Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Last week, domestic urea's domestic demand was insufficient, dragging down the price. On Friday, the anti - involution measures continued to ferment, increasing the market's expectation of capacity reduction, which stimulated capital sentiment. Bulls entered the market, leading to a sharp rise today. However, the fundamentals have not significantly improved. With export containerization ongoing, there is a game between upward and downward support pressures, and the market is oscillating strongly [2] Group 3: Summary by Related Catalogs 1. Spot Market Dynamics - In the first half of last week, domestic demand for urea was insufficient, and the spot price decreased. In the second half, upstream factories lowered prices to attract orders, and order collection improved. Since the weekend, the urea price has been rising steadily, and some factories have restricted sales or stopped accepting orders today [4] 2. Futures Dynamics - Last week, the urea futures market first declined and then rose, with an overall increase. On Monday this week, the main contract opened with a gap up and oscillated strongly. As of July 21, the urea main September contract closed at 1,812 yuan/ton, up 51 yuan/ton from the settlement price on July 14. The weekly trading volume of the main contract last week was 17.8598 million tons, a week - on - week decrease of 674,500 tons; the open interest was 6.6731 million tons, a week - on - week increase of 103,700 tons. Affected by anti - involution measures, the futures market opened with a gap up. Last week, the futures price increase was stronger than the spot price increase, and the basis weakened [7] 3. Urea Supply - side - Last week, the weekly urea output decreased. Coal - based weekly output showed a slight increase, while gas - based weekly output decreased significantly. Next week, 4 - 5 factories are expected to resume production, and the output is expected to recover. As of July 21, the national daily urea output was 197,500 tons, with an operating rate of 84.07%. In the raw material market, coal prices generally rose, and the price of liquefied natural gas increased. The price of synthetic ammonia decreased, and the price of methanol increased [13][15][16] 4. Urea Demand - side - Last week, the compound fertilizer price increased. The raw material procurement of nitrogen fertilizer for autumn fertilizer preparation has reached 30%, but the demand for urea is limited. The operating rate of compound fertilizer and melamine increased. As of July 18, the total inventory of Chinese urea enterprises decreased, while the port inventory increased. It is expected that the port inventory will continue to rise in the second half of the year [18][20] 5. International Market - India's demand is strong, and RCF's urea import tender was settled at 1.47 million tons. It is expected to conduct another import tender in August. Other regions are cautious about following high prices, and the urea price is expected to weaken. As of July 17, the FOB prices of small and large - sized urea in different regions showed varying degrees of increase [22]