Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-01-14 10:05Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core View of the Report - The utilization rate of caustic soda production capacity has slightly increased and remains at a high level The downstream alumina's operating rate has little change, the viscose staple fiber's operating load has increased, and the printing and dyeing's operating rate has seasonally declined [2] - The inventory has accumulated month - on - month and is higher than the same - period level The price of caustic soda in Shandong is weak, the price of liquid chlorine has been raised, and the profit of chlor - alkali in Shandong has increased slightly [2] - The planned maintenance capacity of chlor - alkali in January is relatively small, and the industry's operating rate is expected to remain at a relatively high level With the gradual release of the production capacity of newly - built plants at the end of the year, the supply pressure of caustic soda may further increase [2] - In the short term, the operating load of alumina enterprises remains basically stable, but the low profit of the industry restrains the procurement demand of alumina plants and strengthens the expectation of future production cuts Non - aluminum downstream may maintain rigid procurement with little change The overall supply and demand of liquid caustic soda in the spot market remains relatively loose, and the spot price is under pressure The SH2603 contract is expected to fluctuate weakly in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main contract closing price of caustic soda is 2093 yuan/ton, a decrease of 38 yuan The main contract's open interest is 231,988 lots, an increase of 23,201 lots The net position of the top 20 futures traders is - 30,153 lots, a decrease of 3,731 lots The trading volume of the main contract is 485,406 lots, a decrease of 273 lots [2] - The closing price of the January contract is 0 yuan/ton, with no change The closing price of the May contract is 2275 yuan/ton, a decrease of 38 yuan [2] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 672 yuan/ton, a decrease of 2 yuan The price in Jiangsu is 780 yuan/ton, with no change [2] - The converted - to - 100% price of 32% caustic soda in Shandong is 2100 yuan/ton, a decrease of 6 yuan The basis of caustic soda is 7 yuan/ton, an increase of 32 yuan [2] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 250 yuan/ton, with no change The mainstream price in the Northwest is 220 yuan/ton, with no change The price of steam coal is 644 yuan/ton, with no change [2] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is 250 yuan/ton, an increase of 50 yuan The mainstream price in Jiangsu is 300 yuan/ton, an increase of 50 yuan [2] 3.5 Downstream Situation - The spot price of viscose staple fiber is 12,800 yuan/ton, a decrease of 100 yuan The spot price of alumina is 2580 yuan/ton, with no change [2] 3.6 Industry News - From January 2nd to 8th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 86.8%, a month - on - month increase of 0.4% [2] - From January 3rd to 9th, the operating rate of alumina increased by 1.07% month - on - month to 85.74% From January 5th to 8th, the operating rate of viscose staple fiber increased by 3.01% month - on - month to 88.43%, and the operating rate of printing and dyeing decreased by 0.72% month - on - month to 60.09% [2] - As of January 8th, the inventory of fixed liquid caustic soda in sample enterprises with a capacity of 200,000 tons and above nationwide was 495,200 tons (wet tons), a month - on - month increase of 1.96% and a year - on - year increase of 76.03% [2] - From January 2nd to 8th, the average weekly profit of chlor - alkali enterprises in Shandong was 183 yuan/ton [2]