In April 2024, the domestic ammonia market experienced fluctuations and declines, showing a pattern of initial rise followed by subsequent suppression. According to the commodity price analysis system from the Business Sheets, ammonia recorded a decline of 2.93% in April. At the beginning of the month, ammonia continued its upward trend from March. The first week of April saw prices for manufacturers soaring, but overall industrial operating rates of domestic producers significantly decreased, especially with the release of ammonia being generally lower in main production regions in the north. Shandong Hualu's urea units resumed operations, shifting towards producing urea instead of ammonia, leading to a significant reduction in the amount of ammonia released. Additionally, Shandong United and Luzhou units remained unoperational, resulting in tight supplies of ammonia in the market, and coupled with multiple sets of units in Henan, Anhui, and the Northeast undergoing maintenance, supply did not keep up. Consequently, the factory price of ammonia was frequently adjusted upwards. Shandong manufacturers generally raised prices on a weekly basis, with an average increase of 2-3 times over the period. The market was in short supply, leading to a natural demand for higher prices. Mid-to-end of the month, there was a general decline in the market, with prices in Shandong falling from 3250 yuan to around 2850 yuan by the latter part of the month. Moreover, the price also fell along with regions like Northwest and Inner Mongolia following the downturn in regions like Shanxi and Shaanxi. The primary reason was increased supply pressure, with more conversions from ammonia in Shandong, Hebei, and other areas, increasing the available space for ammonia. Additionally, most units in Central China, Northwest, and elsewhere were stable in operation, with new capacity releases in Ningxia gradually increasing supply, leading to widespread inventory accumulation among manufacturers. Forced to sell at reduced prices due to the situation. As the end of the month approached, there was a slight rebound in ammonia prices, with supply slightly tightening in northern main production areas such as Shandong, Hebei, and Shanxi. Additionally, some units had expected production cuts, creating a positive market atmosphere. Coupled with upcoming holidays, concentrated inventory preparation by downstream industries boosted demand, leading to a slight recovery in ammonia prices. Going forward, Business Sheets analysts believe that in terms of supply, under the expectation of unit maintenance, the tight supply pattern in northern main production areas is likely to persist for some time, providing support to ammonia prices from the supply side. In terms of demand, after the initial replenishment phase comes to an end, agricultural demand is gradually declining, while industrial demands remain basic, potentially constraining ammonia prices. However, considering the low import levels, the supply and demand balance will remain reasonable for the short term. Overall, recent ammonia prices are expected to stabilize and bottom out. Short-term effects of reduced supply may lead to price increases, but given the weak demand outlook in mid-to-later May, the supply and demand game may intensify, possibly causing fluctuations in the ammonia market.