纯碱价格下行压力仍存

Group 1 - The core viewpoint is that the soda ash market is experiencing significant price fluctuations due to supply-demand mismatches, with a downward trend in prices expected unless core supply issues are addressed [1] - Soda ash production reached a historical high in late August, driven by high industry capacity and improved orders from soda ash plants, despite a temporary decline during equipment upgrades [1] - The traditional summer maintenance period saw minimal actual maintenance, leading to the potential for further supply increases in the short term [1] Group 2 - Inventory levels increased from 1.8095 million tons in early July to 1.8221 million tons in the first week of September, influenced by significant price volatility in July [2] - The current strategy for terminal enterprises is to maintain just-in-time purchasing due to weak downstream product profits and lack of significant improvement in terminal demand [2] - Some upstream manufacturers have begun to lower prices to stimulate orders as supply remains high and pending orders decrease [2]