Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-04-21 10:06Report Industry Investment Rating - Not provided Core View of the Report - The supply side saw a co - existence of maintenance and capacity increase in national chlor - alkali plants last week, with the capacity utilization rate dropping 1.6% to 82.3%. The demand side witnessed a decline in the domestic alumina start - up rate to 78.54%, a 5.39% drop in the viscose staple fiber start - up rate to 78.22%, and a 2.44% drop in the printing and dyeing start - up rate to 61.94%. The liquid caustic soda factory inventory decreased 10.84% to 42.02 tons last week. This week, the capacity utilization rate is expected to rise slightly due to the resumption of maintenance devices in North China. The caustic consumption of domestic alumina enterprises is expected to decline continuously as their production cuts become more concentrated. Non - aluminum enterprises' pre - May Day stocking drives a temporary improvement in supply - demand, but its sustainability is doubtful. In the medium - to - long - term, supply - demand has not improved, and there may be a continuous callback in future prices. The main contract of caustic soda is about to switch to the 09 contract, with support levels at around 2330 for SH2505 and 2420 for SH2509 [3]. Summary According to Relevant Catalogs Futures Market - The main closing price of caustic soda was 2430 yuan/ton, down 32 yuan; the futures holding volume was 212,082 lots, down 3,213 lots; the net holding volume of the top 20 futures was - 5,421 lots, down 1,793 lots; the futures trading volume was 520,056 lots, up 99,834 lots; the closing price of the January contract was 2478 yuan/ton, down 11 yuan; the closing price of the May contract was 2430 yuan/ton, down 32 yuan [3]. Spot Market - The price of 32% ion - membrane caustic soda in Shandong was 830 yuan/ton, up 10 yuan; in Jiangsu, it was 950 yuan/ton, unchanged. The converted - to - 100% price of 32% caustic soda in Shandong was 2594 yuan/ton, up 31 yuan; the basis of caustic soda was 164 yuan/ton, up 63 yuan [3]. Upstream Situation - The mainstream price of raw salt in Shandong was 240 yuan/ton, unchanged; in the Northwest, it was 220 yuan/ton, unchanged. The price of steam coal was 680 yuan/ton, unchanged [3]. Industry Situation - The mainstream price of liquid chlorine in Shandong was - 200 yuan/ton, unchanged; in Jiangsu, it was - 250 yuan/ton, up 25 yuan [3]. Downstream Situation - The spot price of viscose staple fiber was 13,480 yuan/ton, and the spot price of alumina was 2,840 yuan/ton, both unchanged [3]. Industry News - From April 11th to 17th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 82.3%, a 1.6% week - on - week decrease. As of April 17th, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above was 420,200 tons (wet tons), a 10.84% week - on - week decrease and a 12.22% year - on - year decrease [3].