8.25纯碱日评：纯碱市场局部窄幅调整

Core Viewpoint - The domestic soda ash market is experiencing slight price adjustments, with overall trading activity remaining low and a cautious sentiment prevailing among downstream buyers [2][5]. Price Analysis - As of August 25, the price range for light soda ash in North China is 1220-1320 CNY/ton, while heavy soda ash is priced at 1240-1350 CNY/ton. In Northeast China, light soda ash is priced at 1330-1410 CNY/ton, and heavy soda ash at 1340-1500 CNY/ton [2]. - The soda ash price index for light soda ash on August 25 is 1210, reflecting a decrease of 2.86, or -0.24%, from the previous working day. The heavy soda ash price index remains unchanged at 1255.71 [3]. Futures Market Dynamics - On August 25, the main contract for soda ash (SA2601) opened at 1328 CNY/ton and closed at 1337 CNY/ton, showing a daily increase of 1.75%. The highest price during the day was 1354 CNY/ton, while the lowest was 1321 CNY/ton, with total open interest at 1,386,264 contracts, an increase of 13,664 contracts [5]. - The futures market is showing a warm oscillating pattern, influenced by macroeconomic sentiment and rising costs, particularly due to disruptions in coking coal supply [5]. Market Outlook - There are plans for maintenance by some companies this week, which may lead to slight fluctuations in supply. However, demand remains limited, and order releases are cautious. The overall inventory in the industry is still high, prompting manufacturers to adopt flexible order strategies to boost sales [6]. - The market is expected to continue a weak oscillating trend, with close attention needed on inventory changes, maintenance progress, and new order transactions [6].