Analysis: From May 12th to 16th, the market for liquid ammonia in Shandong was sluggish, with prices fluctuating downwards. According to the commodity price analysis system of Business Sheets, the main production area in Shandong saw a decline of 3.17% over the week. The primary reason is the prominent supply contradiction, with an excess of market inventory. With the gradual resumption of maintenance units and the increase in the volume of urea conversion into ammonium, the supply has noticeably increased. The rise in ammonia volume has dragged down the price. Starting from Tuesday, enterprises began to reduce prices gradually, continuing until Friday, when the mainstream large-scale plants in Shandong generally reduced by a range of 200 RMB/ton. Dealers mostly sold at a low price. Additionally, there is low purchasing enthusiasm from downstream buyers, with agricultural demand still in the off-season, and industrial demand maintaining basic needs. Overall, the demand side remains bearish. Currently, the mainstream pricing in Shandong is between 2200-2350 RMB/ton. Forecast: In the near term, as the market enters its off-season for agriculture and industrial demand continues to be basic, supply is abundant. However, later supply pressure may partially ease. On one hand, the main production areas in the north are expected to tighten supply or tighten prices due to lingering low prices, leading to more enterprises engaging in price support actions. On the demand side, downstream purchasing may continue to be weak, maintaining reasonable procurement needs. There is limited room for orders to improve, and industrial demand will follow basic needs. Taking all factors into account, next week's liquid ammonia prices may slow down the decline, gradually stopping the fall, with price fluctuations being the main trend.