On February 3, the price trend of ammonium nitrate in the Hebei region remained stable, with mainstream negotiations in the market ranging from 3,100 to 3,200 yuan per ton. Production operations among market participants were stable. Recently, the market prices of upstream raw materials declined, while downstream procurement activity was weak. The market trend of ammonium nitrate remained temporarily stable. PriceSeek analysis of ammonium nitrate, with a bullish-bearish score of -1: The decline in upstream raw material market prices reduces production costs, while weak downstream procurement indicates sluggish demand. The combination of these factors may exert downward pressure on the spot price of ammonium nitrate. Although the current market trend remains temporarily stable, the weakening supply-demand fundamentals suggest that prices may experience a slight decline in the future. Therefore, a generally bearish score is assigned.