11.4纯碱日评：纯碱市场价格底部稳固

Core Viewpoint - The domestic soda ash market is currently stable, with prices holding steady across various regions, while supply and demand dynamics indicate a challenging environment for producers [2][5]. Price Analysis - Light soda ash prices in North China are maintained at 1170-1270 CNY/ton, while heavy soda ash prices are at 1200-1320 CNY/ton. In Northeast China, light soda ash ranges from 1260-1370 CNY/ton, and heavy soda ash is priced at 1340-1420 CNY/ton [2]. - The soda ash price index for light soda ash is 1155.71, and for heavy soda ash, it is 1211.43, remaining unchanged from the previous working day [3]. Supply and Demand Dynamics - Supply side: Ningxia Risheng's soda ash facility is undergoing maintenance, and Lianyungang Debang's facility is operating at reduced capacity. Overall market operations have slightly decreased [2]. - Demand side: Downstream enterprises are maintaining low inventory levels and are purchasing only as needed, leading to weak and stable demand [2]. Futures Market - On November 4, the main contract for soda ash (SA2601) opened at 1199 CNY/ton and closed at 1189 CNY/ton, reflecting a daily decline of 1.74%. The total open interest increased by 40,018 contracts [5]. - The soda ash futures market is characterized by low-level fluctuations, with a focus returning to fundamental supply and demand conditions [5]. Market Outlook - The soda ash market is expected to experience narrow fluctuations due to mixed factors, with weak demand suppressing prices while strong cost support provides a floor [6]. Future attention should be directed towards changes in production facilities and downstream purchasing patterns [6].