This week (October 23-27), the domestic ammonia market prices continued their previous rise, but the increase was significantly restrained. According to the Business Sheets commodity market analysis system, this week's main production area in Shandong saw an increase of 2.16%, and as of October 27, the trading center moved up by 300 yuan/ton compared to the beginning of the week. Currently, the mainstream quotes in Shandong are between 3800-4000 yuan/ton. From the perspective of supply, the primary reason for the rise in ammonia is the tight supply in the northern main production areas, with limited enterprise inventory. Coupled with reduced operating capacity due to unit reductions, it supported its price increase. Previously, some units that had been shut down for maintenance were delayed in resuming operations, leading to no significant relief in market supply tension. This week, the manufacturers' quotes were adjusted multiple times, with a cumulative increase of more than 100-200 yuan/ton. The general enterprise inventory levels were not high, and the conversion of some units to produce urea further benefited the supply side. The situation of shipments by manufacturers improved, and dealer quotes increased accordingly. From the demand side, downstream urea market conditions stabilized, and the rising trend was somewhat restrained, with prices slightly falling this week, dropping by 1.11% mainly due to the gradually digesting news of new bids from the Indian indices. However, there was no significant improvement in end-user demand, and the market shifted from warm to cold. In terms of end users, agricultural demand needs timely follow-up, and industrial demand primarily supports basic needs, but there are few new orders from export, which may become a factor restricting the rise in ammonia prices later on. Forecast: According to analysts at Business Sheets, there is a expectation for the recovery of northern ammonia production facilities soon, and given the generally weak downstream industrial demand, there might be a short-term shift in supply and demand. It is expected that ammonia will not continue to rise in price trends.