February 26th News: On February 12th, Xinjiang Xinji Energy's 120,000-ton-per-year melamine plant successfully completed its first feed-in, marking the full-process integration of the autonomous region's "14th Five-Year Plan" key circular economy chemical project, with a total investment of 6.442 billion yuan. Chempricehub's analysis of melamine indicates a bearish score of -1. The successful feed-in of Xinjiang Xinji Energy's 120,000-ton-per-year melamine plant signifies the official release of new production capacity, leading to a significant increase in supply. This may shift the market supply-demand balance toward a looser state, putting downward pressure on spot prices. The scale of the new capacity is substantial (annual capacity of 120,000 tons), and as a key circular economy project, it may intensify industry competition, further suppressing prices. In the short term, the spot market faces general bearish influences, with prices potentially experiencing a slight decline.