Urea Daily Review: Market trading atmosphere improves, overall prices slightly adjusted upwards.

Domestic Urea Price Index:
According to Feidoodoo data, on September 13th, the urea small granule price index was 2594.23, up 5.45 from yesterday, an increase of 0.21% month-on-month, and an increase of 1.76% year-on-year.

Urea Futures Market:
Today, the urea UR2401 contract opened at 2130, with a high of 2216, a low of 2108, a settlement price of 2167, and a closing price of 2213. The closing price was up 69 compared to the settlement price of the previous trading day, an increase of 3.22%, with a daily fluctuation range of 2108-2216, a price difference of 108. The 01 contract increased its position by 25,010 hands today, with a current position of 347,988 hands.

Spot Market Analysis:
Today, domestic urea market prices mostly rose, with some companies below the market price slightly adjusting their factory quotations. However, due to the current limited market demand, the range of price adjustments by companies is relatively limited.

Specifically, prices in the Northeast region remained stable at 2500-2560 yuan/ton. Prices in the North China region rose to 2440-2610 yuan/ton. Prices in the Northwest region remained stable at 2510-2520 yuan/ton. Prices in the Southwest region remained stable at 2450-2800 yuan/ton. Prices in the East China region rose to 2600-2660 yuan/ton. In the Central China region, small granule prices rose to 2520-2700 yuan/ton, while large granule prices remained stable at 2570-2610 yuan/ton. Prices in the South China region rose to 2620-2720 yuan/ton.

Market Forecast:
On the enterprise side, the recent domestic daily production is temporarily around 160,000 tons. There are expectations for new capacity to be launched this week, and it is expected that there may be signs of a rebound in daily production in the future. In terms of demand, the current demand is mainly concentrated in the wheat topdressing work in local areas such as Henan, Anhui, and Jiangsu, with limited market demand and cautious agricultural demand follow-up. In the market, urea prices fell at the beginning of this week, downstream purchasing enthusiasm increased, and the domestic urea market atmosphere was more active. In addition, with the start of the wheat fertilization preparation period and some enterprises with reserve plans starting to enter the market to purchase stock, there is still room for improvement in market activity, with the market being predominantly bullish.

Overall, the current market trading atmosphere has slightly improved compared to the previous period, and it is expected that the spot price of urea will maintain a mostly stable and slightly adjusted trend in the short term.