Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-14 10:08Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Supply - The domestic caustic soda production capacity utilization rate decreased by 1.0% week - on - week to 84.1% this week, with both shutdown and restart of production facilities [3]. - Demand - Last week, the alumina operating rate increased by 0.15% week - on - week to 85.73%. This week, the viscose staple fiber operating rate rose by 1.07% week - on - week to 86.04%, and the dyeing operating rate increased by 2.19% week - on - week to 61.46% [3]. - Inventory - The liquid caustic soda factory inventory decreased by 5.18% week - on - week to 43.78 tons. The price of the liquid caustic soda market increased due to some maintenance and production - reduction facilities in Shandong not fully restored and the purchase price of downstream alumina plants being raised [3]. - Outlook - Although the liquid chlorine subsidy in Shandong continues, the chlor - alkali profit is moderately high compared to the same period. Enterprises have strong willingness to increase production. Currently, the alumina industry is profitable and is expected to operate stably. Non - aluminum downstream lacks improvement signals. SH2509 should pay short - term attention to the pressure around 2600, and SH2601 should focus on the support around 2530 and the pressure around 2700 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda was 2530 yuan/ton, with a week - on - week increase of 49 yuan/ton. The main contract position was 61,036 lots, a decrease of 9420 lots week - on - week [3]. - The net position of the top 20 futures was - 20,130 lots, a decrease of 788 lots week - on - week. The trading volume of the main contract was 321,223 lots, an increase of 216,118 lots week - on - week [3]. - The closing price of the January contract was 2631 yuan/ton, up 17 yuan/ton; the closing price of the May contract was 2718 yuan/ton, up 15 yuan/ton [3]. 3.2 Spot Market - The price of 32% ion - membrane caustic soda was 820 yuan/ton in Shandong and 890 yuan/ton in Jiangsu, with a week - on - week increase of 20 yuan/ton in Shandong and no change in Jiangsu [3]. - The converted 100% caustic soda price in Shandong was 2563 yuan/ton, up 63 yuan/ton week - on - week. The basis was 33 yuan/ton, up 14 yuan/ton week - on - week [3]. 3.3 Upstream Situation - The mainstream price of raw salt was 210 yuan/ton in both Shandong and the Northwest, with no change week - on - week [3]. - The price of steam coal was 642 yuan/ton, with no change week - on - week [3]. 3.4 Industry Situation - The mainstream price of liquid chlorine was - 50.5 yuan/ton in Shandong, an increase of 99.5 yuan/ton week - on - week, and - 100 yuan/ton in Jiangsu, with no change [3]. 3.5 Downstream Situation - The spot price of viscose staple fiber was 13,040 yuan/ton, with no change. The spot price of alumina was 3220 yuan/ton, with no change [3]. 3.6 Industry News - From August 8th to 14th, the average production capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.1%, a decrease of 1.0% week - on - week [3]. - As of August 14th, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above was 437,800 tons (wet tons), a decrease of 5.18% week - on - week and an increase of 18.61% year - on - year [3].