Core Viewpoint - The domestic futures market for soda ash shows mixed performance, with the main contract closing at 1173.00 CNY/ton, reflecting a slight decline of 0.26% [1] Supply Side - According to Zhengxin Futures, the recovery of previously reduced production facilities has led to an increase in operating rates, maintaining overall production at relatively high levels [1] - Soda ash manufacturers are primarily focused on fulfilling existing orders, with inventory levels still considered high despite a short-term decrease [1] Demand Side - Everbright Futures indicates that demand remains stable, with downstream sectors continuing to replenish stocks at lower prices, and both pending orders and shipments from soda ash manufacturers are in good condition [1] - As of the latest data, soda ash inventories decreased by 1.75% compared to the previous week, which supports manufacturers' pricing strategies [1] - However, there has been an increase in the release of water from downstream float glass production lines, posing challenges to the essential demand for soda ash [1] Inventory Status - As of November 24, 2025, total inventory of soda ash manufacturers in China stands at 1.6157 million tons, a decrease of 28,700 tons or 1.75% from the previous week [1] - The inventory breakdown includes 740,800 tons of light soda ash (down 16,300 tons) and 874,900 tons of heavy soda ash (down 12,400 tons) [1] Market Outlook - Ningzheng Futures suggests that current profits for soda ash manufacturers are not favorable, with expectations of stable operating rates in the coming week [1] - Downstream demand for soda ash is anticipated to remain steady, particularly with stable production levels in the float glass sector [1] - Given the loose supply-demand dynamics, it is expected that soda ash inventories will continue to remain high, with a focus on monitoring changes in production rates [1] - Soda ash prices are projected to trend weakly in the near term, with resistance expected around the 1190 CNY level for the January contract [1]
纯碱供需宽松背景下 预计近期偏弱运行
Jin Tou Wang·2025-11-25 08:21