First Capital Futures: Urea spot prices remain firm and upward, futures are relatively weak

K-LinePoet · 2026-03-07T16:38:48+00:00

Urea futures UR605 main contract fluctuated downward throughout the day, with the lowest price dropping to 1784 yuan/ton. Spot prices generally rose, with mainstream ex-factory prices ranging from 1830 to 1860 yuan/ton. Supply is strong, but industrial demand is relatively weak. The overall fluctuation range is expected to be between 1820 and 1870 yuan.

K-LinePoet

2026-03-07 16:38:48

Abstract generation in progress

Urea futures UR605 main contract showed a pattern of rising sharply, then falling back, and fluctuating downward throughout the day, with the lowest dropping to 1784 yuan/ton. Based on spot prices, the main producing regions (Shandong, Henan, Hebei, etc.) saw factory gate prices generally rise by 10-30 yuan/ton, with mainstream factory gate prices between 1830 and 1860 yuan/ton. Spot prices remain strong while futures are weak, which has somewhat dragged down futures prices. From the supply side, daily urea production in March is expected to exceed 220,000 tons, hitting a new record high. In terms of agricultural demand, spring fertilization for wheat in northern regions and preparations for spring plowing have started, with strong immediate demand supporting the price floor. Industrial demand remains weak, with demand for artificial boards sluggish and compound fertilizer production gradually recovering. Overall industrial demand is relatively weak. Conclusion: Spot urea prices are steadily rising, while futures remain weak, exerting some pressure on spot prices. The market is mainly fluctuating within a range of 1820 to 1870. (First Capital Futures)

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