On May 26, 2026, from the weekend till now, the domestic spot price of urea has remained stable with some increases, and the ex factory quotation in some areas has slightly increased. Currently, the ex factory quotation of small and medium-sized urea in mainstream areas is between 1730-1830 yuan/ton.

On May 22, a gas explosion occurred in Qinyuan, resulting in 82 deaths, making it the most serious mining accident in nearly 16 years. 76% of urea in China uses coal as raw material. When coal becomes scarce, cost expectations increase. Coupled with repeated export rumors, low-priced sources are being snatched up, igniting market sentiment.

Overall, the demand for agriculture has decreased, industrial demand is average, compound fertilizer production has declined, raw material procurement has decreased, urea daily production has fallen, but still remains high, export policies have not loosened yet, and urea spot prices may fluctuate downward. We should pay attention to the dynamics of supply and demand, exports, and guidance prices.