On February 6, the production of concentrated nitric acid remained stable, leading to ample market supply. On the cost side, the price of upstream liquid ammonia has continued to decline recently. The mainstream negotiated average price for 98% concentrated nitric acid ranged between 1,450 and 1,550 yuan per ton, representing a decrease of 50 yuan per ton.

PriceSeek Analysis: Nitric Acid
Bull-Bear Score: -1
The stable production of concentrated nitric acid and ample market supply indicate an oversupply situation. Meanwhile, the decline in upstream liquid ammonia prices has reduced production costs, but demand has not shown signs of improvement. The mainstream negotiated average price for 98% concentrated nitric acid fell to 1,450–1,550 yuan per ton, a decrease of 50 yuan per ton, reflecting pressure on spot prices. Score: -1 (Generally Bearish), as ample supply dominates the short-term downward trend.

Liquid Ammonia
Bull-Bear Score: -1
The recent continuous decline in liquid ammonia prices reflects ample upstream supply or weak demand, with a clear downward price trend. As a cost component for concentrated nitric acid, its price decline reduces downstream production costs but exerts bearish pressure on the spot price of liquid ammonia itself. Score: -1 (Generally Bearish), as the downward trend indicates a loose market supply-demand balance.