On February 3, the 500,000-ton-per-year ethanol plant operated by Henan Hanyong was in production, with the price of premium-grade ethanol dropping by 10 yuan per ton to 5,450 yuan per ton. PriceSeek's analysis of ethanol indicates a bearish score of -1. The report highlights that the normal operation of Henan Hanyong's 500,000-ton-per-year ethanol plant, coupled with a 10 yuan per ton decline in premium-grade ethanol prices to 5,450 yuan per ton, suggests ample market supply or weak demand, exerting downward pressure on spot ethanol prices. The price decline is relatively minor (approximately 0.18%) and does not qualify as a significant event, resulting in a general bearish rating (-1). Based on spot market data, the price drop may reflect increased inventory or weakening consumption, with the potential for continued short-term weakness.