On February 24, the production of concentrated nitric acid remained stable, with ample market supply. On the cost side, the price of upstream liquid ammonia has continued to decline recently. The mainstream negotiated average price for 98% concentrated nitric acid is in the range of 1,450–1,550 RMB/ton, representing a decrease of 50 RMB/ton. Chempricehub's analysis of nitric acid assigns a bearish score of -1. The article points out that the stable release of concentrated nitric acid production and ample market supply indicate oversupply. Meanwhile, the mainstream negotiated average price for 98% concentrated nitric acid has dropped by 50 RMB/ton to the range of 1,450–1,550 RMB/ton, reflecting weak demand or intensified market competition. These factors exert downward pressure on spot prices, and it is expected that prices may continue to face pressure in the short term. For liquid ammonia, the bearish score is -1. The recent continuous decline in the price of upstream liquid ammonia on the cost side suggests ample supply or weakening downstream demand, with prices showing a downward trend. This will directly negatively impact the spot price of liquid ammonia, potentially reducing production costs but exerting pressure on its own price.