Analysis: From October 14th to 18th, the market for liquid ammonia in Shandong was sluggish with prices fluctuating downwards. According to the commodity analysis system of the Business Shelf, the price decline in the main production areas of Shandong amounted to 2.35%. The primary reason is the gradual resumption of refining units, which resulted in a loose supply on the supply side. Coupled with an increase in the volume of converting urea into ammonia by manufacturers, there was a significant increase in supply, which dragged down the price of ammonia due to the rise in its quantity. From the beginning of the week to mid-week, the general reduction in the major factories in Shandong was between 100-200 yuan/ton. Dealers mostly reported lower prices for shipments. Moreover, the purchasing enthusiasm from downstream was not high. Agricultural demand remains in the off-season, and industrial demand continues at a basic level. Overall, the demand side is bearish. Currently, the mainstream price for Shandong's area is between 2500-2750 yuan/ton. Forecast: In the near term, the procurement of agricultural demand will slow down, industrial demand will follow up with a basic level, supply is sufficient. However, the pressure from supply might be alleviated later on. On one hand, the main producing areas in the north may tighten their supply as prices remain low or are expected to do so. Additionally, the export of liquid ammonia might see an improvement. Looking at the demand side, agricultural demand might be affected by inventory consumption, indicating potential growth in future orders. On the other hand, industrial demand will follow up with a basic level. Taking everything into consideration, next week's liquid ammonia might stop falling, and it's not ruled out that prices could rebound.