Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-26 09:41Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - SH2601 fell 1.35% to close at 2,703 yuan/ton. Supply - side capacity utilization decreased slightly last week, while demand - side indicators such as alumina, viscose staple fiber, and printing and dyeing开工率 increased. Liquid caustic soda factories significantly reduced inventory last week. This week, some devices are planned to stop and restart, with expected slight increase in caustic soda capacity utilization. The alumina industry's strong profit supports caustic soda demand, non - aluminum demand seasonally rises, and Shandong's liquid caustic soda inventory pressure is low. Caustic soda spot prices are expected to have little fluctuation this week, and the expected commissioning of alumina devices by the end of the year gives the 01 contract room for premium. The operating range of SH2601 is expected to be around 2,660 - 2,820 yuan/ton [3]. 3. Summary by Related Catalogs 3.1 Futures Market - The main contract closing price of caustic soda was 2,703 yuan/ton, a decrease of 29 yuan/ton; the main contract position was 118,465 lots, a decrease of 7,799 lots; the net position of the top 20 in futures was - 5,818 lots, a decrease of 4,467 lots; the main contract trading volume was 507,419 lots, a decrease of 9,330 lots. The closing price of the January contract was 2,703 yuan/ton, a decrease of 29 yuan/ton; the closing price of the May contract was 2,793 yuan/ton, a decrease of 2 yuan/ton [3]. 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong was 860 yuan/ton, unchanged; in Jiangsu, it was 900 yuan/ton, unchanged. The converted 100% caustic soda price in Shandong was 2,687.5 yuan/ton, unchanged; the basis of caustic soda was - 15 yuan/ton, an increase of 29 yuan/ton [3]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong was 210 yuan/ton, unchanged; in the Northwest, it was 210 yuan/ton, unchanged. The price of steam coal was 643 yuan/ton, unchanged [3]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong was - 350 yuan/ton, a decrease of 150 yuan/ton; in Jiangsu, it was - 225 yuan/ton, a decrease of 25 yuan/ton [3]. 3.5 Downstream Situation - The spot price of viscose staple fiber was 13,040 yuan/ton, unchanged; the spot price of alumina was 3,180 yuan/ton, a decrease of 10 yuan/ton [3]. 3.6 Industry News - From August 15th to 21st, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 83.2%, a week - on - week decrease of 0.9%. As of August 21st, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above nationwide was 396,400 tons (wet tons), a week - on - week decrease of 9.46% and a year - on - year increase of 16.67% [3].