Domestic gas head repair units have resumed operation, with daily production returning to over 210,000 tons, and supply continues to hit new record highs. International market prices remain firm and rising; over the weekend, India issued a tender for 1.5 million tons with shipping scheduled for the end of March. Currently, the domestic and international price gap remains large, but no new quotas have been allocated domestically, so the overall impact is limited. The operating rates of compound fertilizer plants in Central China and Northeast China have declined. Due to significant inventory backlog of finished products, some compound fertilizer plants in Henan have shut down extensively, and in Linyi, compound fertilizer and board factories are reducing load. Raw material inventories are generally high, leading to low-price procurement. Drought storage enterprises have achieved over 80% of their reserves. International prices continue to rise, affecting sentiment, but domestic quotas are nearly exhausted. As gas head units recover, urea supply hits new highs again, while the operating rates of compound fertilizer plants begin to decline. Downstream buyers are increasingly resistant to high prices. Urea factories show some differentiation in order-taking, and as the year-end approaches, manufacturers have order-placing needs. Today’s futures prices are steadily rising; low-price factories are still able to accept orders, and the overall trend remains bullish.