纯碱 终端需求偏弱

Core Viewpoint - Recent significant increase in soda ash spot prices has led to improved profitability for some production companies, although most remain in a loss position [1] Supply and Demand Analysis - Downstream companies show low acceptance of the recent price increase, primarily focusing on depleting existing inventory with limited procurement intentions [1] - Supply expectations indicate a potential reduction in maintenance among companies in August, which may lead to a recovery in operational load for soda ash producers; however, if anti-involution policies are not implemented, supply is likely to remain ample in August [1] - Demand has seen a notable increase in pending orders due to significant price hikes and speculative trading activity, although profit improvements in float and photovoltaic glass remain limited, weakening the marginal support for soda ash demand [1] - The overall supply-demand balance suggests that the mid-term oversupply situation in the soda ash industry may not change, with ongoing supply pressure [1]