1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The urea market is currently in a downward trend due to weak demand. However, with the recent rebound in coal port prices and potential concentrated agricultural demand and export stimulus next week, there may be a small - scale rebound in the urea market, but the overall trend remains bearish [1] 3. Summary by Relevant Catalogs Strategy Analysis - Urea prices opened low and continued to decline during the day today. Upstream factory prices are diverging, with those having export orders remaining firm and those without facing significant sales pressure. The supply side has a daily output above 200,000 tons, which restricts the upside. The demand side is weak, with scattered agricultural purchases during the wheat harvest and a decline in the compound fertilizer factory's operating rate, which is about 10% lower than the same period last year. Upstream factories are accumulating inventory, but there may be an opportunity to reduce inventory after the recovery of agricultural demand [1] Futures and Spot Market Conditions Futures - The urea main 2509 contract opened at 1,736 yuan/ton and closed at 1,720 yuan/ton, a decrease of 1.09%. The open interest was 244,734 lots (-977 lots). Among the top twenty - position holders, long positions increased by 3,146 lots and short positions decreased by 585 lots. On June 6, 2025, the number of urea warehouse receipts was 6,069, a decrease of 288 compared to the previous trading day [2] Spot - Upstream factory prices are diverging. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei ranges from 1,770 to 1,830 yuan/ton, and the transaction center continues to move down [3] Fundamental Tracking Basis - The mainstream spot market quotation decreased, and the futures closing price also declined. Based on Shandong, the basis strengthened compared to the previous trading day, and the basis of the September contract was 110 yuan/ton (-8 yuan/ton) [7] Supply Data - According to Feiyitong data, on June 6, 2025, the national daily urea output was 194,600 tons, unchanged from the previous day [8]