业需求处于麦收空档期。国内工业刚需减弱，随着高氮肥生产进入收尾阶段，国内复 合肥产能利用率下降。尿素出口尚处于法检阶段，暂未有大量集港需求，但出口政策落地后部分 工厂库存预留给出口，也导致本周尿素企业库存增加。 策略建议： UR2509合约短线预计在1760-1840区间波动。 「 期货市场情况」 尿素期货价格走势 郑州尿素期货价格走势 来源：博易大师 • 本周郑州尿素主力合约价格震荡收跌，周度-2.96 %。 4 「 期货市场情况」 ...

尿素日报 | 2025-05-30 印度新一轮尿素招标发布 市场分析 价格与基差：2025-05-29，尿素主力收盘1784元/吨（-6）；河南小颗粒出厂价报价：1860 元/吨（0）；山东地区小 颗粒报价：1880元/吨（+0）；江苏地区小颗粒报价：1900元/吨（+0）；小块无烟煤660元/吨（+0），山东基差：96 元/吨（+6）；河南基差：76元/吨（+6）；江苏基差：116元/吨（+6）；尿素生产利润413元/吨（+0），出口利润491 元/吨（-15）。 供应端：截至2025-05-29，企业产能利用率89.83%（0.08%）。样本企业总库存量为98.06 万吨（+6.32），港口样本 库存量为20.50 万吨（+0.20）。 需求端：截至2025-05-29，复合肥产能利用率40.09%（+2.52%）；三聚氰胺产能利用率为62.98%（-3.51%）；尿素 企业预收订单天数5.88日（-0.06）。 印度新一轮尿素招标发布，国内尿素出口由于尚处于法检阶段，暂未有大量集港需求，国内尿素参与可能性较低。 上游煤制尿素与天然气制尿素开工率均有提升，产量依旧高位运行，新增产能持续释放，尿素厂内库存小 ...

Group 1: Report Summary - The report is a urea morning report dated May 15, 2025, from Dayue Futures' Investment Consulting Department [2][4] - It provides an overview of the urea market, including fundamentals, key factors, and an expected market trend [4] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core Viewpoint - The urea market is expected to be volatile today, with a short - term rebound in the main contract, high daily production, inventory accumulation, declining compound fertilizer production, and marginal improvement in agricultural demand [4] Group 4: Detailed Summary Urea Overview - **Fundamentals**: The urea futures price has rebounded recently. Supply is high with new capacity coming online, and inventory has accumulated again after a decline. Industrial demand is weak, while agricultural demand has marginally improved. There are many rumors about export policies, but no official confirmation [4] - **Key Factors** - **Likely to be Bullish**: Export policy expectations and marginal improvement in agricultural demand [5] - **Likely to be Bearish**: High production and daily output, inventory accumulation, and weak industrial demand [5] - **Main Logic**: High supply and marginal changes in demand [5] - **Expected Trend**: The main urea contract is expected to be volatile today [4] Market Data - **Spot and Futures**: The spot price of the delivery product is 1930 (unchanged), the UR2509 contract basis is 33, and the premium - discount ratio is 1.7% [4][6] - **Inventory**: UR comprehensive inventory is 119.9 million tons (- 11.1 million tons) [4] - **Technical Indicators**: The 20 - day moving average of the main UR contract is upward, and the closing price is above it. The main contract's net position is short [4] Supply - Demand Balance - From 2018 - 2024, urea capacity, production, and consumption generally showed an upward trend. In 2025E, the capacity is expected to reach 4906 [10]

尿素早报 2025-5-13 交易咨询业务资格：证监许可【2012】1091号 • 1. 基本面：近期尿素盘面反弹。供应方面，开工率仍在高位且有新产能投产，日产预计将维 持高位，库存高位回落后再次快速累库。需求端，工业需求中复合肥开工明显回落，复合肥库存 累库，三聚氰胺开工中性，工业需求弱势，农业需求有边际好转。尿素近期出口政策传言较多， 但目前仍未有确切官方消息。交割品现货1930（+20），基本面整体中性； • 2. 基差： UR2509合约基差37，升贴水比例1.9%，偏多； • 3. 库存：UR综合库存119.9万吨（-11.1），偏空； • 4. 盘面： UR主力合约20日均线向上，收盘价位于20日线上，偏多； • 5. 主力持仓：UR主力持仓净多，增多，偏多； • 6. 预期：尿素主力合约盘面短期反弹，日产高位，库存再次累库，复合肥开工下行，农需边 际好转，预计UR今日走势震荡 • 尿素概述： • 利多 • 1、出口政策预期 • 2、农需边际好转 • 利空 • 1、开工日产高位 • 2、库存再度累库 • 3、工业需求偏弱 • 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 | ...

交易咨询业务资格：证监许可【2012】1091号 尿素早报 2025-5-12 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • 尿素概述： • 1. 基本面：近期尿素盘面反弹。供应方面，开工率仍在高位且有新产能投产，日产预计将维 持高位，库存高位回落后再次快速累库。需求端，工业需求中复合肥开工明显回落，复合肥库存 累库，三聚氰胺开工中性，工业需求弱势，农业需求有边际好转。尿素近期出口政策传言较多， 但目前仍未有确切官方消息。交割品现货1910（+10），基本面整体中性； • 2. 基差： UR2509合约基差28，升贴水比例1.5%，偏多； • 3. 库存：UR综合库存119.9万吨（-11.1），偏空； • 4. 盘面： UR主力合约20日均线向上，收盘价位于20日线上，偏多； • 5. 主力持仓：UR主力持仓净多，减多，偏多； • 6 ...

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04月27日 Guotai Junan Futures all rights reserved, please do not reprint 综述：现货成交持续弱势，短期弱势运行 ➢ 国际现货：中国散装小颗粒离岸价266.01-268.01美元/吨，高端下调1美元/吨；黑海小颗粒港口离岸价350.01-360.01美元/吨，上调2-5美元/吨； 波罗的海小颗粒港口离岸价345.01-355.01美元/吨，上调2-5美元/吨；中东小颗粒港口离岸395.01-400.01美元/吨，上调5美元/吨；巴西小颗粒CFR 价格375.01-390.01美元/吨，高端上调10美元/吨；印度到岸价385.01-398.25美元/吨，较上周持平。由于目前出口法检政策仍严格，国际国内价格 背离格局延续。 ➢ 国内现货：目前基层对尿素的采购积极性仍较弱。从周四至周日，现货成交持续清淡，短期现货预计仍偏弱运行。4月27日报价，天庆下跌至1750元 /吨、临沂下跌至1800元/吨、东平贸易回调至1760元/吨、心连心 ...