On September 10, the fluorite commodity index was 104.17, unchanged from yesterday, down 18.29% from the peak of 127.49 points in the cycle (2019-01-03), and up 111.68% from the low of 49.21 points on December 18, 2016. (Note: Period refers to 2011-09-01 to date)

According to statistics, domestic fluorite prices have declined, with an average price of 2927.78 yuan/ton as of 11 days. Recently, domestic fluorite plants have been operating normally, mines and flotation plants have been operating normally, fluorite supply is sufficient, hydrofluoric acid prices in the downstream have been kept low recently. For fluorite market, on-demand purchasing and on-site fluorite prices are on the rise. Poor condition, fluorite market prices fell. Recent downstream installation start-up situation is general, the spot supply of fluorite in the field is sufficient, the downstream demand of terminal is not improving, resulting in a decline in market prices. As of November 11, the price of 97 fluorite wet powder in Inner Mongolia was 2700-2900 yuan/ton, the mainstream of 97 fluorite wet powder negotiations in Fujian was 2700-3000 yuan/ton, the price of 97 fluorite wet powder in Henan was 2700-3000 yuan/ton, the price of 97 fluorite wet powder in Jiangxi was 2700-3000 yuan/ton, and the price of fluorite declined.

The market price of hydrofluoric acid in the downstream of fluorite maintained a low trend. The domestic market price of hydrofluoric acid was 10 370 yuan/ton as of the 11th day. The low market price of hydrofluoric acid has a negative impact on the upstream fluorite market. However, the recent start-up of hydrofluoric acid plant is general, the demand for fluorite has weakened and the price of fluorite has declined. Recent downstream refrigerant market trading market is general, domestic refrigerant R22 market shocks down, from the market supply point of view, refrigerant R22 market continues to be weak, manufacturers reduce the start-up load, market supply capacity has decreased, inventory pressure has been buffered. On the demand side, downstream air-conditioning manufacturers’overhaul, the demand has only decreased but not increased, and the price of domestic large enterprises has fallen to 14,000-14,500 yuan per ton. The domestic market price of R134a has declined, the start-up rate of production enterprises has remained low, the market demand for refrigerants has decreased, and manufacturers mainly export their products. However, on-site transaction prices continue to decline, merchants purchase on demand, the end of the peak season, downstream terminal demand only declined but not increased, and the price affected by the fluorite market declined.

Generally speaking, the downstream refrigerant industry is declining, and the supply of fluorite market is sufficient, and the demand of downstream refrigerant industry is not good. Chen Ling, an analyst of business associations, believes that the price of fluorite market may continue to decline.

Price trends:

The crude benzol commodity index on September 9 was 62.69, unchanged from yesterday, down 52.45% from the cyclical peak of 131.84 points (2013-01-28), and up 59.72% from the lowest point of 39.25 on December 22, 2014. (Note: Period refers to 2011-09-01 to date).

II. Market analysis:

This week (9.02-9.06) the domestic crude benzol Market rose slightly. The average domestic market price was 3930 yuan/ton at the beginning of the week and 403.33 yuan/ton at the end of the week, up 1.87%.

Domestic market: This week’s crude benzol Market offer slightly increased, the mainstream market offer in 3950-4230 yuan/ton, 80 yuan/ton higher than last week. This week, coking enterprises started a stable operation with a start-up rate of about 80%, crude benzene production was relatively stable, downstream demand for hydrobenzene prices rose this week, several enterprises in Shandong started construction, hydrobenzene profits rose, production was good, just needed to maintain procurement, which is conducive to boosting crude benzene demand.

Industry Chain: Crude Oil: This week, international oil prices rose rapidly after a sharp fall, the overall decline was slightly lower than last Friday, Brent fell by 0.62%, WTI fell by 0.79%. Oil prices plunged as European and American manufacturing data sparked fears of global economic weakness and trade disputes. On Wednesday, news from the United States and Iraq warmed up and increased supply risk and oil prices rose rapidly. Pure benzene: This week, the inventory of pure benzene in eastern China fell again, the supply of market resources was tight, and the price of pure benzene was well supported. The downstream East China styrene plant was shut down for production and maintenance, which led to the limited replenishment of hydrobenzene resources in eastern China, which was good for driving up the price of pure benzene. The weak external support at the beginning of the week led to a cautious attitude in the domestic market. Following the rise of international oil price, the price of pure benzene on the outer plate increased. The Asian-American arbitrage window is still open, but the shortage of resources in the early stage has eased and its influence on the market is limited.

3. Trend forecast:

Near National Day, the environmental situation in North China and its surrounding areas is becoming more and more tense. In addition, transportation in the surrounding areas will be affected. The crude benzol market still has some room to rise under the influence of a small rebound in the external market of pure benzol and an increase in the listing price of pure benzol in Sinopec.

Price Trend

Business Club: MTBE market prices continued to soar this week (September 2-9)

The MTBE price this weekend was 6333 yuan/ton, up 5.26% from the previous week, according to business association data.

II. Market Analysis

Products: This week, domestic MTBE market prices continued to soar, international crude oil prices bottomed out and rebounded, rising for several days, the overall demand for gasoline market prices rose, and domestic gasoline and diesel prices increased by 115 yuan and 105 yuan per ton at 24:00 on September 3, respectively. Domestic MTBE market prices jumped 5.26% this week.

Industry chain: International crude oil prices have risen for four consecutive days this week. At present, WTI crude oil has reached the $57/barrel threshold. The weekly price of WTI crude oil futures has risen by 2.18%, and the price of gasoline has risen by 0.99% this week.

MTBE market: China has entered the peak period of Jinjiu gasoline consumption, and the Mid-Autumn Festival and National Day travel demand support gasoline market consumption. In August, China’s gasoline inventory rate was 42.77%, down 2.71% compared with the previous month. Refinery gasoline orders increased significantly, so the increase of gasoline raw materials was obvious, while domestic MTBE supply was still tight, June-August. MTBE overall start-up rate maintained at about 48%, the market supply declined significantly, MTBE manufacturers shipped smoothly, prices continued to rise. At the same time, the pre-production of alkylation manufacturers reduced, resulting in the current tight market supply of alkylated oil, domestic alkylated oil continued to rise.

3. Future Market Forecast

Analysts of MTBE products of Business Society Energy Branch believe that international oil prices are likely to continue to rise next week. Domestic gasoline market is in the golden ninth peak season, coupled with the Mid-Autumn Festival and National Day travel demand, and MTBE market prices are expected to continue to rise next week.

Price data

According to the data of business associations, the market price of sulphur in East China has a narrow downward trend this week. At the beginning of the week, the average price of granular sulphur is 693.33 yuan/ton. At the end of the week, the average price of granular sulphur is 660 yuan/ton. The average price of granular sulphur is 33.33 yuan/ton. The average price of granular sulphur is down by 4.81% in the week, 46% compared with the same period last year.

II. Market Analysis

Products: This week, the domestic sulphur market continued to be weak, and the price fell sharply. Within the week, refineries in various regions continued to decline according to their own shipments. As of June 6, the mainstream price of solid sulfur in Sinopec’s Shandong region was about 650 yuan/ton, down 50 yuan/ton, the mainstream price of liquid sulfur was 520-600 yuan/ton, and the price was down 40 yuan/ton; the mainstream price of solid sulfur in North China was 510-560 yuan/ton, the mainstream price of liquid sulfur was 480-520 yuan/ton, and the price of solid and liquid sulfur was down 40 yuan/ton simultaneously. The mainstream price of solid sulfur in East China is 680-700 yuan/ton, while the mainstream price of liquid sulfur is 610-680 yuan/ton, which is temporarily stable compared with last week.

Industry chain: The price trend of downstream sulfuric acid Market in Shandong Province is stable this week, with a quotation of 223.33 yuan/ton in the week. The price is 3.33 yuan/ton lower than last weekend, a decline of 2.90%, a decrease of 55.78% over the same period last year. The domestic sulphuric acid market was consolidated at a low level this week. At the beginning of the week, the main distribution price of sulphuric acid in Shandong fell slightly. Affected by the upstream market, the customers’enthusiasm for sulphuric acid purchasing was general, and their demand for sulphuric acid was low. The favorable support of the downstream acid market was weak. It is expected that the market price will still fall.

Industry: At present, the domestic sulphur market demand is low, the stock consumption in Hong Kong is slow, there is no information guidance for the internal and external market, and the enthusiasm of terminal purchasing is weak. In the absence of information guidance in the market and the weak intention of the buyer, the market atmosphere is strong, the negotiation atmosphere is cold, and the hollowness of the business is obvious.

3. Future Market Forecast

Business sulfur analysts believe that the current sulfur market lacks information support, the enthusiasm of on-site negotiations is weak, the mindset of operators is mainly stalemate, and the short-term sulfur market is expected to continue to be weak downward consolidation.

I. Acrylic acid price trend:

The average acrylic acid price was 7,900 yuan/ton as of September 5, which was the same as on September 4. The market was stable for the time being, up 3.04% compared with August 5, according to the data from the business associations’list. Today’s domestic acrylic mainstream quotation is 7600-8100 yuan/ton.

II. Market analysis:

Product: The market of acrylic acid is stable today. The overall market trading atmosphere is light, the downstream just need to replenish, the supply of general, cautious wait-and-see. Up to the 5th, the price of acrylic acid in Shandong Yukang Chemical Co., Ltd. has been stable. The price of acrylic acid in Wanhua Chemical Petrochemical Co., Ltd. is 7600 yuan per ton. The price of acrylic acid in Wanhua Chemical and Petrochemical Co., Ltd. remains stable. The main supply contract and customers are stable. At present, the price of acrylic acid is 8000 yuan per ton.

Industry chain: The market price of upstream propylene in Shandong Province has increased slightly today. The price of propylene enterprises in Shandong Province increased by 50-100 yuan/ton on September 1, and only a few enterprises increased on September 3-5. At present, the market turnover is about 7650-7750 yuan/ton, and the mainstream price is about 7650 yuan/ton. Downstream construction is stable. Acrylic acid just needs to be purchased, and more wait-and-see mentality.

3. Future market forecast:

Acrylic acid analysts of business associations believe that the slight increase in the market price of raw propylene has some cost support for acrylic acid, but the current market supply is sufficient, downstream consumption speed is insufficient to follow up, and the purchase on demand is maintained. It is expected that the acrylic acid market will maintain stable operation in the short term.

Price Trend

In August 2019, the domestic market for cyclohexanone first fell and then rose. According to the sample data monitored by business associations, the price of cyclohexanone was 8333 yuan/ton at the beginning of the month, 8133 yuan/ton at the end of the month, a drop of 2.40% in the month. Prices fell 34.13% over the same period last year.

II. Market Analysis

Products: In August, the market of cyclohexanone first fell and then rose. In the month, the export of Luxi and Haili cyclohexanone was unstable, the spot supply was not much, the demand of chemical fiber market was general, and the cyclohexanone fluctuated in the range of 500 yuan/ton. In the early ten days, due to the slight drop in pure benzene, the news of new production of Hengyi 200,000 tons cyclohexanone plant was released, the enthusiasm of chemical fiber procurement was general, the delivery of cyclohexanone was hindered, and the market price in East China was slightly reduced by 400 yuan/ton to 8250 yuan/ton. In the middle of the year, the good news of Sino-US trade was released, the pure benzene Market rose, and the cost side was well supported. Some Shandong factories were affected by the typhoon rainstorm. Nanjing Chemicals parked 100,000 tons of cyclohexanone plant. The spot supply was reduced. The market of cyclohexanone rose 450 yuan/ton to 870 yuan/ton, and cash was delivered. The demand of terminal market is weak, the profit margin of downstream caprolactam factories purchasing cyclohexanone is limited. Hengyin equipped with 200,000 tons of cyclohexanone plant reduces the demand for cyclohexanone compared with the earlier period. Solvent market needs to be purchased only recently, and the wait-and-see is strong.

Industry Chain: Raw Material: Pure Benzene: Pure Benzene fell first and then rose this month, the external market rose and domestic supply decreased to support price rebound. At the beginning of this month, commodities fell as a whole and pure benzene weakened under the pressure of negative macroeconomic news, such as unoptimistic expectations of Sino-US negotiations and depreciation of the RMB. The sharp drop in crude oil also led to the weakening of the outer plate of pure benzene. As a result, the price of pure benzene has continued to decline. Downstream users wait for Sinopec to cut prices, wait and see, market turnover is weak. At the beginning of this month, there were still sporadic transactions of 5000 yuan/ton, but then driven by the low-price supply in Shandong Province, the market buying gravity dropped to 4900-4950 yuan/ton. Sinopec lowered its listing price from 150 yuan/ton to 5100 yuan/ton on the 7th, less than expected, and the relatively high listing price supports the market focus. The unplanned parking of some large-scale installations reduced the spot supply in East China during the month, while the arbitrage window between the United States and South Korea remained open, the domestic import arrivals remained low, the overall market supply was tight, and the port inventory continued to drop to about 147,000 tons.

Caprolactam: In August, the domestic caprolactam liquids market was weaker and the price focus fell slightly. The caprolactam market began to weaken due to terminal demand dragging on from late July to early August. Sinopec’s listed price in August was lowered by 200 yuan/ton to 12600 yuan/ton. In addition, the downstream PA6 market was weak, the aggregate factory’s buying enthusiasm was not high, the confidence in the market was poor, and the price fell slightly to 1210-12200 yuan/ton. Later, due to the stopping of Haili, Taihua and Luxi chemical plant in Shandong Province, the northern supply decreased by 100-200 yuan/ton, but due to the lack of follow-up in the PA6 market, the spot price of caprolactam in East China returned to 12,100-12,200 yuan/ton at the end of the month, with less turnover of 12,300 yuan/ton and less fluctuation in the month as a whole. In terms of contracts, the settlement price of caprolactam in Sinopec in August was 1240 yuan/ton, down 200 yuan/ton from the settlement price in July. Sinopec’s listed caprolactam price in September was announced at RMB 1240 per ton, which was flat compared with the settlement price in August.

Industry: According to the price monitoring of business associations, in August 2019, there were 37 commodities rising annually in the chemical sector, of which 15 commodities increased by more than 5%, accounting for 17.9% of the monitored commodities in the sector; the first three commodities were hydrogen peroxide (39.93%), acetic acid (20.90%) and butadiene (14.47%). There are 39 kinds of products with a decline of more than 5%, accounting for 15.5% of the monitored products in this sector. The products with the first three declines are yellow phosphorus (-27.58%), epichlorohydrin (-23.28%) and sulfur (-19.38%). This month’s average rise and fall was 0.03%.

3. Future Market Forecast
Short-term cyclohexanone factory spot supply inventory reduction is expected, but the demand for chemical fibers is not optimistic, solvent market just needs to be purchased. Considering the cost-side pressures, Cyclohexanone analysts, a business association, expect the short-term market to be strong and upward, with a limited increase. In the long run, the supply of cyclohexanone is likely to increase in mid-late September, and cyclohexanone is weak in the long run.

Price trends:

In August 2019, the hydrobenzene market rose after the shock. The ex-factory price in North China was 4950 yuan/ton at the beginning of the month and 516.67 yuan/ton at the end of the month, with a monthly increase of 3.37%.

On August 31, the hydrobenzene commodity index was 56.48, which was the same as yesterday. It was 44.63% lower than the peak of 102.01 points in the cycle (2014-01-09), and 26.75% higher than the low of 44.56 points on August 31, 2015. (Note: Period refers to 2013-12-01 to date).

II. Market analysis:

Domestic market: Hydrobenzene market rose by 3.37% monthly after the shock this month. From the trend, the first half of the month’s price fluctuation trend, price fluctuation slightly, about 100 yuan/ton. In the middle of the month, it was affected by the rebound of pure benzene external market and typhoon weather, which had double positive effects on the production of pure benzene plant. The market mentality improved, and the main producing area of crude benzene. Bidding prices have been raised substantially, downstream and traders have actively entered the market, the market trading atmosphere has improved, the low-level supply is difficult to find, the hydrobenzene market has been rising positively, and the shipment situation is better. After entering the latter ten days, the market favorable factors were released centrally, the external market of pure benzene rose successively, and the price of crude benzene in the upstream rose obviously, with a weekly increase of about 500 yuan/ton. In recent years, the price difference between crude benzene and hydrobenzene is obvious, profits have increased, and hydrobenzene enterprises have started construction more actively. From around 20 to the end of the month, the market price of hydrobenzene in Shandong rose to 5100 yuan/ton, 300 yuan/ton higher than last week. Eastern China rose to 5200 yuan per ton and 100 yuan per ton.

Industry Chain: Crude Oil: In August, crude oil shocks in Europe and the United States declined. Oil distribution fell 6.54% from the end of last month, while U.S. oil fell 3.91% from the end of last month. Bear: Mainly affected by trade disputes, market concerns about slowing economic growth, declining demand for crude oil intensified, and oil prices fell. Game with other positive factors, leading to this month’s international oil price shocks. Pure benzene: At the beginning of the month, the price of crude oil and external pure benzene continued to fall, which had a negative impact on the domestic market, and the downstream market was relatively weak, and the price of pure benzene fell. Affected by typhoon in the middle of the year, some installations in Shandong stopped, the supply decreased, and the price of pure benzene rebounded. Subsequently, due to the shortfall in the supply of pure benzene in the United States, the price of pure benzene in the U.S. dollar disk continued to rise, and the arbitrage window between the United States and South Korea remained open, supporting the domestic pure benzene market to improve.

3. Trend forecast:

Entering the National Day in September, the pressure of environmental protection of manufacturers is increasing, the market mentality is cautious, and the future market of pure benzene continues to improve, the market mentality is positive, there is a certain amount of room for future market stability.

Price Trend

In August 2019, the market of butadiene rose sharply. Business Association monitoring showed that the price of butadiene was 9045 yuan/ton at the beginning of the month, and 10 277 yuan/ton at the end of the month. The price of butadiene rose by 12.96% in the month. Prices fell by 24.14% over the same period last year.

II. Analysis of Influencing Factors

Products: In August, the domestic butadiene market shocks upward, strong growth in the second half of the month. By the end of the month, Sinopec’s East China supply price was 10,600 yuan/ton, up 1,300 yuan/ton annually; Liaotong’s chemical bidding base price was 10,210 yuan/ton, up 1,400 yuan/ton annually. After reaching its peak in early August, the downstream synthetic rubber rose weakly, the production profit hanging upside down increased, some private enterprises decreased or stopped, the demand side dragged on the butadiene market as a whole, and the price of butadiene rose and fell in mid-August. However, domestic spot supply continued to be tight, Malaysia’s high-price trading news in mid-month boosted the external market substantially higher, Sinopec’s supply price increased and East China’s spot resources were scarce, the prices of northern export manufacturers increased, and some high-price sources flowed into the East China market, boosting the overall market. Although the downstream rubber market is limited, butadiene supply is strong, the market is difficult to find low-price supply, and the middleman offer is firm.

Enterprises: Sinopec East China and South China Butadiene Ring Ratio increased by 1300 yuan/ton to 10600/10700 yuan/ton; as of 29 days, Liaotong Chemical Bidding Base Price was 10210 yuan/ton, Ring Ratio increased by 1400 yuan/ton, the total volume in a month was 1560 tons, Ring Ratio contracted by 50.41%; As of 28 days, Fushun Petrochemical Bidding Base Price was 9700 yuan/ton, trading range. In 9950-9960 yuan/ton, the total volume in the month is 1680 tons, with a ring-to-ring increment of more than 1,000 tons; on August 6, 100,000 tons/year oxidative dehydrogenation unit was put into operation in Chengzhi, Nanjing. On August 11, excellent products were produced. The total output of this month is about 4,000 tons, and the supply contract is the main one. The manufacturer plans to stop for about 7 days in early September; and on August 6, 100,000 tons/year oxidative dehydrogenation unit in Chengzhi, Nanjing. Oxygen dehydrogenation unit was restarted in the middle of the month, and the supply contract downstream was quoted at 10,000 yuan/ton. Due to the upstream equipment problem, the load of Jiutai butadiene unit in Inner Mongolia was not high, and the listed price was 10,500 yuan/ton at the end of the month, which increased by 1,500 yuan/ton annually. In the middle of the month, 2000 tons of Ratian in Malaysia were tendered for FOB of 1240 dollars/ton. Prices were traded to factories downstream of Taiwan, which pushed the outer disc up to 1300 US dollars/ton CFR in China.

Industry: According to the price monitoring of business associations, in August 2019, there were 37 commodities rising annually in the chemical sector, of which 15 commodities increased by more than 5%, accounting for 17.9% of the monitored commodities in the sector; the first three commodities were hydrogen peroxide (39.93%), acetic acid (20.90%) and butadiene (14.47%). There are 39 kinds of products with a decline of more than 5%, accounting for 15.5% of the monitored products in this sector. The products with the first three declines are yellow phosphorus (-27.58%), epichlorohydrin (-23.28%) and sulfur (-19.38%). This month’s average rise and fall was 0.03%.

3. Future Market Forecast

In the future, the positive aspects are: high external market, low domestic supplier inventory and short-term shortage of spot resources in East China. On the bearish side, the downstream synthetic rubber market is limited, the profit of synthetic rubber is under pressure, and the start of construction is declining. Shipments are expected to arrive in September. In recent years, domestic manufacturers and tank farms have low inventories, supporting supplier prices are strong, and it is difficult for the market to replenish low-price supply in the short term. With strong support from the supply side, the market is expected to perform at a high level in mid-early September. However, with the rising price of butadiene, downstream industry profits will be under pressure, or drag down the start of construction; in addition, some latex enterprises do not rule out the impact of the policy to start poor construction, just need also weakened expectations, September demand is weak. At the same time, I heard that more than 10,000 tons of Iranian goods are expected to arrive at the port, and the supply has also increased. In anticipation of weakening supply and demand, the market is not expected to exclude downside risks in late September. In addition, the high-priced transaction before the external market is slightly accidental, and whether the late market can continue to be strong remains to be discussed. Business analysts predict that domestic butadiene market consolidation will dominate in September. Businessmen are advised to pay careful attention to the news guide.

Price trends:

According to statistics, the domestic ammonium nitrate ex-factory price rose slightly in August. The average weekend price was 1983.33 yuan/ton, up 0.85% from 1966.67 yuan/ton at the beginning of the week and down 0.83% from the same period last year.

II. Market analysis:

Products: In August, the domestic ammonium nitrate market price rose slightly, the domestic ammonium nitrate plant is running smoothly, is in the downstream demand off-season, ammonium nitrate factory shipment market is general, downstream on-demand procurement, combined with environmental protection control, the downstream civil explosion industry in China stopped production more, domestic ammonium nitrate factory started construction limited, on-site. Prices remained at a low level, but the ammonium nitrate Market was hovering around the cost line. Some enterprises increased their ex-factory prices slightly, and most of them remained stable. By the end of the month, the mainstream of negotiations in Shaanxi was 2000-2100 yuan/ton, the mainstream in Shandong was 190-2000 yuan/ton, and the price in Hebei was 1850-1950 yuan/ton. Affected by environmental protection, some downstream factories were forced to limit production or stop production for maintenance and accept environmental protection inspection. The demand for ammonium nitrate was at a low level, and the market price of ammonium nitrate was slightly lower. There is an increase.

Industry Chain: Domestic nitric acid price declined in August, the market price was 1600 yuan/ton at the end of the month, and the price declined by 6.67% in August. Domestic nitric acid market price declined. Mainstream manufacturers in Jiangsu Province offered 1600 yuan/ton, mainstream manufacturers in Anhui Province offered 1620 yuan/ton, Shandong manufacturers offered 1600-1650 yuan/ton, and nitric acid went away. Generally speaking, the lower price of upstream nitric acid market has a negative impact on downstream ammonium nitrate Market price, and the price increase of ammonium nitrate Market is very limited; the price trend of upstream raw material liquid ammonia is declining, and the market price of liquid ammonia at the end of the month is 3210 yuan/ton, which is affected by upstream cost, together with the producers. Most of the inventory pressures have increased compared with the previous period. Some plants have been restarted and local ammonia supply has increased in the region. Especially in Shanxi and North China, most manufacturers have sufficient supply of ammonia. The quotations of manufacturers in North China are maintained in the range of 2900-3400 yuan/ton. The quotations in Northwest China are in the range of 2500-2600 yuan/ton. The low price of liquid ammonia is downstream. Ammonium nitrate Market has a negative impact. Recently, the downstream civil explosion industry is in the off-season. The demand for ammonium nitrate market remains low. The inventory of ammonium nitrate manufacturers is high. The market of nitric acid is not good, and the price of nitric acid market has remained low.

Industry: In recent years, the ammonium nitrate Market has been in a bad condition. The downstream explosion industry has parked more. In addition, the price of nitric acid in the upstream raw material market has declined. The price of liquid ammonia market has maintained a low oscillation, and the price of ammonium nitrate Market has increased slightly.

3. Future market forecast:

Ammonium nitrate analysts believe that the recent upstream raw material nitric acid and liquid ammonia market prices remain low, coupled with poor demand downstream, ammonium nitrate market prices are expected to remain volatile in the later period.