On January 29, the production of concentrated nitric acid remained stable, leading to ample market supply. Meanwhile, upstream liquid ammonia prices continued to decline, reducing production costs. The mainstream negotiated price for 98% concentrated nitric acid ranged between 1,450 and 1,550 yuan per ton, representing a decrease of 50 yuan per ton. PriceSeek's analysis of nitric acid assigned a bearish score of -1.5. The report highlighted that the stable release of concentrated nitric acid production and abundant market supply have resulted in oversupply, exerting downward pressure on prices. Additionally, the ongoing decline in upstream liquid ammonia prices has lowered production costs, further weakening price support. The decrease of 50 yuan per ton in the mainstream negotiated price for 98% concentrated nitric acid to the range of 1,450–1,550 yuan per ton confirms the downward price trend. These factors collectively exert significant bearish pressure on the spot price of nitric acid. A score of -1.5 indicates a bearish impact between moderate and significant, reflecting the substantial negative pressure stemming from increased supply and reduced costs.