2025年国内尿素市场主流呈现先跌后涨再跌的趋势，其中三季度跌势较为明显。全年各季度特点鲜明， 一季度价格先抑后扬，二季度在春耕行情支撑下，出现明显上涨后有所回落，期间价格达到年内价格相 对高点，随着多地春耕收尾行情触顶回落，三季度主流行情一路震荡向下运行。 卓创资讯数据显示，进入6月份之后，尿素价格从1800多元/吨的水平持续下降，10月9日河南市场价一 度跌至1560元/吨。 杨洋告诉《华夏时报》记者，尿素价格走低主要原因还是供过于求。"近三年尿素新产能陆续投产，产 量、库存创了新高，而国内消费虽有增长，但增速不及供应。" 记者了解到，产能增加主要是因为2024年以前国内行情表现较好，企业盈利水平明显提升。在此驱使 下，近三年新产能投放积极性增强，在产企业开工较好，中国尿素产能呈现增长趋势。 图为四川美丰尿素产品。图源：公司官网 本报（chinatimes.net.cn）记者何一华 李未来 北京报道 尿素价格持续走低。 卓创资讯数据监测显示，截至10月11日，2025年中国中小颗粒市场均价1616.50元/吨，较2024年均价跌 16.19%。目前市场价格已经低于近10年均价。 卓创资讯尿素分析师杨洋于1 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the nitrogen and phosphate fertilizer industry in China, focusing on market dynamics, production challenges, and future outlooks [1][2][3]. Key Points on Nitrogen Fertilizer (Urea) - The domestic urea market faces challenges such as overcapacity, high proportion of outdated production capacity, significant cost differences, and export volume impacting pricing. However, increased export quotas may help mitigate losses from supply stability [1][6]. - Coal price fluctuations in the first half of the year reduced costs for some coal chemical products, altering the cost curve between gas-based and oil-based urea, with gas-based urea showing price resilience [1][8]. - The government has set demands for single nutrient fertilizers to not increase or even decrease, but food security strategies and policies supporting land restoration are expected to sustain fertilizer demand. The per-acre fertilizer application in China is nearing levels seen in developed countries, indicating overall demand growth [1][10]. - The urea supply pressure is slightly better than initial expectations for the year, with an estimated release of about 2 million tons in the first half and an additional 1-2 million tons expected in the second half [10]. Key Points on Phosphate Fertilizer - The phosphate market is under pressure from rising raw material prices and domestic supply stabilization requirements. The first quarter saw low export volumes due to delayed export quotas, but limited new capacity and high overseas phosphate prices are expected to improve company performance in the third quarter [1][11]. - Phosphate rock pricing is crucial for the profitability of integrated phosphate fertilizer companies, with expectations for high prices to persist throughout the year, allowing for strong profit margins [1][14]. - The phosphate industry is experiencing tight supply-demand conditions, influenced by high raw material prices and concentrated procurement demands from exporting countries. This has led to a relative shortage in overseas phosphate supply, supporting phosphate prices [1][13]. Challenges and Opportunities - The nitrogen fertilizer industry faces four main challenges: overcapacity, a significant proportion of outdated production capacity, notable differences in profitability across production methods, and the impact of export volumes on domestic demand and pricing [6]. - The phosphate industry is also grappling with challenges such as high raw material prices and the need for domestic supply stabilization, but there are opportunities for improved performance due to concentrated export activities in the third quarter [11][12]. Future Outlook - The outlook for nitrogen fertilizer remains cautiously optimistic despite potential price fluctuations, while the phosphate fertilizer environment appears stable with a positive trend in performance [3][16]. - The overall market environment for both nitrogen and phosphate fertilizers is expected to remain favorable, with no significant new capacity pressures or disruptions to market order anticipated [16].