原木期货主力小幅下跌0.18%，对于后市行情如何，相关机构该如何评价？ 整体当前整体维持内外盘倒挂格局，外加外商报价重心仍有上移，成本端较强支撑；此外国内针叶原木 库存基本维持去化格局，基本面无较大矛盾。随着旺季的逐步兑现，且当前盘面估值相对较低，建议11 合约以低吸为主，博弈旺季预期，持续关注宏观政策面刺激以及旺季实际需求验证。此外，原木盘面持 仓量较小，关注资金动向。 机构 核心观点 新湖期货 原木11合约以低吸为主 瑞达期货（002961） 原木区间操作 新湖期货：原木11合约以低吸为主 10月10日盘中，原木期货主力合约弱势震荡，最低下探至822.0元。截止发稿，原木主力合约报825.0 元，跌幅0.18%。 瑞达期货：原木区间操作 供应端，海关数据显示8月原木、针叶原木进口量环比小幅减少，同比增加，新西兰原木离港量8月减 少。需求端，原木港口日均出库量周度减少。截止2025年9月29日当周，中国针叶原木港口样本库存 量：286万m ，环比减少6万m ，库存去化。目前港口库存处于年内中性水平，外盘价格换算超过国内 价格构成成本支撑，原木下游整体需求边际恢复，供需双增格局下基本面矛盾不大。LG2511合 ...

2025年10月10日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：宏观预期支撑，偏强震荡 | 2 | | --- | --- | | 螺纹钢：关注电炉减产节奏，宽幅震荡 | 3 | | 热轧卷板：关注电炉减产节奏，宽幅震荡 | 3 | | 硅铁：市场观望气氛浓厚，宽幅震荡 | 5 | | 锰硅：市场观望气氛浓厚，宽幅震荡 | 5 | | 焦炭：预期反复，宽幅震荡 | 7 | | 焦煤：预期反复，宽幅震荡 | 7 | | 原木：震荡反复 | 8 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 期货 | | | 790. 5 | 10. 0 | 1. 28% | | | I 2601 | | | 昨日持仓(手) | 持仓变动(手) | | | | | | 459. 565 | 12. 200 | | | | | 昨日价格(元/吨) | 前日价格(元/吨) | 涨跌(元/吨) ...

【焦炭 焦煤】9 月 30 日焦炭加权指数弱势，收盘价 1642.3，环比下跌 42.2。 9 月 30 日，焦煤加权指数弱势依旧，收盘价 1137.7 元，环比下跌 45.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：部分钢厂接受焦企首轮提涨 50-55 元/吨。宏观， 受空气质量影响，9 月 29 日起至 10 月 20 日，唐 山调坯型钢厂实施生产调控。需求端，本期铁水产量 242.36 万吨，+1.34 万吨，铁水高位震荡，焦炭库存较同 期偏高。利润方面，本期全国 30 家独立焦化厂平均吨焦亏损 34 元/吨。 客服产品系列•日评 国新国证期货早报 2025 年 10 月 9 日 星期四 品种观点： 【股指期货】 周二（9 月 30 日）A 股三大指数集体上涨，截止收盘，沪指涨 0.52%，收报 3882.78 点；深 证成指涨 0.35%，收报 13526.51 点；创业板指涨 0.00%，收报 3238.16 点；科创 50 指数涨 1.69%，收报 1495.29 点。沪深两市成交额达到 21814 亿，较上一交易日放量 200 亿。 沪深 300 指数 9 月 30 日强势依旧。收盘 4 ...

2025年10月09日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：多事件扰动，偏强震荡 | 2 | | --- | --- | | 螺纹钢：关注电炉减产节奏，宽幅震荡 | 3 | | 热轧卷板：关注电炉减产节奏，宽幅震荡 | 3 | | 硅铁：基本面与宏观情绪博弈，弱势震荡 | 5 | | 锰硅：基本面与宏观情绪博弈，弱势震荡 | 5 | | 焦炭：预期反复，宽幅震荡 | 7 | | 焦煤：预期反复，宽幅震荡 | 7 | | 原木：震荡反复 | 8 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 2025 年 10 月 09 日 铁矿石：多事件扰动，偏强震荡 张广硕 投资咨询从业资格号：Z0020198 zhangguangshuo@gtht.com 【基本面跟踪】 铁矿石基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 期货 | 12601 | | 780. 5 | -3.5 | -0. 45% | | ...

他专业人士，版权归广发期货所有，未经广发期货书面授权，任何人不得对本报告进行任何形式Ջ发布、复制。如引用、刊发，需注 明出处为"广发期货"。 知识图强,求实奉献, 客户至上, 合作共赢 | 原木期货日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 证监许可 【2011】1292号 | | | | 重到三 | Z0019556 | | 2025年9月30日 | | | | | | | 期货和现货价格 | | | | | | | 品种 原木2511 | 9月29日 808.5 | 9月26日 807.5 | 涨跌 1.0 | 涨跌幅 0.12% | 单位 | | 原木2601 | 820.0 | 823.0 | -3.0 | -0.36% | | | 原木2603 | 825.0 | 827.0 | -2.0 | -0.24% | | | 原木2605 | 827.0 | 830.0 | -3.0 | -0.36% | | | 11-01价差 | -11.5 | -15.5 | 4.0 | | | | 11-03价差 | -16.5 | -19.5 | ...

2025年09月29日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：预期反复，高位震荡 | 2 | | --- | --- | | 螺纹钢：原料走势趋弱，偏弱震荡 | 3 | | 热轧卷板：原料走势趋弱，偏弱震荡 | 3 | | 硅铁：板块情绪共振，偏弱震荡 | 5 | | 锰硅：板块情绪共振，偏弱震荡 | 5 | | 焦炭：预期反复，宽幅震荡 | 7 | | 焦煤：预期反复，宽幅震荡 | 7 | | 原木：震荡反复 | 8 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 2025 年 9 月 29 日 铁矿石：预期反复，高位震荡 张广硕 投资咨询从业资格号：Z0020198 zhangguangshuo@gtht.com 【基本面跟踪】 财联社 9 月 18 日电，美国联邦储备委员会当地时间 17 日宣布，将联邦基金利率目标区间下调 25 个基 点到 4.00%-4.25%之间，符合市场普遍预期。(来自财联社 App) 【趋势强度】 铁矿石趋势强度：0 注：趋势强度取值范围为【-2,2】区间数。强弱程度分类如下：弱、偏弱 ...

客服产品系列•日评 国新国证期货早报 2025 年 9 月 29 日 星期一 品种观点： 【股指期货】 周五（9 月 26 日）A 股三大指数集体回调，截止收盘，沪指跌 0.65%，深证成指跌 1.76%，创 业板指跌 2.60%。沪深两市成交额超过 2.1 万亿，较昨日缩量逾 2000 亿。 沪深 300 指数 9 月 26 日遇阻震荡。收盘 4550.05，环比下跌 43.44。 【焦炭 焦煤】9 月 26 日焦炭加权指数弱势，收盘价 1710.3，环比下跌 48.5。 9 月 26 日，焦煤加权指数震荡趋弱，收盘价 1207.0 元，环比下跌 32.4。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：港口焦炭现货市场报价上涨，日照港准一级冶金焦现货价格 1450 元/吨，较上期价格上涨 10 元/吨。 供应，原料端炼焦煤价格上涨，焦企入炉煤成本提升，利润空间收窄，焦企生产积极性维持，随着双节临近，下 游补库需求释放。需求，钢厂整体开工维持高位，假期临近焦炭的刚性需求有所提升，终端消费一般，钢材有累 库现象，整体补库预计有限。 焦煤：山西临汾地区低硫主焦煤（A9、S0.5、V20、G85）上调 80 元至 ...

格林大华期货 原木期货市场呈现震荡格局 新湖期货：原木11合约以低吸为主 9月26日盘中，原木期货主力合约震荡上行，最高上探至810.0元。截止收盘，原木主力合约报808.5元， 涨幅0.50%。 原木期货主力微涨0.50%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 新湖期货 原木11合约以低吸为主 整体当前整体维持内外盘倒挂格局，外加外商报价重心上移后维持坚挺，成本端较强支撑；此外国内针 叶原木库存基本维持去化格局。后续逐渐将进入"金九银十"旺季博弈逻辑，且当前盘面估值相对较低， 建议11合约以低吸为主，博弈旺季预期，持续关注宏观政策面刺激以及旺季实际需求验证。此外，原木 盘面持仓量较小，关注资金动向。 格林大华期货：原木期货市场呈现震荡格局 近期原木期货市场呈现震荡格局。国际市场价格维持高位，而国内现货表现持续疲软，导致贸易商经营 压力增大，预计短期进口量将保持谨慎，国内供应端或延续偏紧态势。当前市场整体维持内外盘倒挂格 局，在外商报价重心上移并持续坚挺的支撑下，成本端呈现较强韧性；同时国内针叶原木库存延续去化 态势。随着"金九银十"传统旺季临近，市场博弈逻辑将逐步强化，当前盘面估值处于相对 ...

本周岚山现货3.9米中A，5.9米小A价格上调10元（千里目数据）。其余无变化。 南华原木产业周报 外盘报价上看，太平洋最新报价为115美金（+2），TPT报价115（+0），长青报价116.5（+1）。 2025年9月26日 宋霁鹏（投资咨询证号：Z0016598 ） 投资咨询业务资格：证监许可【2011】1290号 ——外盘报价小幅上涨 | 原木数据纵览 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 类别 | 指标 | 更新日期 | 数值 | 环差 | 同比 | 频率 | 单位 | | 供应 | 辐射松进口量 | 2025-08-31 | 130 | -10 | -3.7% | 月 | 万m³ | | 库存 | 港口库存（中国） | 2025-09-19 | 292 | -10 | -9.9% | 周 | 万m³ | | | 港口库存（山东） | 2025-09-19 | 1766000 | -64000 | 0.4% | 周 | m³ | | | 港口库存（江苏） | 2025-09-19 | 916619 | - ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The crude oil market is affected by factors such as Fed rate - cut expectations, Sino - US trade negotiations, and geopolitical issues. Short - term oil prices are expected to be volatile [1][2]. - The asphalt market has a complex supply - demand situation. With increasing supply and weak pre - holiday demand, the spot price is expected to be weak, and the futures price is expected to be weak and volatile [3][4]. - The fuel oil market has different trends for high - sulfur and low - sulfur fuel oils. High - sulfur fuel oil is under pressure from high inventory, while low - sulfur fuel oil has increasing supply and weak demand [5][6]. - The PX & PTA market has a tight balance in the short - term, but the supply is expected to increase in the medium - term, and the price is affected by macro and cost factors [8][9]. - The ethylene glycol market has an expected increase in supply and a weakening demand, with a risk of inventory accumulation [11][12]. - The short - fiber market is expected to be volatile and strong in the short - term due to rising raw material prices, but the processing fee is expected to remain low [13][14]. - The PR (bottle - chip) market is expected to be volatile and strong in the short - term due to rising raw material prices, and the processing fee is expected to fluctuate at a low level [14][15]. - The pure benzene and styrene market has different supply - demand situations. Pure benzene supply is expected to increase, and the price is expected to be volatile; styrene supply is expected to increase, and the price is under pressure [16][17]. - The propylene market has an increasing supply and weak downstream demand, and the price is recommended to be short - sold on rebounds [19][20]. - The plastic and PP market has a short - term price volatility due to rising oil prices and a medium - term bearish outlook [21][23]. - The PVC market has a large inventory pressure, and the supply is expected to increase while the demand is weak, with a bearish outlook in the short - and medium - term [23][26]. - The caustic soda market is in a state of weak reality and strong expectation. The short - term is weak, and the medium - term is expected to be long after a sufficient correction [28][29]. - The soda ash market is expected to be stable before the holiday and weak after the holiday, affected by factors such as supply, demand, and inventory [31][32]. - The glass market is expected to be volatile before the holiday, affected by factors such as production, inventory, and demand [34][36]. - The methanol market has an increasing supply and a high port inventory, and the price rebound is limited [39]. - The urea market is expected to be volatile in the short - term, affected by factors such as supply, demand, and export [40][41]. - The log market has a weak supply - demand situation, and the price can be slightly long - tried near the integer level [43]. - The pulp market has a high port inventory and weak demand, and the price can be slightly long - bought at the low point of last week [44][46]. - The offset printing paper market has a slight increase in supply and weak demand, and the price of the 01 contract can be short - sold near the lower limit of the spot price [47][48]. - The natural rubber and 20 - number rubber market has different trends for different types of rubber, and the trading strategies vary for different contracts [49][51]. - The butadiene rubber market has a decreasing capacity utilization rate, and the price of the 11 - contract can be short - tried [52][54]. Summary by Relevant Catalogs Crude Oil - **Market Review**: WTI2511 contract settled at $64.98, down $0.01 (- 0.02%); Brent2511 contract settled at $69.42, up $0.11 (+ 0.16%); SC2511 contract rose 6.6 to 488.9 yuan/barrel, and rose 2.2 to 491.1 yuan/barrel at night [1]. - **Related News**: A new Fed governor called for significant rate cuts, but other colleagues advocated caution. US initial jobless claims decreased, and investors thought it did not support further rate cuts. Sino - US trade negotiations made progress, and the Russia - Ukraine geopolitical situation affected oil prices [1][2]. - **Logic Analysis**: Sino - US trade negotiations improved the macro - sentiment, and the Russia - Ukraine geopolitical situation increased the risk premium. The short - term oil price is expected to be volatile, with the Brent main contract operating in the range of $67.5 - 69 per barrel [2]. - **Trading Strategies**: Unilateral trading is expected to be volatile, with the Brent main contract operating in the range of $67.5 - 69 per barrel; gasoline and diesel crack spreads are weak; options are on hold [2]. Asphalt - **Market Review**: BU2511 closed at 3440 points (+ 0.41%) at night, and BU2512 closed at 3386 points (+ 0.39%) at night. The spot price in Shandong, East China, and South China remained stable [3]. - **Related News**: In the Shandong market, rising crude oil prices and reduced rainfall increased demand, but the supply - demand pattern did not change significantly. In the Yangtze River Delta market, pre - holiday project rush increased demand, but low - price resources from some merchants affected the price. In the South China market, typhoon and rainfall affected sales, but the expected reduction in production in October supported the price [3]. - **Logic Analysis**: The domestic asphalt plant operating rate increased, the refinery inventory increased, and the social inventory decreased. The high - level oil price supported the cost, but the pre - holiday demand was weak. The short - term spot price is expected to be weak, and the futures price is expected to be weak and volatile [4]. - **Trading Strategies**: Unilateral trading is expected to be range - bound; the asphalt - crude oil spread is expected to be weak; sell out - of - the - money call options on BU2512 [4][5]. Fuel Oil - **Market Review**: FU01 contract closed at 2893 (+ 0.35%) at night, and LU11 closed at 3455 (+ 0.58%) at night. The Singapore paper - cargo market had different month - spreads for high - sulfur and low - sulfur fuel oils [5]. - **Related News**: The ARA fuel oil inventory decreased, and the Singapore fuel oil inventory decreased. The high - sulfur and low - sulfur fuel oil spot windows had no or few transactions [6]. - **Logic Analysis**: Russian energy facilities were attacked, but the refineries and transportation facilities recovered. The high - sulfur fuel oil supply increased, and the demand decreased. The low - sulfur fuel oil supply increased, and the demand had no specific driver [6][7]. - **Trading Strategies**: Unilateral trading: FU main contract is expected to be strongly volatile, and LU near - month contract is expected to be range - bound with crude oil; consider widening the LU01 - FU01 spread; sell out - of - the - money call options on FU01 [8]. PX & PTA - **Market Review**: PX2511 main contract closed at 6674 (+ 72/+ 1.09%) during the day and 6636 (- 38/- 0.57%) at night; TA601 main contract closed at 4678 (+ 52/+ 1.12%) during the day and 4652 (- 26/- 0.56%) at night. The PX spot price increased, and the PTA basis was stable [8]. - **Related News**: The PTA and polyester operating rates changed. The PTA production and sales increased [9]. - **Logic Analysis**: The PX supply is expected to increase, and the demand is expected to be stable. The PTA supply is expected to increase slightly in October, and the demand is expected to be stable. The price is affected by macro and cost factors [9][10]. - **Trading Strategies**: Unilateral trading: short - term price is expected to be strong due to rising oil prices and market sentiment, and medium - term price is recommended to be short - sold on highs; arbitrage is on hold; options are on hold [10]. Ethylene Glycol - **Market Review**: EG2601 main contract closed at 4246 (+ 12/+ 0.28%) and 4224 (- 22/- 0.52%) at night. The spot basis was stable [10][11]. - **Related News**: The ethylene glycol production and sales changed, and the operating rate decreased [11]. - **Logic Analysis**: The supply is expected to increase due to planned maintenance and new device commissioning, and the demand is expected to be weak. The market is expected to be loose, and there is a risk of inventory accumulation [12]. - **Trading Strategies**: Unilateral trading is expected to be weak and volatile; arbitrage is on hold; sell call options [12]. Short - Fiber - **Market Review**: PF2511 main contract closed at 6372 (+ 76/+ 1.21%) during the day and 6326 (- 46/- 0.72%) at night. The spot price in different regions was stable or slightly increased [12][13]. - **Related News**: The polyester production and sales increased, and the terminal operating rate increased [13]. - **Logic Analysis**: The short - fiber processing fee fluctuated narrowly. The raw material price increase and terminal operating rate increase promoted inventory reduction, but the terminal cash flow was in deficit, and the processing fee was expected to remain low [14]. - **Trading Strategies**: Unilateral trading is expected to be strong and volatile in the short - term; arbitrage is on hold; options are on hold [14]. PR (Bottle - Chip) - **Market Review**: PR2511 main contract closed at 5840 (+ 56/+ 0.97%) and 5808 (- 32/- 0.55%) at night. The spot market had a good trading atmosphere [14]. - **Related News**: The bottle - chip factory export price increased slightly [14]. - **Logic Analysis**: The downstream terminal bid for next - year's first - quarter orders, a bottle - chip device was under maintenance, and the operating rate decreased. The inventory was expected to decrease, and the processing fee was expected to fluctuate at a low level [15]. - **Trading Strategies**: Unilateral trading is expected to be strong and volatile in the short - term; arbitrage is on hold; options are on hold [15]. Pure Benzene and Styrene - **Market Review**: BZ2503 main contract closed at 5922 (+ 15/+ 0.25%) during the day and 5894 (- 28/- 0.47%) at night; EB2511 main contract closed at 6958 (+ 30/+ 0.43%) during the day and 6927 (- 31/- 0.45%) at night. The pure benzene spot price increased slightly, and the styrene port inventory increased [16]. - **Related News**: The pure benzene and styrene production and sales and operating rates changed [17]. - **Logic Analysis**: The pure benzene supply is expected to increase, and the demand is expected to be stable. The styrene supply is expected to increase, and the demand is expected to decrease. The price is affected by inventory and downstream demand [17][18]. - **Trading Strategies**: Unilateral trading: short - term price is expected to be strong due to geopolitical and macro factors, and medium - term price is recommended to be short - sold on highs; long pure benzene and short styrene in arbitrage; options are on hold [18]. Propylene - **Market Review**: PL2601 main contract closed at 6372 (+ 15/+ 0.24%) and 6371 (- 1/- 0.02%) at night. The spot price in different regions remained stable [18][19]. - **Related News**: The domestic propylene operating rate increased [19]. - **Logic Analysis**: The propane market entered the peak season, and the demand for PDH devices was expected to increase. The propylene supply increased due to device restart, and the market was loose. The downstream product profit was poor, and the load increase was limited [19][20]. - **Trading Strategies**: Unilateral trading is recommended to short - sell on rebounds; arbitrage is on hold; sell put options [21]. Plastic and PP - **Market Review**: The LLDPE market price partially weakened, and the PP spot price in different regions was stable or slightly changed. The linear futures increased slightly [21]. - **Related News**: The PE and PP maintenance ratios decreased, and the operating rates changed. The downstream industry operating rates increased slightly [21][22]. - **Logic Analysis**: The downstream demand was in the peak season, and the pre - holiday inventory was concerned. The supply was expected to increase due to reduced maintenance and new device commissioning. The near - term cost increase supported the price, and the medium - term price was recommended to be short - sold on highs [23]. - **Trading Strategies**: Unilateral trading: short - term price is expected to be volatile, and medium - term price is recommended to be short - sold on highs; arbitrage is on hold; options are on hold [23]. PVC - **Market Review**: The PVC spot price was strong and volatile, and the futures price was also strong and volatile. The trading was light [23]. - **Related News**: The PVC production enterprise capacity utilization rate increased, the预售 volume increased slightly, the factory inventory increased, and the social inventory increased [24][25]. - **Logic Analysis**: The PVC inventory was at a high level, and the supply was expected to increase due to new device commissioning. The demand was weak due to the real - estate market weakness, and the export was expected to decrease. The short - and medium - term outlook was bearish [26]. - **Trading Strategies**: Unilateral trading is bearish in the short - and medium - term; arbitrage is on hold; options are on hold [26]. Caustic Soda - **Market Review**: The caustic soda spot price in different regions remained stable [26]. - **Related News**: The caustic soda production enterprise capacity utilization rate increased, and the inventory increased [28]. - **Logic Analysis**: The caustic soda market was in a state of weak reality and strong expectation. The short - term was affected by inventory and price reduction, and the medium - term was expected to be long after a sufficient correction [28]. - **Trading Strategies**: Unilateral trading: short - term is weak, and medium - term is long after a sufficient correction; arbitrage is on hold; options are on hold [29]. Soda Ash - **Market Review**: The soda ash futures 01 contract closed at 1315 yuan (+ 8/+ 0.6%) during the day and 1306 yuan (- 9/- 0.7%) at night. The spot price in different regions changed slightly [29][31]. - **Related News**: The soda ash production, inventory, and profit changed. The market was weak and stable [32]. - **Logic Analysis**: The soda ash supply was at a high level, and the demand was stable. The price was affected by inventory, downstream demand, and policy. The price was expected to be stable before the holiday and weak after the holiday [32]. - **Trading Strategies**: Unilateral trading: stable before the holiday and weak after the holiday; long glass and short soda ash in short - term arbitrage; options are on hold [32][34]. Glass - **Market Review**: The glass futures 01 contract closed at 1270 yuan (+ 33/+ 2.67%) and 1264 yuan (- 6/- 0.47%) at night. The spot price in different regions increased [34][35]. - **Related News**: The glass production, inventory, and profit changed. The market trading atmosphere was good [34][35]. - **Logic Analysis**: The glass production increased slightly, and the inventory decreased. The price was affected by production, inventory, and demand. The price was expected to be volatile before the holiday [36]. - **Trading Strategies**: Unilateral trading is expected to be volatile before the holiday; long glass and short soda ash in short - term arbitrage; options are on hold [36][37]. Methanol - **Market Review**: The methanol futures closed at 2341 (- 16/- 0.68%). The spot price in different regions was stable [38]. - **Related News**: The methanol production increased, and the device capacity utilization rate increased [39]. - **Logic Analysis**: The international device operating rate decreased, and the import recovered. The domestic supply was loose due to the end of autumn maintenance. The port inventory increased rapidly. The price rebound was limited due to supply and inventory [39]. - **Trading Strategies**: Unilateral trading: stop loss on short positions; arbitrage is on hold; sell call options [40]. Urea - **Market Review**: The urea futures closed at 1674 (+ 1/+ 0.06%). The spot price was stable with small changes [40]. - **Related News**: The urea production and operating rate changed [40]. - **Logic Analysis**: The urea supply was loose, and the demand was weak. The export had a certain