Report Summary 1. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shengang), the near - month internal - external spread of FU fluctuated greatly, and the 09 contract once returned above par. [5][6] - The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the internal - external spread of LU strengthened slightly to 10 USD. [6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. The high - sulfur bunker volume in Singapore in July increased by 15% month - on - month and 10% year - on - year. [6] - The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. [6] - US residue inventory increased slightly but remained at the lowest level in the same period of history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, and the EW spread was still recovering. There was still a large amount of FU delivery cargo, and attention should be paid to subsequent delivery changes. [6] - The new round of sanctions had a large potential impact on domestic heavy crude oil, providing a certain support for the valuation of Asian fuel oil. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and the internal - external spread of LU oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be concerned. [6] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 18th to 22nd, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 7.74, Rotterdam 0.5% VLS FO swap M1 changed by 8.57, Rotterdam HSFO - Brent M1 changed by 0.41, Rotterdam 10ppm Gasoil swap M1 changed by 11.52, Rotterdam VLSFO - G M1 changed by - 2.95, LGO - Brent M1 changed by 0.07, and Rotterdam VLSFO - HSFO M1 changed by 0.83. [3] Singapore Fuel Oil Swap Data - From August 18th to 22nd, 2025, the price of Singapore 380cst M1 changed by 2.60, Singapore 180cst M1 changed by 2.04, Singapore VLSFO M1 changed by 2.59, Singapore GO M1 changed by 0.94, Singapore 380cst - Brent M1 changed by 0.04, and Singapore VLSFO - GO M1 changed by - 4.37. [3] Singapore Fuel Oil Spot Data - From August 18th to 22nd, 2025, the FOB 380cst price changed by 2.46, FOB VLSFO price changed by 4.18, 380 basis changed by - 0.60, high - sulfur internal - external spread changed by 4.3, and low - sulfur internal - external spread changed by 3.7. [4] Domestic FU Data - From August 18th to 22nd, 2025, FU 01 changed by 33, FU 05 changed by 17, FU 09 changed by 38, FU 01 - 05 changed by 16, FU 05 - 09 changed by - 21, and FU 09 - 01 changed by 5. [4] Domestic LU Data - From August 18th to 22nd, 2025, LU 01 changed by 19, LU 05 changed by - 29, LU 09 changed by 12, LU 01 - 05 changed by 48, LU 05 - 09 changed by - 41, and LU 09 - 01 changed by - 7. [5]

Group 1: Report Information - Report title: Pulp Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [2] - Report date: August 25, 2025 [2] Group 2: SP Main Contract Closing Price - Closing price on August 22, 2025: 5108.00 [3] - Closing prices from August 18 - 22, 2025: 5252.00, 5178.00, 5136.00, 5130.00, 5108.00 respectively [3] - Dollar - converted prices from August 18 - 22, 2025: 638.77, 629.40, 624.46, 623.85, 620.90 respectively [3] - Daily price changes from August 18 - 22, 2025: - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682%, - 0.42885% respectively [3] - Shandong Yinxing basis from August 18 - 22, 2025: 598, 672, 674, 670, 652 respectively [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis from August 18 - 22, 2025: 633, 707, 704, 685, 692 respectively [3] Group 3: Import Information - Import profit calculation based on 13% VAT: Canada's Golden Lion (CFR, port price 780 dollars, Shandong RMB price 6350, profit - 48.45); Canada's Lion (CFR, port price 730 dollars, Shandong RMB price 5500, profit - 492.78); Chile's Yinxing (CFR letter of credit 90 days, port price 720 dollars, Shandong RMB price 5760, profit - 151.65) [4] - Exchange rate on the previous day: 7.18 [4] Group 4: Pulp and Paper Price Averages - National and Shandong regional pulp price averages from August 18 - 22, 2025 (including softwood, hardwood, natural color pulp, and chemimechanical pulp) showed no change [4] - Paper price indices (cultural paper, packaging paper, and tissue paper) from August 19 - 22, 2025 showed no change [4] Group 5: Paper Profit Margins - Profit margins of different types of paper from August 19 - 22, 2025: double - offset paper (4.8673%, 4.9980%, 5.0306%, 5.0306%), double - copper paper (22.6786%, 22.7929%, 22.8214%, 22.8214%), white cardboard (- 13.4568%, - 13.3580%, - 13.3333%, - 13.3333%), tissue paper (6.9550%, 7.1459%, 7.4515%, 7.7571%) [4] - Tissue paper profit margin change: 0.3056 [4] Group 6: Pulp Price Spreads - Price spreads between different types of pulp on August 22, 2025: softwood - hardwood 1600.00, softwood - natural color 360, softwood - chemimechanical 1935, softwood - waste paper 4184 [4]

Report Information - Report Name: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: August 25, 2025 [1] Price Information - **Coal Prices**: The latest price of Liulin Main Coking Coal is 1453.00, with a weekly increase of 49.00 and an annual decrease of 3.13%. The price of Raw Coal at the Port Delivery is 962.00, with a daily increase of 6.00, a weekly decrease of 34.00, and an annual decrease of 18.47%. The price of Shaheyi Meng 5 is 1380.00, with a monthly increase of 160.00 and an annual decrease of 17.37%. The price of Anze Main Coking Coal is 1470.00, with a monthly increase of 20.00 and an annual decrease of 13.53% [2]. - **International Coal Prices**: The price of Peak Downs is 205.00, with a weekly decrease of 2.50 and an annual decrease of 11.10%. The price of Goonyella is 208.30, with a weekly decrease of 3.20 and an annual decrease of 7.80% [2]. - **Futures Prices**: The price of Futures 05 is 1185.50, with a daily decrease of 24.00, a weekly decrease of 79.00, and an annual decrease of 11.60%. The price of Futures 09 is 1029.50, with a daily decrease of 15.00, a weekly decrease of 32.50, and an annual decrease of 22.94%. The price of Futures 01 is 1141.50, with a daily decrease of 22.50, a weekly decrease of 76.00, and an annual decrease of 15.69% [2]. Inventory Information - **Total Inventory**: The total coking coal inventory is 3473.61, with a weekly increase of 50.04, a monthly decrease of 43.06, and an annual decrease of 2.68% [2]. - **Sub - inventories**: Coal mine inventory is 275.64, with a weekly increase of 17.97, a monthly decrease of 2.80, and an annual decrease of 14.55%. Port inventory is 255.49, with a weekly decrease of 21.85, a monthly decrease of 66.01, and an annual decrease of 25.59%. Steel mill coking coal inventory is 805.80, with a weekly decrease of 2.86, a monthly increase of 14.70, and an annual increase of 14.08%. Coking plant coking coal inventory is 976.88, with a weekly decrease of 11.04, a monthly increase of 47.77, and an annual increase of 20.44% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 74.42, with a weekly increase of 0.08, a monthly increase of 0.97, and an annual increase of 3.16% [2]. - **Coking Coke Inventory**: The coking coke inventory is 86.17, with a monthly decrease of 0.80 and an annual decrease of 0.75% [2]. - **Spreads and Basis**: The 5 - 9 spread is 156.00, with a daily decrease of 9.00, a weekly decrease of 46.50, and an annual increase of 30.20. The 9 - 1 spread is - 112.00, with a daily increase of 7.50, a weekly increase of 43.50, and an annual increase of 5.22. The 1 - 5 spread is - 44.00, with a daily increase of 1.50, a weekly increase of 3.00, and an annual decrease of 4.38. The 05 basis is 67.03, with a daily increase of 24.00, a weekly increase of 79.00, and an annual decrease of 190.48. The 09 basis is 223.03, with a daily increase of 15.00, a weekly increase of 32.50, and an annual decrease of 0.15. The 01 basis is 111.03, with a daily increase of 22.50, a weekly increase of 76.00, and an annual decrease of 0.55 [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - For PTA, with increased unexpected TA maintenance, rising polyester开工, and improving supply - demand, there are opportunities to expand processing fees by buying at low prices. Attention should be paid to the restart progress of Hengli Huizhou [3]. - For MEG, the current situation is good with low inventory, but the far - month is expected to accumulate inventory. It is expected to fluctuate widely, and the restart progress of Satellite and Xinrun should be monitored [9]. - For polyester staple fiber, as the destocking continues, there are opportunities to expand processing fees by buying at low prices [9]. - For natural rubber and 20 - number rubber, the main contradictions are stable national explicit inventory without seasonal destocking and the rebound of Thai cup - rubber prices due to rainfall. The strategy is to wait and see [9]. Group 3: Summaries by Commodity PTA - **Price Changes**: From August 18 - 22, 2025, crude oil remained stable, while other prices such as naphtha, PX CFR Taiwan, etc., changed to different extents [2]. - **Market Situation**: Spot daily average trading basis is 2509(+25). Yisheng Hainan's 2 million - ton and Hengli Huizhou's 5 million - ton plants are under maintenance. Near - term TA unexpected maintenance increases, polyester load rises, inventory decreases, basis strengthens slightly, and spot processing fees improve. PX domestic operation rate increases slightly, overseas plants restart, PXN strengthens, disproportionation efficiency weakens, and isomerization efficiency reaches a high level [3]. MEG - **Price Changes**: From August 18 - 22, 2025, prices of Northeast Asian ethylene, MEG outer - market, etc., had certain changes [9]. - **Market Situation**: Spot basis is around 09(+92). Xinjiang Tianying's 150,000 - ton plant restarts, and Shaanxi Weihua's 300,000 - ton plant is under maintenance. Near - term domestic oil - based plants restart, coal - based operation rate drops slightly, overall load rises, port inventory decreases, basis remains strong, and efficiency ratio is basically stable [9]. Polyester Staple Fiber - **Price Changes**: From August 18 - 22, 2025, prices of 1.4D cotton - type, low - melting - point staple fiber, etc., changed to different degrees [9]. - **Market Situation**: Spot price is around 6610, and market basis is around 10 - 170. Near - term Chuzhou Xingbang and Ningbo Zhuocheng increase production, operation rate rises slightly to 91.9%, production and sales are basically stable, and inventory decreases [9]. Natural Rubber & 20 - Number Rubber - **Price Changes**: From August 18 - 22, 2025, prices of US - dollar Thai standard, US - dollar Thai mixed, etc., had daily and weekly changes [9]. - **Market Situation**: The main contradictions are stable national explicit inventory without seasonal destocking and the rebound of Thai cup - rubber prices due to rainfall. The strategy is to wait and see [9]. Styrene - **Price Changes**: From August 18 - 22, 2025, prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), etc., changed to different degrees [12]. - **Market Situation**: There are changes in prices of PS, ABS, and domestic profits of styrene - related products [12].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Report's Core View - The PG futures market showed mixed trends. The PG futures prices fluctuated, with the intraday price slightly weakening, and the 09 - 10 spread at -509 (-16), 10 - 11 spread at 80. The US to Far - East arbitrage window was closed. The PG futures prices also showed an upward trend due to the rebound of spot prices and the increase in import costs. The basis weakened to 520 (-19) [1]. - From a weekly perspective, the external market prices strengthened slightly. The internal - external price difference fluctuated. The fundamentals showed that port supply and demand both decreased, and the inventory was basically flat. The refinery commodity volume increased by 1.94%, but the factory inventory decreased due to the recovery of demand in many places. The operating rates of PDH, alkylation, and MTBE had different changes, and the combustion off - season was gradually coming to an end [1]. 3) Summary by Relevant Catalog Daily Data - **Price Changes**: From August 18 - 22, 2025, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. had different daily changes. For example, on August 22, South China LPG decreased by 30 compared to the previous day, while Shandong LPG increased by 10. The daily change in the paper import profit was -37, and the main basis was -2 [1]. - **Market Conditions**: The PG futures market was slightly weak during the day, with the 09 - 10 spread at -509 (-16), 10 - 11 spread at 80. The US to Far - East arbitrage window was closed. The cheapest deliverable was East China civil LPG at 4398. FEI increased, CP decreased, and the production profit of PP made from FEI and CP weakened slightly [1]. Weekly View - **Futures Market**: The PG futures prices fluctuated upward. The basis weakened to 520 (-19), 9 - 10 spread was -509 (-38), 10 - 11 spread was 80 (+0). The number of registered warrants was 12887 (-1). The external market prices strengthened slightly, and the internal - external price difference fluctuated [1]. - **Fundamentals**: Port supply and demand both decreased, and the inventory was basically flat. The refinery commodity volume increased by 1.94%, but the factory inventory decreased due to the recovery of demand in many places. The PDH operating rate was 75.66% (-0.67pct), the alkylation operating rate was 51.42% (-0.67pct), and the MTBE operating rate was 63.54% (+0.15pct). The combustion off - season was gradually coming to an end, and the East China market was expected to be generally stable [1].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Corn is expected to maintain a weak and volatile pattern in the short - term and face downward pressure in the long - term due to new - season supply and cost changes [4]. - Starch is likely to remain bearish in both the short and long term because of high inventory and expected lower raw material costs [4]. - The price of sugar is under pressure in the international market, and the domestic market follows the trend with limited upward movement [7][20]. - Cotton is in a range - bound state, and its downward space is limited. Attention should be paid to demand changes [10]. - Egg prices may trigger more old - hen culling if the rebound in late August fails to meet expectations [14]. - Apple production in the new season may not differ much from last year, and attention should be paid to the final production determination [18]. - The pig market has short - term positive factors, but medium - term supply pressure still exists, and attention should be paid to various influencing factors [18]. 3. Summary by Commodity Corn/Starch - **Price Data**: From August 18 - 22, 2025, the port spot price of corn weakened, with a maximum decline of 20 yuan/ton in some regions. The processing profit of starch increased by 20 yuan/ton [3]. - **Market Analysis**: In the short term, new - season corn is about to be listed, and the market is in a wait - and - see state. The supply increase is limited, and the price is expected to be weakly volatile. In the long term, the price is likely to decline under the influence of increased production and lower costs. Starch prices are affected by raw materials, with high inventory and low downstream demand, remaining bearish [4]. Sugar - **Price Data**: From August 18 - 22, 2025, the spot prices in some regions remained stable, the basis changed, and the import profit decreased. The number of warehouse receipts decreased by 196 [7]. - **Market Analysis**: Brazil is in the peak crushing season, putting pressure on international sugar prices. The domestic market follows the trend, with imported sugar arriving and processing sugar prices dropping, limiting the upward movement of the futures price [7][20]. Cotton - **Price Data**: From August 18 - 22, 2025, the price of 3128 cotton increased by 155 yuan/ton, the import profit changed, and the number of warehouse receipts and forecasts decreased by 262 [10]. - **Market Analysis**: Cotton is in a range - bound state. If there are no major macro - risks, the price is expected to have limited downward space, and attention should be paid to demand changes [10]. Eggs - **Price Data**: From August 18 - 22, 2025, egg prices in major producing areas decreased, and the basis decreased by 70 [14]. - **Market Analysis**: High temperatures in mid - July and post - plum - rain replenishment drove up egg prices, but weakening and delayed Mid - Autumn Festival stocking demand led to a decline in prices in early August. If the price rebound in late August fails to meet expectations, more old - hen culling may be triggered [14]. Apples - **Price Data**: From August 18 - 22, 2025, the spot price of Shandong 80 first - and second - grade apples remained stable, the national inventory decreased by 14, and the basis changed [17][18]. - **Market Analysis**: Apple production in the new season may not differ much from last year. The current consumption is in the off - season, and the inventory is at a five - year low. Attention should be paid to the final production determination [18]. Pigs - **Price Data**: From August 18 - 22, 2025, pig prices in some regions changed slightly, and the basis decreased by 75 [18]. - **Market Analysis**: There are long - term policy expectations, but medium - term supply pressure remains. There are short - term positive factors such as supply reduction and consumption improvement, and attention should be paid to various influencing factors [18].

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 702.0 0.0 5.0 54.0 -138.0 25省终端可用天数 18.6 -0.2 -1.3 -2.3 1.0 秦皇岛5000 633.0 0.0 1.0 48.0 -107.0 25省终端供煤 611.4 7.8 2.8 -28.7 -11.5 广州港5500 765.0 0.0 0.0 35.0 -135.0 北方港库存 2348.0 18.0 -10.0 -352.0 -51.1 鄂尔多斯5500 480.0 -5.0 -10.0 55.0 -140.0 北方锚地船舶 78.0 8.0 5.0 -32.0 -2.0 大同5500 540.0 -10.0 -20.0 40.0 -150.0 北方港调入量 153.0 -3.6 -6.0 -19.0 5.1 榆林6000 622.0 0.0 0.0 60.0 -163.0 北方港吞吐量 143.8 -9.7 -21.4 -10.1 -6.1 榆林6200 650.0 0.0 0.0 60.0 -161.0 CBCFI海运指数 807.2 -16.0 -55.6 ...

废钢早报 研究中心黑色团队 2025/08/25 华东 स्क 中部 东北 日期 华南 西南 2025/08/185 2254 2074 2256 2287 2173 ~ 2319 原点 2282 2025/08/19 2245 2328 2072 2249 2154 2025/08/20 2242 2328 2066 2243 2281 2152 2025/08/21 2241 2328 2061 2242 2281 2151 2025/08/22 | 容 2241 2328 2060 2243 原 2281 2152 ~ 后 A 环比 0 -1 1 0 0 1 沙钢重三价格 (含税) 镇江鸿泰剪切料价格 (不含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 ● 2022 ● 2023 ● 2024 ● 2025 3,600 4,200元/吨 3,900 3,300 3,600 3,000 3,300 2,700 3,000 2,400 2,700 2,100 2,400 2,100 1,800 品因H 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12月 1月 2月 3月 ...

Report Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoint - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on August 25, 2025 [1][3][4]. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,825 domestically and 9,636 on LME with a ratio of 8.17; March price is 78,630 domestically and 9,715 on LME with a ratio of 8.10. Spot import equilibrium ratio is 8.16 with a profit of 171.81, and spot export profit is - 396.63 [1]. - **Zinc**: Spot price is 22,190 domestically and 2,770 on LME with a ratio of 8.01; March price is 22,260 domestically and 2,773 on LME with a ratio of 6.03. Spot import equilibrium ratio is 8.65 with a profit of - 1,764.99 [1]. - **Aluminum**: Spot price is 20,710 domestically and 2,588 on LME with a ratio of 8.00; March price is 20,595 domestically and 2,586 on LME with a ratio of 7.99. Spot import equilibrium ratio is 8.45 with a profit of - 1,162.37 [1]. - **Nickel**: Spot price is 118,400 domestically and 14,749 on LME with a ratio of 8.03. Spot import equilibrium ratio is 8.24 with a profit of - 1,806.58 [1]. - **Lead**: Spot price is 16,575 domestically and 1,942 on LME with a ratio of 8.57; March price is 16,790 domestically and 1,976 on LME with a ratio of 11.25. Spot import equilibrium ratio is 8.84 with a profit of - 524.17 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 110, 90, 70, 50 respectively, while the theoretical spreads are 495, 887, 1289, 1691 [4]. - **Zinc**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 15, 0, - 15, - 30 respectively, and the theoretical spreads are 214, 335, 455, 575 [4]. - **Aluminum**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 10, - 25, - 60, - 80 respectively, and the theoretical spreads are 214, 329, 444, 559 [4]. - **Lead**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 35, 45, 55, 80 respectively, and the theoretical spreads are 209, 313, 418, 523 [4]. - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 90, 100, 350, 600 respectively [4]. - **Tin**: The 5 - 1 spread is 800, and the theoretical spread is 5526 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are - 240 and - 130 respectively, and the theoretical spreads are 360 and 812 [4]. - **Zinc**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 70 and 85 respectively, and the theoretical spreads are 177 and 306 [4]. - **Lead**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 170 and 205 respectively, and the theoretical spreads are 182 and 293 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) are 3.53, 3.82, 4.68, 0.93, 1.23, 0.75 respectively, and for LME (three - continuous) are 3.48, 3.73, 4.91, 0.93, 1.32, 0.71 respectively [5].

Report Information - Report Title: Glass and Soda Ash Morning Report - Date: August 25, 2025 - Research Team: Energy and Chemicals Team of the Research Center Industry Investment Rating - Not provided in the report. Core Viewpoints - Not provided in the report. Summary by Category Glass - **Price Changes**: From August 15 to August 22, 2025, most glass prices decreased. For example, the price of 5mm large - plate glass at Shahe Safety dropped from 1164.0 to 1143.0, a weekly decrease of 21.0 and a daily decrease of 6.0. FG09 and FG01 contracts also showed weekly decreases, with FG09 down 49.0 and FG01 down 38.0 [2]. - **Production and Sales**: Shahe's glass production - sales ratio was 76, Hubei's was 130, East China's was 97, and South China's was 103. Shahe factory's production - sales were average, with traders' low - price sales at around 1120 and general shipments. Hubei's factory had better transactions at around 980 [2]. - **Profit and Cost**: North China's coal - fired glass profit decreased from 231.0 to 217.4, a weekly decrease of 13.7 and a daily decrease of 9.1. The cost increased slightly from 912.0 to 903.6. Natural gas - fired glass in North China and South China showed losses, and the losses of 09FG and 01FG盘面 natural gas profits also changed [2]. Soda Ash - **Price Changes**: From August 15 to August 22, 2025, some soda ash prices decreased. For example, Shahe's heavy - soda ash price dropped from 1280.0 to 1220.0, a weekly decrease of 60.0 and a daily increase of 10.0. SA05, SA01, and SA09 contracts all showed weekly decreases [2]. - **Industry Situation**: The heavy - soda ash spot price at the Hebei delivery warehouse was around 1190, and the price delivered to Shahe was around 1220. Both factories and delivery warehouses had a slight inventory build - up [2]. - **Profit and Cost**: North China's ammonia - soda process profit decreased from - 102.9 to - 156.7, a weekly decrease of 53.8 and a daily increase of 10.0. The North China's combined - soda process profit also decreased [2].