On February 10, the production of concentrated nitric acid remained stable, with ample market supply. On the cost side, the price of upstream liquid ammonia has been continuously declining 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 of Nitric Acid:
Bull-Bear Score: -1.5
The article points out that the stable release of concentrated nitric acid production and ample market supply have directly exerted downward pressure on spot prices. The continuous decline in upstream liquid ammonia prices has weakened cost support, with the average price of 98% concentrated nitric acid dropping by 50 yuan per ton to the range of 1,450–1,550 yuan per ton. A score of -1.5 reflects significant bearish sentiment. The combination of oversupply and declining costs suggests that prices are expected to remain weak and volatile in the short term.

Liquid Ammonia:
Bull-Bear Score: -0.5
As an upstream raw material for concentrated nitric acid, the price of liquid ammonia has been continuously declining recently. The decrease in costs has intensified the downward pressure on nitric acid prices, while also indicating that the supply and demand for liquid ammonia itself may be relatively loose. A score of -0.5 indicates a slight bearish outlook. Although the magnitude of the decline has not been quantified, the downward trend is likely to suppress any rebound in spot prices.