20251113-光大期货-煤化工商品日报_6页_520kb

Summary of Lightare Chemicals Industry Daily Report

The report, dated November 13, 2025, focuses on key commodity markets in the coal chemical sector, including urea, soda ash, and glass. Below is a concise analysis and summary of the main points.

Urea market experienced narrow fluctuations on Wednesday, with the主力合约 closing at 1655元/吨, up 0.42%.现货 prices retreated by 10-20元/吨 due to weaker demand and rumors about export quotas,尽管消息 uncertain. Supply increased marginally to 19.81万吨/day, while demand remained sluggish, with产销率 fluctuating between 20% and 120%. A key view emphasizes wide price swings as supply recovers from复产, supported by smog abatement policy impacts. Shutdowns are anticipated, leading to continued pressure. Short-term outlook neither drives nor trend; attention on demand, inventories, and export developments.

Soda ash showed slight weakening, with主力合约 at 1214元/吨, down 0.9%. Production nears 85%, rising in response to复产, but demand from sectors like glass remains limited, with supporting factors like higher煤炭 costs. Narrow price range with slight downtrend; watch for changes in loads, inventories, and downstream capacity.

Glass markets remain range-bound, with主力合约 at 1046元/吨, down 1.22%.现货 prices dipped at 1146元/吨, and flat demand constraints sales; industry output steady at 15.91万吨/day, yet end-demand slow. Cold weather may reduce consumption, heightening risk of持续 downward trend. Monitor inventories, capacity shifts, and funds.

Overall, all three commodities exhibit wide ranges driven by uncertain economic factors with no clear trend, panned in both reports due to reduced liquidity.

Note: General investment risk applies; consult latest disclaimer.