News Summary Core Viewpoint - The supply of soda ash is under pressure due to production reductions and new capacity coming online, which may lead to a supply-demand imbalance in the future [1][3][4]. Group 1: Supply Dynamics - On September 15, several soda ash production facilities in China, including those of Henan Haohua Junhua and Zhongyan Anhui Hongsifang, reduced output, while Chongqing Heyou Industrial's facility operated at reduced capacity [1]. - The Alashan natural soda development project is set to add 2.8 million tons of soda ash and 400,000 tons of sodium bicarbonate, potentially becoming the largest natural soda production base globally [1]. Group 2: Market Conditions - As of September 15, the Zhengzhou Commodity Exchange reported a decrease in soda ash futures warehouse receipts, down to 10,096 contracts, a reduction of 666 contracts from the previous trading day [2]. - Ningzheng Futures noted that the domestic soda ash market is stabilizing, with high production levels and steady downstream demand, leading to a low-price replenishment strategy [3]. - Donghai Futures indicated that while soda ash production increased week-on-week, the overall supply pressure remains, with new installations expected in Q4, contributing to a supply surplus that is likely to suppress prices [4].
供应过剩的格局未改 预计纯碱短期震荡运行