Analysis: This week (3.24-28), the liquid ammonia market in Shandong region showed weak performance, with prices reversing last week’s upward trend and turnover declining. According to the Commodity Market Analysis System of Shengyi Society, the main production area of Shandong experienced a weekly decline of 5.43%. The main reason is that the supply has shifted from tight to loose, increasing supply pressure. The early maintenance equipment has gradually resumed, and the operating rate of manufacturers has increased. Coupled with the poor performance of the urea market, some manufacturers have switched to ammonia, which has further exacerbated the contradiction of oversupply in the ammonia market. From the beginning of the week to the weekend, some mainstream large factories in Shandong generally lowered their prices by 100-200 yuan/ton. Distributors mainly underreport shipments. And downstream procurement enthusiasm is not high, agricultural demand is still in the off-season, industrial demand remains rigid, and the overall demand side is bearish. At present, the mainstream quotation in Shandong region is 2500-2700 yuan/ton.

Prediction: The peak season for spring plowing has ended, agricultural demand has weakened, downstream procurement is more rational, market atmosphere is light, downstream operating rates have significantly decreased, and industrial demand is urgently following suit. However, the supply of liquid ammonia is relatively sufficient, and the pressure of supply and demand is prominent. It is expected that there is still room for ammonia prices to decline before the Qingming Festival.