1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Urea's near - end demand is gradually being released, and the basis is strengthening. The urea 05 contract is expected to trade in the range of 1800 - 1900 yuan/ton. The supply is expected to increase, and the demand from agriculture and some industries is showing positive trends [2]. 3. Summary According to Related Catalogs Market Changes - Urea's futures price weakened, with the closing price of the urea 2605 contract on March 6th at 1830 yuan/ton, a decrease of 17 yuan/ton or 0.92% from last week. The spot price in the Henan market increased by 10 yuan/ton or 0.55% to 1821 yuan/ton [2][5]. - The basis of the urea main contract strengthened, with the main basis in the Henan market on March 6th at - 9 yuan/ton, and the weekly basis range from - 9 to 19 yuan/ton, approaching the flat - water state. The 5 - 9 spread of urea weakened, with the 5 - 9 spread on March 6th at - 13 yuan/ton, and the weekly range from - 15 to 25 yuan/ton [2][9]. Fundamental Changes Supply - China's urea operating load rate was 93.62%, an increase of 2.26 percentage points from last week. The operating load rate of gas - based enterprises was 84.53%, an increase of 2.73 percentage points. The daily urea output was 21.97 tons. There are expectations of supply increase in the future [2][12]. Cost and Profit - The anthracite coal market had mainly rigid demand, and coal prices fluctuated slightly. As of March 5th, the tax - included price of anthracite washed small lumps in Jincheng, Shanxi was 880 - 930 yuan/ton, and that in Yangquan, Shanxi was 780 - 840 yuan/ton, with the price center remaining the same as last week. The mainstream urea price increased, and the urea production profit recovered [2][16]. Demand - Agricultural demand: As the spring plowing approaches, the demand for agricultural fertilizer preparation continues to follow up. The capacity utilization rate of compound fertilizer enterprises was 37.02%, an increase of 3.61 percentage points from last week, and the inventory decreased by 2.29 percentage points. The demand in the compound fertilizer market is gradually being released [2][18][22]. - Industrial demand: The operating load rate of melamine enterprises was 49.4%, a decrease of 6.19 percentage points from last week. The demand support from the panel market weakened [2][25][26]. Inventory - Urea enterprise inventory was 870,000 tons, a decrease of 52,000 tons from last week and 396,000 tons less than the same period last year. Urea port inventory was 264,000 tons, an increase of 24,000 tons from last week. The number of registered urea warehouse receipts was 2,860, equivalent to 57,200 tons, an increase of 1,031 receipts or 20,620 tons compared to the same period last year [2][29]. Key Points to Watch - The operating conditions of compound fertilizer, urea plant production reduction and maintenance, export policies, and coal price fluctuations [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On March 5, 2026, the spot price of urea slightly loosened, and the compound fertilizer production continued to pick up. The new order transactions slowed down, and some quotes slightly decreased. The supply increased as some gas - based and technical - reformed enterprises resumed production, and some off - season reserves were released in March. The demand improved as the green - returning fertilizer demand started after the Spring Festival, and the compound fertilizer production increased. However, the melamine production decreased due to some temporary shutdowns, with only rigid demand. The inventory in factories decreased, while the port inventory slightly increased. The international urea price was strong due to the Iran situation, and the domestic export quota had no new news. The report suggested continuous attention to export dynamics, off - season reserve release rhythm, and the sustainability of spot purchase sentiment [1][2] 3. Summary by Directory I. Urea Basis Structure - The report presents data on Shandong and Henan urea small - particle prices, Henan basis, urea main contract closing price, 1 - 5 spread, 5 - 9 spread, and 9 - 1 spread, with data sources from Longzhong and Flush [1][5][7] II. Urea Production - It shows the urea weekly production and urea device maintenance loss volume, sourced from Longzhong [24][25] III. Urea Production Profit and Operating Rate - The report includes information on urea production cost, production profit, and capacity utilization rates of coal - based and natural - gas - based production, with data from Longzhong and Flush [22][23][30] IV. Urea Foreign Market Price and Export Profit - It provides data on urea small - particle FOB in the Baltic Sea, large - particle CFR in Southeast Asia, and the difference between them and China's FOB, as well as export profit and on - disk export profit, sourced from Longzhong [37][41][50] V. Urea Downstream Operating Rate and Orders - The report shows the capacity utilization rates of compound fertilizer and melamine, and the number of days of pending orders, with data from Longzhong [51][52] VI. Urea Inventory and Warehouse Receipts - It presents information on factory inventory, port inventory, raw material inventory of downstream urea manufacturers in Hebei, urea warehouse receipt quantity, main contract holding volume, and trading volume, with data from Longzhong and Flush [55][58][61] 4. Strategies - Unilateral: Oscillation [3] - Inter - period: Wait - and - see [3] - Inter - variety: None [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The spot price of urea followed the March guidance price increase. The market situation is complex with changes in supply, demand, and price indicators. The overall strategy suggests a sideways - to - bullish trend for the single - sided trading with a narrowing upside space, and a positive spread trading opportunity for UR05 - 09 on dips [1][2][3] 3. Summary by Relevant Catalogs I. Urea Basis Structure - On March 2, 2026, the urea main contract closed at 1,817 yuan/ton (-30). The ex - factory price of small - sized urea in Henan was 1,860 yuan/ton (unchanged), in Shandong was 1,890 yuan/ton (+30), and in Jiangsu was 1,890 yuan/ton (+30). The basis in Shandong, Henan, and Jiangsu were 73 yuan/ton (+60), 43 yuan/ton (+60), and 73 yuan/ton (+60) respectively [1] II. Urea Production - As of March 2, 2026, the enterprise capacity utilization rate was 93.16% (0.08%). The total inventory of sample enterprises was 117.60 million tons (+14.56), and the port sample inventory was 17.40 million tons (+0.80) [1] III. Urea Production Profit and Operating Rate - The urea production profit was 325 yuan/ton (+30), and the production capacity utilization rate data is as mentioned above [1] IV. Urea FOB Price and Export Profit - The export profit was 1,239 yuan/ton (+94). India's RCF issued a urea import tender on February 7, 2026, with an intention of 1.5 million tons (700,000 tons on the east coast and 800,000 tons on the west coast). The tender was opened on February 18, with a validity period until February 28 and the latest shipping date of March 31. A total of 20 suppliers submitted bids of 3.07 million tons, with the lowest east - coast bid at CFR 512 US dollars/ton and the lowest west - coast bid at CFR 508 US dollars/ton [1][2] V. Urea Down - stream Operating Rate and Orders - As of March 2, 2026, the compound fertilizer capacity utilization rate was 33.41% (+8.91%), the melamine capacity utilization rate was 55.91% (-8.26%), and the pre - received order days of urea enterprises were 7.12 days (-2.29) [1] VI. Urea Inventory and Warehouse Receipts - As mentioned before, the total inventory of sample enterprises was 117.60 million tons (+14.56), and the port sample inventory was 17.40 million tons (+0.80). The content does not mention specific information about warehouse receipts [1]

1. Report Industry Investment Rating - Unilateral: Bullish with a sideways trend [3] - Inter - period: Go long on the UR05 - 09 spread when the price is low [3] - Inter - variety: None [3] 2. Core View of the Report - After the Spring Festival, the trading volume was good. The manufacturers had no pressure in receiving orders during the Spring Festival, and the prices remained stable. In the later stage of the festival, some agricultural demand started. It is expected that the spot price in February will remain stable for the time being. The supply will increase as some gas - based and technological - reformed enterprises resume production, and 10% of the off - season reserve goods will be released in February. After the Spring Festival, the demand for green - turning fertilizers will gradually start, the compound fertilizer plants will resume production, the melamine plants will increase their operating rates, and the overall inventory in urea plants will decrease while the port inventory will slightly increase. The Indian RCF issued a urea import tender, and the domestic export quota has no new news. Attention should be paid to export dynamics, off - season reserve release rhythm, and the sustainability of spot purchasing sentiment [1][2] 3. Summary According to the Directory 3.1 Urea Basis Structure - On February 24, 2026, the closing price of the urea main contract was 1855 yuan/ton (+22). The ex - factory price of small - sized urea in Henan was 1830 yuan/ton (unchanged), in Shandong was 1850 yuan/ton (+40), and in Jiangsu was 1850 yuan/ton (+30). The basis in Shandong was - 5 yuan/ton (+18), in Henan was - 25 yuan/ton (- 2), and in Jiangsu was - 5 yuan/ton (+8) [1] 3.2 Urea Production - As of February 24, 2026, the capacity utilization rate of enterprises was 90.59% (0.08%). The total inventory of sample enterprises was 83.47 tons (- 8.38), and the port sample inventory was 16.60 tons (unchanged) [1] 3.3 Urea Production Profit and Operating Rate - The urea production profit was 285 yuan/ton (+40), and the export profit was 1175 yuan/ton (+126) [1] 3.4 Urea Foreign Market Price and Export Profit - The Indian RCF issued a urea import tender on February 7, with an intended volume of 1.5 million tons (700,000 tons on the east coast and 800,000 tons on the west coast). The tender was opened on February 18, valid until February 28, and the latest shipping date was March 31. A total of 3.07 million tons of bids were received from 20 suppliers. The lowest offer on the east coast was CFR 512 US dollars/ton, and on the west coast was CFR 508 US dollars/ton [2] 3.5 Urea Downstream Operating Rate and Orders - As of February 24, 2026, the capacity utilization rate of compound fertilizers was 24.50% (- 11.69%), the capacity utilization rate of melamine was 64.17% (+3.40), and the pre - received order days of urea enterprises were 11.12 days (+2.30) [1] 3.6 Urea Inventory and Warehouse Receipts - As of February 24, 2026, the total inventory of sample enterprises was 83.47 tons (- 8.38), and the port sample inventory was 16.60 tons (unchanged) [1]

Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] Core Viewpoints - The urea market is affected by news, with the futures market showing a strong trend. The current urea guidance price remains unchanged, and manufacturers have no pressure in pre - holiday orders. It is expected that the price will remain firm before the Spring Festival [2] - In January, some gas - based and technical - reform enterprises resumed production, increasing the supply. On the demand side, agricultural demand for winter and spring fertilizers is ongoing, and manufacturers' pre - holiday orders are mostly completed. Some off - season reserve supplies will be released in February. Near the Spring Festival, the compound fertilizer production rate decreased, while the melamine production rate increased, with rigid demand for procurement. Overall, the inventory in urea factories decreased, and the port inventory increased slightly [2] - Due to the situation in Iran, the international urea price has risen. India's RCF issued a urea import tender on February 7, with an intention of 150,000 tons. The follow - up needs to focus on export dynamics, off - season reserve release rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory 1. Urea Basis Structure - On February 12, 2026, the closing price of the urea main contract was 1,843 yuan/ton (+46). The ex - factory price of small - particle urea in Henan was 1,810 yuan/ton (0), in Shandong was 1,800 yuan/ton (+0), and in Jiangsu was 1,810 yuan/ton (+0). The basis in Shandong was - 43 yuan/ton (-46), in Henan was - 33 yuan/ton (-36), and in Jiangsu was - 33 yuan/ton (-46) [1] 2. Urea Production - As of February 12, 2026, the enterprise capacity utilization rate was 90.59% (0.08%), and the total inventory of sample enterprises was 834,700 tons (-83,800 tons), while the port sample inventory was 166,000 tons (+1,000 tons) [1] 3. Urea Production Profit and Operating Rate - The urea production profit was 235 yuan/ton (+0), and the export profit was 1,049 yuan/ton (+1) [1] 4. Urea Foreign Market Price and Export Profit - The report does not provide specific information on foreign market prices and export profit other than the export profit data mentioned above [1] 5. Urea Downstream Operating Rate and Orders - As of February 12, 2026, the capacity utilization rate of compound fertilizers was 36.19% (-5.60%), the capacity utilization rate of melamine was 60.77% (+2.82%), and the pre - received order days of urea enterprises were 11.12 days (+2.30) [1] 6. Urea Inventory and Warehouse Receipts - The total inventory of sample enterprises was 834,700 tons (-83,800 tons), and the port sample inventory was 166,000 tons (+1,000 tons) [1] Strategies - Unilateral: Oscillation [3] - Inter - period: Go long on UR05 - 09 when the spread is low [3] - Inter - variety: None [3]

1. Report's Industry Investment Rating - Unilateral: Volatile [3] - Inter - period: Go long on UR05 - 09 spread when it's at a low level [3] - Inter - variety: None [3] 2. Core View of the Report - Some manufacturers' price cuts have improved order collection, and agricultural demand is following up. The price is expected to remain firm before the Spring Festival. On the supply side, some gas - based and technical - renovation enterprises resumed production in January, increasing the supply. On the demand side, agricultural demand for winter and spring fertilizers is ongoing, and manufacturers are conducting Spring Festival order collection. The off - season storage procurement is in the later stage, and 10% of off - season storage supplies are expected to be released in February. The compound fertilizer operation rate increased slightly this week, at a relatively high level. The downstream fertilizer demand is approaching, and the sales are improving. There is an expected decline in operation rate before the Spring Festival. The melamine operation rate decreased due to more temporary shutdowns this week, with only rigid demand. The overall inventory in urea factories decreased slightly, while the port inventory increased slightly. Affected by the Iranian situation, international urea prices rose. India is expected to tender again. There is no new information about the domestic export quota, and follow - up attention should be paid to export dynamics, off - season storage release rhythm, and the sustainability of spot procurement sentiment [2] 3. Summary According to the Directory 3.1 Urea Basis Structure - On February 5, 2026, the urea main contract closed at 1778 yuan/ton (- 9); the ex - factory price of small - particle urea in Henan was quoted at 1760 yuan/ton (0); the small - particle urea price in Shandong was 1780 yuan/ton (+ 10); the small - particle urea price in Jiangsu was 1800 yuan/ton (+ 10); the price of small - block anthracite was 800 yuan/ton (+ 0). The basis in Shandong was 2 yuan/ton (+ 19); the basis in Henan was - 18 yuan/ton (+ 9); the basis in Jiangsu was 22 yuan/ton (+ 19) [1] 3.2 Urea Production - As of February 5, 2026, the enterprise capacity utilization rate was 89.14% (0.08%). The total inventory of sample enterprises was 91.85 million tons (- 2.64), and the port sample inventory was 16.50 million tons (+ 2.10) [1] 3.3 Urea Production Profit and Operation Rate - On February 5, 2026, the urea production profit was 215 yuan/ton (+ 10) [1] 3.4 Urea FOB Price and Export Profit - On February 5, 2026, the export profit was 943 yuan/ton (- 2) [1] 3.5 Urea Downstream Operation and Orders - As of February 5, 2026, the compound fertilizer capacity utilization rate was 41.79% (+ 0.45%); the melamine capacity utilization rate was 57.95% (- 8.50%); the pre - received order days of urea enterprises were 8.82 days (+ 2.23) [1] 3.6 Urea Inventory and Warehouse Receipts - As of February 5, 2026, the total inventory of sample enterprises was 91.85 million tons (- 2.64), and the port sample inventory was 16.50 million tons (+ 2.10) [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The urea price is in a narrow - range fluctuation. With the follow - up of agricultural demand, the pressure for pre - Spring Festival order collection is relatively small. It is expected that the price will remain firm before the Spring Festival. In January, the supply increased as some gas - based and technology - reformed enterprises resumed production. Agricultural demand for winter fertilizers and green - turning fertilizers is in continuous procurement, and manufacturers are gradually collecting Spring Festival orders. The off - season reserve procurement is in the later stage, with 10% of off - season reserve supplies expected to be released in February. The compound fertilizer production is affected by environmental protection and slightly decreased, but it remains at a moderately high level overall. The downstream terminal fertilizer demand is approaching, and the sales are improving, with an expected decline in production near the Spring Festival. The melamine plant has resumed production, with increased production and rigid demand procurement. Urea manufacturers have achieved a balance between production and sales. The overall inventory in urea plants has slightly decreased and is basically flat, while the port inventory has slightly increased. Affected by the situation in Iran, the international urea price has risen. There is no new news about the current domestic export quota, and subsequent attention should be paid to export dynamics, the rhythm of off - season reserve release, and the sustainability of spot procurement sentiment [2] 3. Summary According to Relevant Catalogs 3.1 Urea Basis Structure - On February 2, 2026, the urea main contract closed at 1,787 yuan/ton (- 3). The ex - factory price of small - particle urea in Henan was reported at 1,770 yuan/ton (0), in Shandong at 1,770 yuan/ton (- 20), and in Jiangsu at 1,800 yuan/ton (+ 0). The price of small - block anthracite was 800 yuan/ton (0). The basis in Shandong was - 17 yuan/ton (- 17), in Henan was - 17 yuan/ton (+ 3), and in Jiangsu was 13 yuan/ton (+ 3) [1] 3.2 Urea Production - As of February 2, 2026, the enterprise capacity utilization rate was 88.28% (0.08%). The total inventory of sample enterprises was 94.49 million tons (- 0.11), and the port sample inventory was 14.40 million tons (+ 1.00) [1] 3.3 Urea Production Profit and Operating Rate - The urea production profit was 205 yuan/ton (- 20), and the export profit was 936 yuan/ton (+ 8) [1] 3.4 Urea FOB Price and Export Profit - Not elaborated in detail in the text other than the export profit data mentioned above 3.5 Urea Downstream Operating Rate and Orders - As of February 2, 2026, the capacity utilization rate of compound fertilizers was 41.34% (- 1.62%); the capacity utilization rate of melamine was 66.45% (+ 2.80%); the pre - received order days of urea enterprises were 6.59 days (+ 0.71) [1] 3.6 Urea Inventory and Warehouse Receipts - As of February 2, 2026, the total inventory of sample enterprises was 94.49 million tons (- 0.11), and the port sample inventory was 14.40 million tons (+ 1.00). Other details about warehouse receipts are not elaborated in the text [1] 4. Strategies - Unilateral: Narrow - range fluctuation - Inter - period: Go long on UR05 - 09 spread at low levels - Inter - variety: None [3]

Report Summary 1. Investment Rating - The unilateral strategy is bullish with a sideways trend, suggesting a "Long" rating for the urea market [3]. - The cross - period strategy recommends a long position on the UR05 - 09 spread when it is low, implying a positive outlook for this spread [3]. - There is no cross - variety strategy recommended [3]. 2. Core View - Urea production and sales have improved. In the first half of the week, snow and rain in some areas affected logistics, cooling the market trading atmosphere and causing spot prices to stabilize or decline. Manufacturers lowered prices to attract orders, and production and sales improved. The supply increased as some gas - based and technical - reformed enterprises resumed production in January. On the demand side, there was some procurement for winter and spring fertilizers, and off - season storage procurement was ongoing. The resumption of production in the compound fertilizer and melamine industries led to increased demand. Overall, urea inventories in factories and ports decreased slightly. International urea prices rose due to the situation in Iran, but there is no new news on domestic export quotas. Continued attention should be paid to export dynamics, the national off - season storage rhythm, and the sustainability of spot procurement sentiment [1][2]. 3. Summary by Directory I. Urea Basis Structure - On January 22, 2026, the closing price of the urea main contract was 1776 yuan/ton (- 3). The ex - factory price of small - particle urea in Henan was 1740 yuan/ton (unchanged), in Shandong was 1750 yuan/ton (unchanged), and in Jiangsu was 1750 yuan/ton (unchanged). The basis in Shandong was - 26 yuan/ton (+ 3), in Henan was - 36 yuan/ton (+ 3), and in Jiangsu was - 26 yuan/ton (+ 3) [1]. II. Urea Production - As of January 22, 2026, the enterprise capacity utilization rate was 86.39% (a change of 0.08%). The sample enterprise total inventory was 94.60 million tons (- 4.01 million tons), and the port sample inventory was 13.40 million tons (unchanged) [1]. III. Urea Production Profit and Operating Rate - The urea production profit was 185 yuan/ton (unchanged), and the export profit was 871 yuan/ton (+ 12) [1]. IV. Urea FOB Price and Export Profit - International urea prices have increased due to the situation in Iran, and the export profit has increased by 12 yuan/ton to 871 yuan/ton [1][2]. V. Urea Downstream Operating Rate and Orders - As of January 22, 2026, the compound fertilizer capacity utilization rate was 42.96% (+ 2.88%), the melamine capacity utilization rate was 63.65% (+ 1.47%), and the pre - received order days of urea enterprises were 5.88 days (- 0.18) [1]. VI. Urea Inventory and Warehouse Receipts - The total inventory of sample enterprises decreased by 4.01 million tons to 94.60 million tons, and the port sample inventory remained unchanged at 13.40 million tons [1].

Report Industry Investment Rating - Unilateral: Neutral - Inter - period: UR05 - 09 buy low for positive spread arbitrage - Inter - variety: None [3] Core Viewpoints - Partially affected by snow and rain, logistics was hindered, market trading cooled, and spot prices were stable with a slight decline. Manufacturers cut prices to attract orders, and some trading improved. In January, some gas - based and technical - reformed enterprises resumed production, increasing supply. On the demand side, some winter and spring fertilizers started to be purchased, and off - season storage procurement was in progress. The environmental protection restrictions in some areas for compound fertilizers were lifted, leading to increased production and better procurement. Melamine plants resumed production, with increased operation rates and rigid - demand procurement. Affected by weather and logistics, new order trading was average this week, but the demand in the Northeast drove inventory reduction in Inner Mongolia. Overall, the in - factory inventory of urea decreased, and port inventory decreased slightly. Affected by the situation in Iran, international urea prices rose, but there was no new news about domestic export quotas. Continued attention should be paid to export dynamics, the national off - season storage rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory 1. Urea Basis Structure - On January 21, 2026, the closing price of the urea main contract was 1779 yuan/ton (+4). The ex - factory price of small - particle urea in Henan was 1740 yuan/ton (unchanged), in Shandong was 1750 yuan/ton (unchanged), and in Jiangsu was 1750 yuan/ton (- 10). The price of small - block anthracite was 800 yuan/ton (unchanged). The basis in Shandong was - 29 yuan/ton (- 4), in Henan was - 39 yuan/ton (- 14), and in Jiangsu was - 29 yuan/ton (- 14) [1] 2. Urea Production - As of January 21, 2026, the enterprise capacity utilization rate was 85.25% (0.08%) [1] 3. Urea Production Profit and Operation Rate - The urea production profit was 185 yuan/ton (unchanged) [1] 4. Urea FOB Price and Export Profit - The export profit was 859 yuan/ton (- 1) [1] 5. Urea Downstream Operation and Orders - As of January 21, 2026, the capacity utilization rate of compound fertilizers was 42.96% (+2.88%), the capacity utilization rate of melamine was 62.18% (+7.83%), and the pre - received order days of urea enterprises were 5.88 days (- 0.18) [1] 6. Urea Inventory and Warehouse Receipts - As of January 21, 2026, the total inventory of sample enterprises was 94.60 tons (- 4.01), and the port sample inventory was 12.90 tons (- 0.60) [1]

Report Industry Investment Rating - Unilateral: Neutral - Inter - period: UR05 - 09 long the spread when it is low - Inter - variety: None [3] Core View - After the urea price rose last week, new order transactions slowed down, and some manufacturers slightly lowered their quotes to sell goods. The transaction in East China improved. In January, some gas - based and technical - reform enterprises resumed production, increasing the supply. On the demand side, some winter and spring fertilizers started to be purchased, and off - season storage procurement was in progress. The environmental protection restrictions in some areas of compound fertilizers were lifted, the start - up rate increased, and procurement improved. The melamine plants resumed production, the start - up rate increased, and there was rigid demand for procurement. The in - factory inventory of urea was basically flat this week, and the port inventory decreased slightly. The Indian NFL urea import tender on January 2nd received 3.62 million tons of bids from 26 suppliers, which boosted the international urea market sentiment. The current domestic export quota has no new news, and follow - up attention should be paid to export dynamics, the national off - season storage rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory 1. Urea Basis Structure - On January 12, 2026, the urea main contract closed at 1,783 yuan/ton (+6). The ex - factory price of small - sized urea in Henan was 1,740 yuan/ton (unchanged), in Shandong it was 1,730 yuan/ton (-20), and in Jiangsu it was 1,740 yuan/ton (-20). The basis in Shandong was - 53 yuan/ton (-26), in Henan it was - 43 yuan/ton (-16), and in Jiangsu it was - 43 yuan/ton (-26) [1] 2. Urea Production - As of January 12, 2026, the enterprise capacity utilization rate was 83.28% (+0.08%) [1] 3. Urea Production Profit and Start - up Rate - The urea production profit was 165 yuan/ton (-20) [1] 4. Urea FOB Price and Export Profit - The export profit was 850 yuan/ton (+12). On January 2nd, the Indian NFL urea import tender received bids from 26 suppliers for 3.62 million tons, with the lowest offer of CFR 426.8 US dollars/ton on the East Coast and 424.8 US dollars/ton on the West Coast, up 5 - 8 US dollars/ton from the previous tender. The Indian NFL counter - offered to purchase 1.5 million tons and has currently booked 1 million tons [1][2] 5. Urea Downstream Start - up and Orders - As of January 12, 2026, the capacity utilization rate of compound fertilizers was 37.17% (+3.28%), the capacity utilization rate of melamine was 54.35% (+6.70%), and the advance order days of urea enterprises were 6.41 days (+0.41) [1] 6. Urea Inventory and Warehouse Receipts - As of January 12, 2026, the total inventory of sample enterprises was 1.0222 million tons (+0.30), and the port sample inventory was 135,000 tons (-37,000) [1]