瑞达期货烧碱产业日报-20260325

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Domestic caustic soda supply and demand have improved, factory inventories at high levels are being reduced, and spot prices are supported. The easing signal from the Middle East geopolitical situation has led to a decline in the main caustic soda futures, causing a partial convergence of the basis. The improvement in caustic soda exports may depend on the duration of the Middle East geopolitical conflict and the closure of the Strait of Hormuz. In the short term, the price of SH2605 is still dominated by Middle East geopolitical news and should be treated with volatility [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda (daily, yuan/ton) is 2502, a decrease of 55; the futures open interest of caustic soda (daily, lots) is 184387, a decrease of 2317; the net position of the top 20 futures traders for caustic soda (daily, lots) is 4624, a decrease of 806; the futures trading volume of caustic soda (daily, lots) is 526633, a decrease of 125859; the closing price of the caustic soda contract for January (daily, yuan/ton) is 2541, a decrease of 38; the closing price of the caustic soda contract for May (daily, yuan/ton) is 2502, a decrease of 55 [3] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong (daily, yuan/ton) is 728, an increase of 2; the price of 32% ion - membrane caustic soda in Jiangsu (daily, yuan/ton) is 885, unchanged; the converted 100% price of 32% caustic soda in Shandong (daily, yuan/ton) is 2275, an increase of 6; the basis of caustic soda (daily, yuan/ton) is - 227, an increase of 61 [3] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong (daily, yuan/ton) is 227.5, unchanged; the mainstream price of raw salt in the Northwest (daily, yuan/ton) is 220, unchanged; the price of thermal coal (daily, yuan/ton) is 643, unchanged [3] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong (daily, yuan/ton) is 250, unchanged; the mainstream price of liquid chlorine in Jiangsu (daily, yuan/ton) is 250, an increase of 50 [3] 3.5 Downstream Situation - The spot price of viscose staple fiber (daily, yuan/ton) is 13180, unchanged; the spot price of alumina (daily, yuan/ton) is 2750, an increase of 20 [3] 3.6 Industry News - From March 13th to 19th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 100,000 tons and above was 83.9%, a month - on - month decrease of 1.4%. From March 14th to 20th, the alumina operating rate decreased by 0.24% month - on - month to 82.48%; from March 13th to 19th, the viscose staple fiber operating rate decreased by 1.17% month - on - month to 88.97%, and the printing and dyeing operating rate increased by 2.42% month - on - month to 52.57%. As of March 19th, the factory inventory of 200,000 - ton and above fixed liquid caustic soda sample enterprises nationwide was 50.07 million tons (wet tons), a month - on - month decrease of 6.28% and a year - on - year increase of 20.22%. From March 13th to 19th, the average weekly profit of Shandong chlor - alkali enterprises was 103 yuan/ton [3]