Group 1: Report Information - Report Title: Urea Daily Report on January 23, 2026 [2] - Report Type: Energy and Chemical Research Report [2] - Researcher: Zhang Mengchao [7] - Contact Information: zhangmengchao_qh@chinastock.com.cn [7] Group 2: Market Review - Futures Market: Urea futures fluctuated widely, closing at 1788 (+7/+0.39%) [3] - Spot Market: Factory prices increased in some areas, and order intake weakened. Henan's factory price was 1690 - 1700 yuan/ton, Shandong's small - particle factory price was 1710 - 1730 yuan/ton, Hebei's small - particle factory price was 1710 - 1720 yuan/ton, Shanxi's medium and small - particle factory price was 1620 - 1670 yuan/ton, Anhui's small - particle factory price was 1700 - 1710 yuan/ton, and Inner Mongolia's factory price was 1550 - 1620 yuan/ton [3] Group 3: Important Information - On January 23, urea industry's daily production was 20.48 tons, a decrease of 0.03 from the previous working day and an increase of 1.46 tons from the same period last year. The current开工率 was 87.10%, a 2.07% increase from 87.00% in the same period last year [4] Group 4: Logical Analysis - Mainstream areas' factory prices were generally stable, market sentiment cooled, and transactions weakened. In Shandong, factory quotes were firm, but new orders decreased. In Henan, the market sentiment was average, and the factory price followed the increase, but order intake decreased. In the delivery area, the factory price was firm, but new orders were weak. The daily production of urea in China has returned to over 200,000 tons, running at a high level in the same period of history. The result of the Indian tender in the international market was CFR420 US dollars/ton, with a total counter - offer of around 960,000 tons, far from the initial tender volume of 1.5 million tons. The domestic and international price difference was still large, but there were no new quotas in China, so the overall impact was limited. The compound fertilizer开工率 in the Central Plains and Northeast regions was stable, but due to the large backlog of finished product inventory, some compound fertilizer factories in Henan stopped production, and the compound fertilizer and board factories in Linyi, Shandong reduced their loads. The raw material inventory was generally high, and only low - price purchases were maintained. The reserve progress of off - season storage enterprises has basically reached over 70%, and the later procurement intensity will gradually slow down. As the factory price rose, downstream resistance increased, traders began to sell, and the agricultural procurement enthusiasm cooled. The futures price decline further cooled the spot market sentiment. Although the order intake improved after the factory price was lowered, the high - price downstream in the sales area still resisted, and it will continue to fluctuate in the short term [5] Group 5: Trading Strategies - Single - side: Short when the price is above 1790 [6] - Arbitrage: Wait and see [6] - Options: Wait and see [9]