烧碱：供需仍存压力 预计偏弱运行

Core Insights - The average weekly price of 32% caustic soda is 794 CNY/ton, down 0.75% month-on-month, while the average price of 50% caustic soda remains stable at 1250 CNY/ton [1] - In Shandong province, the market shows mixed performance, with increased inventory leading to price reductions, affecting the overall average price of 32% caustic soda [1] - In Jiangsu, the low-concentration liquid caustic soda market is trending weak, with a weekly average price of 910 CNY/ton, down 2.15% month-on-month, due to lack of demand despite some maintenance in production facilities [1] Inventory Analysis - As of November 12, the inventory of 32% liquid caustic soda in East China is 204,200 tons, a decrease of 5.20% from November 5 [2] - In Shandong, the inventory of 32% liquid caustic soda is 100,800 tons, down 0.79% from November 5, with variations in inventory levels across different factories due to low-price sales and maintenance [2] - The caustic soda industry faces supply-demand pressure, particularly from the main downstream aluminum oxide buyers, leading to weak support for caustic soda prices [2]