On February 4, the phthalic anhydride (PA) unit of Panjin Ruide Chemical Co., Ltd., with a capacity of 100,000 tons, operated at a low rate, and inventory was limited. The PA quotation was 6,110 yuan/ton, down by 100 yuan/ton. PriceSeek's analysis of PA: Bull-Bear Score: -1. Analysis rationale: The article indicates that the PA quotation dropped by 100 yuan/ton to 6,110 yuan/ton. Although low equipment operating rates and limited inventory should have supported prices, the decline in the quotation suggests weak demand or emerging oversupply pressure in the market, exerting a bearish impact on spot prices. This reflects the current bearish sentiment in the market, which may lead to further downward pressure on spot prices in the short term.