Report Industry Investment Rating - Not provided Core Viewpoints - The urea market is currently in a weak and stable state, mainly due to the game between downstream holiday shutdown and upstream holiday order absorption. Before the Spring Festival, it will mainly maintain a weak and stable state. After the Spring Festival, as it gradually enters the peak farming season, the downstream demand for urea will reach the peak of the year. [1] Summary by Relevant Catalogs Market Analysis - The urea futures opened low and moved high today, with a decline at the end of the session. The market is mainly stable, and holiday orders have not been fully filled. The ex - factory quotes for small - particle urea from factories in Shandong, Henan, and Hebei are mostly in the range of 1700 - 1760 yuan/ton, with Henan factories having lower prices. The fundamentals are stable, with factories mainly fulfilling previous pending orders. The daily output has reached 210,000 tons, with few shutdown plans and many restart plans on the agenda. If there is no positive news, the spot is expected to reduce prices to attract orders. [1][3] - The compound fertilizer production capacity utilization rate has increased slightly, but the increase is limited before the holiday. The inventory data continues to decrease, mainly due to agricultural pick - up. It is expected that inventory will be depleted before the Spring Festival, and there will be an increase during the holiday. [1] Futures and Spot Market Futures - The main urea 2605 contract opened at 1775 yuan/ton, opened low and moved high, and closed down at the end of the session, finally closing at 1776 yuan/ton, with a change of - 0.17%. The trading volume was 221,626 lots (-1,184 lots). Among the top twenty main positions, long positions decreased by 578 lots, and short positions decreased by 875 lots. [2] - On February 6, 2026, the number of urea warehouse receipts was 10,860, an increase of 25 compared to the previous trading day. [2] Spot - The market is mainly stable today, and holiday orders have not been fully filled. The ex - factory quotes for small - particle urea from factories in Shandong, Henan, and Hebei are mostly in the range of 1700 - 1760 yuan/ton, with Henan factories having lower prices. [1][3] Fundamental Tracking Basis - Today, the mainstream spot market quotes are stable, and the futures closing price has decreased. Based on the Henan region, the basis has strengthened compared to the previous trading day, and the basis for the May contract is -16 yuan/ton (+2 yuan/ton). [6] Supply - On February 6, 2026, the national daily urea output was 210,000 tons, the same as yesterday, with an operating rate of 85.26%. [7] Inventory and Orders - As of February 6, 2026, the total inventory of Chinese urea enterprises was 918,500 tons, a decrease of 26,400 tons compared to last week, a month - on - month decrease of 2.79%. The pre - sale order days were 8.82 days, an increase of 2.23 days compared to the previous period, a month - on - month increase of 33.84%. [12] Downstream - From January 30 to February 6, the compound fertilizer production capacity utilization rate was 41.79%, an increase of 0.45 percentage points compared to last week. The average weekly production capacity utilization rate of Chinese melamine was 57.95%, a decrease of 8.5 percentage points compared to last week. [14]

Core Viewpoint - Urea futures experienced a slight increase of 0.62%, with the main contract closing at 1779.00 yuan, indicating a positive outlook for the market despite current challenges [1][2]. Group 1: Market Trends - The main urea futures contract reached a peak of 1782.00 yuan during trading, reflecting a bullish sentiment in the market [1]. - Urea prices from factories in Shandong, Henan, and Hebei are reported between 1680-1720 yuan per ton, with limited low-price transactions due to a cold market atmosphere [2]. Group 2: Supply and Demand Dynamics - Current supply remains stable with no significant production halts planned, and daily production is around 200,000 tons [2]. - Agricultural demand is improving, with a notable increase in compound fertilizer factory operations and inventory levels, although actual purchasing remains limited [2][3]. - Short-term fluctuations in the UR2605 contract are expected to remain within the 1750-1800 yuan range, influenced by stable production and limited agricultural demand during the traditional off-season [3]. Group 3: Inventory and Production Insights - Inventory levels have decreased to below one million tons, with expectations of continued inventory reduction as pre-holiday purchasing increases [2]. - The recovery of some production facilities is anticipated to support domestic urea output, although the overall impact on production levels is expected to be limited [3].

Report Industry Investment Rating - Not provided Core View of the Report - The international urea has relatively little impact on the domestic market, the daily production pressure has slightly eased, and there is still support from downstream demand. In the short term, the market is expected to be slightly stronger with fluctuations [1]. Summary by Relevant Catalogs Market Analysis - The futures market opened flat and trended higher, closing with gains after intraday fluctuations. The spot factory has a strong willingness to hold prices, but the downstream acceptance is average. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei ranges from 1,630 to 1,710 yuan/ton, up about 10 yuan/ton. The daily production is 190,000 tons, and the pressure of supply remains. The downstream compound fertilizer factory's operating load has decreased, and the inventory reduction has increased. The winter storage market is expected to run stably, and may rebound after the environmental protection restrictions are lifted [1]. Futures and Spot Market - Futures: The main urea 2605 contract opened at 1,732 yuan/ton, closed at 1,740 yuan/ton, up 0.46%. The trading volume was 196,387 lots (+9,020 lots). Among the top 20 positions, longs increased by 8,012 lots and shorts increased by 8,660 lots. The number of urea warehouse receipts on December 25, 2025, was 10,750, an increase of 318 from the previous trading day [2]. - Spot: The spot factory has a strong willingness to hold prices, but the downstream acceptance is average. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei ranges from 1,630 to 1,710 yuan/ton, up about 10 yuan/ton [4]. Fundamental Tracking - Basis: Based on the Henan region, the basis weakened compared to the previous trading day, and the basis for the May contract was - 30 yuan/ton (- 5 yuan/ton) [7]. - Supply: On December 25, 2025, the national daily urea production was 192,600 tons, an increase of 800 tons from the previous day, with an operating rate of 79.37% [10]. - Enterprise Inventory: As of December 24, 2025, the total inventory of Chinese urea enterprises was 1.0689 million tons, a decrease of 110,800 tons from the previous week, a 9.39% decrease [11]. - Pre - sale Orders: As of December 24, 2025, the pre - sale order days of Chinese urea enterprises were 6.35 days, an increase of 0.11 days from the previous period, a 1.76% increase [11]. - Downstream Data: From December 20 to December 26, the capacity utilization rate of compound fertilizers was 37.75%, a decrease of 1.62 percentage points from the previous week. The weekly average capacity utilization rate of melamine in China was 58.07%, a decrease of 0.48 percentage points from the previous week [13].

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The urea market showed a callback today and is expected to mainly experience narrow - range fluctuations, with both supply and demand weakening month - on - month, but downstream resilience still exists [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - The futures market opened high and closed low with an intraday callback, while the spot price continued to rise but high - end transactions were limited, and the price is expected to remain stable over the weekend. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei is mostly between 1,640 - 1,700 yuan/ton, with Henan's price at the lower end [1][4] - Although it is the shutdown period of gas - based plants, the daily production remains above 190,000 tons. The start - up rate of compound fertilizer plants decreased month - on - month due to environmental inspections and poor downstream shipping capacity after price increases. Northeast plants maintain the winter storage production pace. The start - up of upstream and downstream plants was affected by smog, and inventory continued to decline mainly in the Northeast and Northwest, with a slight increase in the main delivery area [1] - The incentive from the Indian tender is insufficient, showing signs of weakening supply and demand month - on - month [1] 3.2 Futures and Spot Market Conditions Futures - The urea main contract 2605 opened at 1,705 yuan/ton, closed at 1,697 yuan/ton with a decline of 0.41%, and the trading volume was 163,856 lots (+1,329 lots). Among the top 20 positions, long positions decreased by 670 lots and short positions increased by 104 lots. Zhongtai Futures had a net long position of +424 lots, Zhongyuan Futures had a net long position of +227 lots, Guotai Junan had a net short position of - 1,364 lots, and Dongzheng Futures had a net short position of +4,597 lots [2] - On December 19, 2025, the number of urea warehouse receipts was 10,976, a decrease of 201 from the previous trading day [2] Spot - The spot price continued to rise, but high - end transactions were limited, and the price is expected to remain stable over the weekend. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei is mostly between 1,640 - 1,700 yuan/ton, with Henan's price at the lower end [1][4] 3.3 Fundamental Tracking - The basis strengthened compared to the previous trading day. Taking Henan as the benchmark, the basis of the May contract was - 7 yuan/ton (+21 yuan/ton) [7] - On December 19, 2025, the national daily urea production was 194,100 tons, the same as yesterday, and the start - up rate was 79.99% [10]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the first half of 2026, the central price of urea may rise. After the peak agricultural demand season, the central price is expected to gradually decline in the second half of the year, with a volatile pattern throughout the year. The market may mainly trade on the expectations and discrepancies of urea's peak agricultural demand, export, and storage drives. Traders are advised to focus on band opportunities. The export - related policy adjustment in 2026 remains a key factor in adjusting the domestic fundamentals. The expected operating range of urea prices in 2026 is 1,550 - 1,950 yuan/ton. Strategies suggest focusing on the 5 - 9 positive spread at low prices, and the 9 - 1 and 1 - 5 reverse spreads at high prices [1][86]. 3. Summary According to the Directory 3.1 2025 H2 Urea Trend Review - **Q3**: With sufficient production profit, the overall operating rate and output of the urea industry remained high. Agricultural demand weakened, but new export quotas and the "anti - involution" macro - logic supported the price, resulting in wide - range price fluctuations [5]. - **Q4**: The strong expectations for September were falsified. Supply remained high, and export and domestic demand could not match the supply pressure, leading to a downward price trend. There was a phased rebound in November due to mid - stream reserve replenishment and increased export quotas [9]. 3.2 Demand Side: Urea Demand in 2026 is Expected to Increase - **Agricultural End**: The growth of urea agricultural demand in 2026 may continue, but the growth rate is expected to decline slightly. The demand increment is mainly concentrated from February to May, and corn is the main source of actual demand growth [13][15][17]. - **Industrial End**: A cautious and pessimistic attitude is taken towards the domestic industrial demand for urea in 2026. The demand from melamine, urea - formaldehyde resin, and thermal power denitrification is expected to have no significant increase [13]. - **Export End**: Urea exports in 2026 may continue to grow, mainly concentrated in the third and fourth quarters [14][48]. 3.3 Supply Side: Urea Supply in 2026 is Expected to Increase - **Output**: The urea industry is expected to add 6.51 million tons of new production capacity in 2026, with an annual capacity growth rate of 7.9%. The theoretical capacity will increase from 82.07 million tons to 88.58 million tons, and the output is expected to increase [51][53]. - **Inventory**: In 2026, the upstream enterprise inventory and mid - stream social inventory of urea are expected to show a pattern of destocking in the first half of the year and stockpiling in the second half, with a slightly higher annual average inventory center [51]. - **Profit**: The production profit of urea in 2026 may fluctuate widely. The profit may rebound in the first half depending on the intensity of agricultural demand, and the profit center may decline in the second half, mainly depending on export policies [51].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The urea market sentiment is strong. The futures price opened high and closed low but still rose during the day, and the spot price also increased. Although it is the period of gas - head device shutdown, the daily output remains above 190,000 tons. The agricultural demand is in the off - season, and traders replenish stocks in a timely manner. The compound fertilizer plant's start - up rate decreased this period, while other industrial demand gradually resumed. The urea inventory continued to decline, mainly in the Northeast and Northwest regions, and the inventory in the main delivery area increased slightly. The Indian tender continued to stimulate the market sentiment, and the urea price may continue to rebound, but there is still an oversupply gap and obvious upward pressure [1] 3. Summary by Relevant Catalogs 3.1. Futures and Spot Market Conditions - **Futures**: The urea main contract 2605 opened at 1696 yuan/ton, opened high and closed low, rose during the day, and finally closed at 1708 yuan/ton, with a change rate of 1.67%. The trading volume was 162,527 lots (- 2001 lots). The net long positions of some major futures companies decreased, and the net short positions of some increased. On December 18, 2025, the number of urea warehouse receipts was 11,177, a decrease of 25 compared with the previous trading day [2] - **Spot**: The spot price increased, the trading atmosphere was good, and some factories stopped selling. The ex - factory price range of small - particle urea in Shandong, Henan, and Hebei was 1590 - 1670 yuan/ton, with the lowest price in Henan [1][4] 3.2. Fundamental Tracking - **Basis**: Based on the Henan region, the basis weakened compared with the previous trading day. The basis of the May contract was - 28 yuan/ton (- 15 yuan/ton) [6] - **Supply Data**: On December 18, 2025, the national daily urea output was 194,100 tons, a decrease of 15,000 tons from the previous day, and the start - up rate was 79.99% [9] - **Enterprise Inventory Data**: As of December 17, 2025, the total inventory of Chinese urea enterprises was 1.1797 million tons, a decrease of 54,500 tons from the previous week, a month - on - month decrease of 4.42% [10] - **Pre - sale Order Days**: As of December 17, 2025, the pre - sale order days of Chinese urea enterprises were 6.24 days, a decrease of 0.7 days from the previous period, a month - on - month decrease of 10.09% [10] - **Downstream Data**: From December 13th to 18th, the capacity utilization rate of compound fertilizer was 39.37%, a decrease of 1.25 percentage points from the previous week. The weekly average capacity utilization rate of Chinese melamine was 58.55%, a decrease of 3.31 percentage points from the previous week [12]

Report Summary - Report Title: Urea Futures Weekly Report - Report Date: December 7, 2025 - Report Cycle: Weekly - Researcher: He Ning Report Industry Investment Rating - Not mentioned in the report Report's Core View - Last week (December 1 - 5, 2025), the urea futures rose first and then fell. The increase was mainly due to the steady increase in spot prices and the continuous active trading volume. The trading sentiment in the spot market was good, with sufficient orders from urea factories and a lack of willingness to adjust prices in the short term [2]. Summary by Relevant Catalogs 1. Futures Market - **Contract Quotes**: This week (December 1 - 5, 2025), the prices of each contract of urea futures showed little difference overall, and the market showed fluctuations. The closing price of Urea 2602 (UR602) was 1,675 yuan/ton, with an opening price of 1,678 yuan/ton, a highest price of 1,707 yuan/ton, a lowest price of 1,672 yuan/ton, a weekly decline of 0.24%, a trading volume of 58,600 lots, and a position volume of 24,000 lots. The closing price of Urea 2601 (UR601) was 1,673 yuan/ton, with an opening price of 1,682 yuan/ton, a highest price of 1,710 yuan/ton, a lowest price of 1,670 yuan/ton, a weekly decline of 0.24%, a trading volume of 582,000 lots, and a position volume of 200,000 lots [3]. 2. Spot Market - **Basis Data**: According to the quotation on December 5, the small - particle urea of Hualu Hengsheng in East China was 1,710 yuan/ton (basis of 37 yuan/ton), that of Henan Xinlianxin in Central China was 1,710 yuan/ton (basis of 37 yuan/ton), and that of Ningxia Petrochemical in Northwest China was 1,500 yuan/ton (basis of - 173 yuan/ton), reflecting local demand differences but with mild overall fluctuations [6]. - **Registered Warehouse Receipts**: As of December 5, 2025, the registered warehouse receipts of urea were 10,485 lots, a significant increase compared to last week [10]. 3. Influencing Factors - **Industry News**: On the supply side, the current urea production capacity and daily output are at relatively high levels in recent years, and it is expected that the daily output will hardly be lower than 190,000 tons this year. The high - level supply has a significant suppressing effect on prices, but the continuous and flexible adjustment of export policies has continuously alleviated the fundamental pressure and weakened the downward momentum of prices to some extent. On the demand side, after a round of concentrated procurement by downstream enterprises, whether the trading volume can continue to increase at the current price level still needs to be observed. Notably, the number of urea futures warehouse receipts has been continuously increasing, and the phased replenishment has gradually reduced the industrial inventory, alleviating the inventory pressure and providing some support for the market [11]. 4. Market Outlook - Last week, the urea futures rose first and then fell, supported by the strengthening of spot prices and active trading volume. The supply side remained at a high level in recent years, but the adjustment of export policies alleviated some pressure. On the demand side, the phased replenishment by downstream enterprises drove the decline of industrial inventory, providing some support for the market. It is expected that the short - term urea futures market may fluctuate within a range [13][14].

Report Overview - Report Title: "Reserve Demand Supports, Urea Futures Prices Show Strong Resistance to Decline - Weekly Urea Market Analysis" [1] - Report Date: November 21, 2025 [2] - Report Author: Chang Xuemei, Chemical Researcher at Haizheng Futures Research Institute [28] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The supply - demand data of urea has improved recently, and the price is relatively firm. The short - term price is supported by the improvement of industrial and agricultural demand and optimistic expectations for Indian tenders and exports. However, the high daily production may limit the price rebound space, and the price is likely to fluctuate strongly in the future [6]. - The UR01&05 spread continues to fluctuate and adjust, and the impact of the main contract shift on the spread needs further attention [6]. - The urea industry inventory pressure has been further relieved, but the absolute inventory is still large and needs further digestion [23]. - The urea industry profit continues to operate at a low level, and the medium - term supply - demand pattern is still loose, so the profit may continue to be weakly adjusted [26]. 3. Summary by Relevant Catalogs 3.1 Futures and Spot Market - **Futures Price**: This week, the main 01 contract of urea fluctuated upward, showing strong resistance to decline. As of Thursday's close, the UR2601 contract was reported at 1665 yuan/ton [4]. - **Spot Price**: This week, the spot prices of urea in various regions increased slightly. Northeast procurement improved the domestic urea trading. As of Thursday, the mainstream ex - factory price of small - particle urea in Shandong was about 1600 - 1630 yuan/ton [7][8]. - **Basis**: This week, the basis was strongly volatile. As of Thursday, the basis of the Shandong 01 contract was about - 25 yuan/ton, and that of the Hebei 01 contract was about - 15 yuan/ton, showing a slight strengthening compared with the previous period [8]. - **Spread**: As of Thursday, the UR01&05 spread was about - 70 yuan/ton, showing a slight strengthening with relatively limited volatility [8]. - **Warehouse Receipts**: Recently, the number of warehouse receipts has been stable. As of Thursday, the number of urea warehouse receipts was about 7183, mainly distributed in Yuntu Holdings, Sichuan Agricultural Means, Anhui Zhongneng, and Zhongnong Holdings [10]. 3.2 Supply Side - **Maintenance**: This week, the urea plant maintenance volume was about 20.94 million tons, a decrease of 1.96 million tons compared with the previous period. Among them, the coal - based sample plant maintenance volume was about 16.27 million tons, a decrease of 21.96 million tons compared with the previous period; the gas - based sample plant maintenance volume was about 4.67 million tons, remaining the same as the previous period [13]. - **Operating Rate**: As of November 20, the domestic urea operating rate was about 83.91%, a slight decrease of about 0.17% compared with the previous period. The coal - based production capacity utilization rate of urea production enterprises was about 87.23%, a decrease of 0.3% from the previous period; the gas - based production capacity utilization rate was about 72.55%, a decrease of 0.21% from the previous period [15]. - **Production**: This week, the urea production was about 142.04 million tons, an increase of about 4.35 million tons compared with last week. The coal - based weekly urea production was about 114.31 million tons, an increase of about 4.43 million tons from the previous period; the gas - based weekly urea production was about 27.73 million tons, a decrease of 0.08 million tons compared with the previous period [15]. 3.3 Demand Side - **Compound Fertilizer**: As of November 20, the compound fertilizer operating rate was about 34.61%, an increase of 4.29% compared with last week. The compound fertilizer inventory was about 65.48 million tons, a decrease of 0.15 million tons from the previous period, a decline of 0.23%. The profit of compound fertilizer in Shandong continued to be compressed [18]. - **Melamine**: As of November 20, the domestic melamine enterprise operating rate was about 62.2%, an increase of 4.28% compared with the previous period. The melamine production was about 3.2 million tons, continuing to rise compared with last week. The short - term increase in operating rate is expected to slow down [20]. 3.4 Inventory and Profit - **Inventory**: As of November 19, the total domestic urea enterprise inventory was about 143.72 million tons, a decrease of about 4.64 million tons compared with the previous period, a decline of about 3.13%. The urea port sample inventory was about 10 million tons, an increase of 1.8 million tons compared with the previous period, an increase of 21.95%. The current pre - sales days were about 7.12 days, a decrease of about 0.59 days compared with the previous period [22][23]. - **Profit**: As of November 20, the fixed - bed process profit was about - 307 yuan/ton, an increase of 20 yuan/ton compared with the previous period; the coal - water slurry profit was about 69 yuan/ton, a decrease of 10 yuan/ton compared with last week; the natural gas profit was about - 288 yuan/ton, a decrease of 6 yuan/ton compared with the previous period [26].

Report Industry Investment Rating - Not provided Core Viewpoint - The urea futures market opened lower and moved higher, then fell back during the day and closed down at the end of the session. The spot market has weak trading sentiment. The supply pressure of high daily production is large, and the cost is supported by rising coal prices. The overall demand has improved compared to the early part of this month, but it is difficult to change the pattern of loose supply and demand. The futures price is expected to fluctuate within a narrow range, and attention should be paid to the follow - up of winter storage [1] Summary by Relevant Catalogs Market Analysis - The urea futures market opened lower and moved higher, then fell back during the day and closed down. The spot trading atmosphere was weak, with the ex - factory price of small - particle urea in Shandong, Henan, and Hebei ranging from 1,520 to 1,560 yuan/ton. The daily production continued to rise and was expected to remain high before the gas - fired devices were restricted. The cost was supported by rising coal prices. The autumn fertilizer was in the final stage, and the overall demand improved compared to the early part of this month, but the winter storage follow - up was not obvious, and the futures price was expected to fluctuate narrowly [1] Futures and Spot Market - Futures: The urea main contract 2601 opened at 1,627 yuan/ton, closed at 1,625 yuan/ton, down 0.43%. The trading volume decreased by 6,006 lots to 264,103 lots. Among the top 20 positions, the long positions decreased by 1,287 lots, and the short positions decreased by 1,220 lots. On October 31, 2025, the number of urea warehouse receipts increased by 1,455 lots to 1,455 lots [2] - Spot: The spot trading enthusiasm was poor, and the market was weak. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei was in the range of 1,520 - 1,560 yuan/ton [4] Fundamental Tracking - Basis: The mainstream spot price remained stable, and the futures closing price declined. Based on the Henan region, the basis of the January contract was - 45 yuan/ton, up 2 yuan/ton from the previous trading day [7] - Supply: On October 31, 2025, the national daily urea production was 190,400 tons, unchanged from the previous day, and the operating rate was 80.45% [8]

Report Industry Investment Rating - The report gives a "moderate upward" rating for the urea industry [1] Report Core View - The urea futures are rising moderately, and the spot market is gradually recovering. With the progress of farming seasons and the resumption of work in compound fertilizer plants, the market trend is expected to remain strong. Attention should be paid to policy changes [1] Summary by Related Catalogs Market Analysis - The urea futures opened high and moved higher on October 24, 2025, with a strong intraday performance. The market's follow - up buying sentiment was obvious, and the trading sentiment was fair. The ex - factory prices of small - particle urea in Shandong, Henan, and Hebei ranged from 1520 - 1560 yuan/ton, with price increases of 10 - 20 yuan/ton, and Hebei's quotes were relatively high [1][5] - On the supply side, the daily production is slightly decreasing, but there will be unit restarts and new unit commissions. Before natural gas curtailment, daily production will not be significantly reduced. The price of动力煤 (bituminous coal used for power generation) is rising, increasing the cost of urea production. Natural gas - based enterprises are continuously losing money, and Zhongyuan Dahua has shut down for maintenance. As the heating season approaches, the operating rate of natural gas enterprises is expected to decline [1] - On the demand side, compound fertilizer plants increased their operating loads this period, with a month - on - month increase of about 3.53% but a year - on - year decrease of 2.03%. The finished product inventory is still in the destocking stage. The start - up in Northeast China may be postponed, and the growth rate of the factory operating rate may slow down [1] - Currently, it is in the inventory accumulation stage, but the inventory increase this period is slower than the previous one [1] Futures and Spot Market Conditions Futures - The main urea contract 2601 opened at 1633 yuan/ton, closed at 1642 yuan/ton, up 0.74%. The trading volume was 286338 lots, a decrease of 12502 lots [2] - On October 24, 2025, the number of urea warehouse receipts was 5407, a decrease of 77 from the previous trading day. Among them, Anyang Wanzhuang (Sichuan Agricultural Materials) decreased by 7, Anyang Wanzhuang decreased by 2, Hengshui Mianma decreased by 18, and Liaoning Fertilizer (Aipu Holdings) decreased by 50 [2] - Among the top 20 long and short positions in the main contract, the long positions decreased by 3327 lots, and the short positions decreased by 8622 lots. Hongyuan Futures had a net long position of +691 lots, Zhongtai Futures had a net long position of +779 lots; Guotai Junan had a net short position of +2256 lots, and CITIC Futures had a net short position of -4124 lots [2][3] Spot - The continuous rise of futures has led to obvious follow - up buying sentiment in the market, and the trading sentiment is fair. The ex - factory prices of small - particle urea in Shandong, Henan, and Hebei ranged from 1520 - 1560 yuan/ton, with price increases of 10 - 20 yuan/ton, and Hebei's quotes were relatively high [1][5] Fundamental Tracking Basis - The mainstream spot market quotes rose, and the futures closing price increased. Based on the Henan region, the basis weakened compared with the previous trading day, and the basis of the January contract was -72 yuan/ton, an increase of 16 yuan/ton [8] Supply Data - On October 24, 2025, the national daily urea production was 196,200 tons, unchanged from the previous day, and the operating rate was 82.9% [9]