Group 1: Main Points and Strategy Overview - The latest futures price of caustic soda is 2580 yuan/ton, with a week-on-week increase of 0.78%; the price of Shandong 32% caustic soda is 2406.25 yuan/ton, with a week-on-week decrease of 15.38%; the price of Shandong 50% caustic soda is 1250 yuan/ton, with a week-on-week decrease of 7.41% [5]. - China's caustic soda production is 820,000 tons, with a week-on-week decrease of 0.34%; North China's production is 270,000 tons, with a week-on-week decrease of 0.11%; Northwest China's production is 220,000 tons, with a week-on-week decrease of 4.44% [5]. - China's caustic soda operating rate is 81.9%, with a week-on-week decrease of 1.8%; Shandong's operating rate is 0.89, with a week-on-week increase of 2.01% [5]. - The inventory of liquid caustic soda is 378,300 tons, with a week-on-week increase of 6.03%; the inventory of flake caustic soda is 22,100 tons, with a week-on-week increase of 3.27%; Shandong's inventory is 29,500 tons, with a week-on-week decrease of 17.6% [5]. - The alumina operating rate is 86.23%, with a week-on-week increase of 1.2%; Shandong's alumina operating rate is 88.39%, with no change from the previous week; the viscose staple fiber operating rate is 89.52%, with a week-on-week increase of 1.99%; the chemical pulp operating rate is 86.4%, with a week-on-week increase of 6.27%; the printing and dyeing operating rate is 65.76%, with no change from the previous week [5]. - Shandong's chlor-alkali profit is 240.09 yuan/ton, with a week-on-week decrease of 35.17%; Northwest China's chlor-alkali profit is 525.05 yuan/ton, with a week-on-week increase of 0.79% [5]. Group 2: Futures and Spot Market Review - The report presents the historical trends of caustic soda futures prices, spot prices, basis, and other indicators through multiple charts [8][11][13][16][19][20][24][27][28][29][30]. Group 3: Caustic Soda Supply and Demand Fundamental Data - The report shows the historical trends of caustic soda capacity utilization, device loss, inventory, and other indicators through multiple charts [33][36][38][40][56][58][60][62][64][66][67][68][69][70][73]. - Supply-side positives: Formosa Plastics will conduct large-scale maintenance from the 16th to the 23rd, which will have a short-term driving effect on the surrounding area; Minxiang and Dadi have fully loaded their 50% caustic soda production; Guangxi alumina plants will start to stockpile caustic soda in October [75][76]. - Supply-side negatives: The FOB export transaction price of caustic soda in East China is between 390 - 410, and the transaction price of liquid caustic soda in Northeast Asia is between 410 - 420; Haili has fully loaded its production capacity; Binzhou's maintenance has been postponed; Weiqiao has vehicle queuing; Tianjin Bohua's device will be fully loaded in the second half of the month, and attention should be paid to Wenfeng's procurement [75][77].
烧碱周报(SH):现货价格下调,盘面止跌反弹-20250922
Guo Mao Qi Huo·2025-09-22 05:45