检修预期落空，纯碱市场走弱

Group 1 - The soda ash market experienced a downward trend in May, with prices hitting a new low by the end of the month, failing to meet expectations of price recovery due to maintenance plans [1] - The maintenance plans did not execute as anticipated, with some companies shortening or delaying their maintenance schedules, leading to insufficient overall maintenance efforts [1] - The production low phase is expected to last from late May to early June, with overlapping maintenance plans from major manufacturers contributing to market pressure relief [1] Group 2 - Leading manufacturers, benefiting from previous price advantages, hold a significant number of pending orders from futures traders, which helped alleviate overall inventory pressure during the market downturn [2] - Companies with less competitive pricing and cost structures are facing higher inventory pressures and are at a disadvantage in market competition [2] - The current market outlook indicates a supply surplus as the core factor suppressing prices, with future improvements reliant on supply-side production cuts [2]