1. Report Industry Investment Ratings - PVC: Cautiously bearish [4] - Caustic Soda: Neutral [4] 2. Core Views - The PVC market remains in a weak supply - demand situation, with the supply surplus unchanged and cost - side support weak, while the caustic soda market faces increasing supply pressure and lack of positive drivers [3][4] 3. Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract was 4,871 yuan/ton (+27), the East China basis was - 141 yuan/ton (-27), and the South China basis was - 41 yuan/ton (-17) [1] - Spot price: The East China calcium carbide - based PVC was quoted at 4,730 yuan/ton (+0), and the South China calcium carbide - based PVC was quoted at 4,830 yuan/ton (+10) [1] - Upstream production profit: The semi - coke price was 575 yuan/ton (+0), the calcium carbide price was 2,880 yuan/ton (+0), the calcium carbide profit was 130 yuan/ton (+0), the gross profit of PVC calcium carbide - based production was - 494 yuan/ton (+18), the gross profit of PVC ethylene - based production was - 640 yuan/ton (-80), and the PVC export profit was - 1.0 US dollars/ton (+10.3) [1] - Inventory and开工: PVC factory inventory was 40.2 million tons (+0.5), social inventory was 35.5 million tons (+0.0), the calcium carbide - based PVC开工 rate was 79.62% (-0.83%), the ethylene - based PVC开工 rate was 69.23% (+1.87%), and the overall PVC开工 rate was 76.74% (-0.09%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 64.8 million tons (+1.0) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 2,279 yuan/ton (+5), and the basis of 32% liquid caustic soda in Shandong was 159 yuan/ton (-5) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 780 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong was 1,300 yuan/ton (+0) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1,446 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 783.3 yuan/ton (+0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 111.28 yuan/ton (+20.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1,233.53 yuan/ton (-50.51) [2] - Inventory and开工: The liquid caustic soda factory inventory was 36.65 million tons (-3.88), the flake caustic soda factory inventory was 2.85 million tons (+0.00), and the caustic soda开工 rate was 81.20% (+0.30%) [2] - Downstream开工: The alumina开工 rate was 80.74% (-0.13%), the dyeing and printing East China开工 rate was 60.73% (-0.63%), and the viscose staple fiber开工 rate was 80.80% (+0.24%) [2] Market Analysis PVC - The supply - demand pattern remains weak, with the supply surplus unchanged due to high production and expected new capacity in 6 - 7 months, and the cost - side support is weak. The downstream demand is weak domestically, while the export is increasing, but the sustainability of exports is uncertain [3] Caustic Soda - The supply pressure is expected to increase due to planned new capacity, the market trading is weak, and the comprehensive profit of chlor - alkali is shrinking. The demand of the main downstream alumina is increasing, but the non - aluminum downstream demand is weak. The factory inventory is still high, and the caustic soda market lacks positive drivers [3] Strategy - PVC: Adopt a cautiously bearish approach and continue to monitor macro - export policies and downstream demand recovery [4] - Caustic Soda: The price is expected to fluctuate at a low level, and the comprehensive profit of chlor - alkali still has room to compress, with the market remaining under pressure [4]

Report Industry Investment Rating - The report gives a neutral rating to both PVC and caustic soda [4] Core Viewpoints - The supply - demand fundamentals of PVC are weak in the medium - to - long - term, lacking upward driving forces, and the price increase may not be sustainable. For caustic soda, the short - term trend follows the basis repair logic, but there is still room for compression of chlor - alkali comprehensive profit [3][4] Summary by Relevant Catalogs Market News and Key Data PVC - Futures price and basis: The closing price of the PVC main contract was 4,899 yuan/ton (+66), the East China basis was - 139 yuan/ton (-26), and the South China basis was - 39 yuan/ton (-26) [1] - Spot price: The East China calcium carbide - based PVC was quoted at 4,760 yuan/ton (+40), and the South China calcium carbide - based PVC was quoted at 4,860 yuan/ton (+40) [1] - Upstream production profit: The semi - coke price was 575 yuan/ton (+0), the calcium carbide price was 2,880 yuan/ton (+0), the calcium carbide profit was 130 yuan/ton (+0), the gross profit of calcium carbide - based PVC production was - 512 yuan/ton (-86), the gross profit of ethylene - based PVC production was - 561 yuan/ton (-41), and the PVC export profit was - 3.7 dollars/ton (+0.3) [1] - PVC inventory and operation: The in - plant PVC inventory was 39.7 tons (-0.2), the social PVC inventory was 35.5 tons (-0.7), the calcium carbide - based PVC operation rate was 80.45% (+0.55%), the ethylene - based PVC operation rate was 67.36% (-3.77%), and the overall PVC operation rate was 76.83% (-0.64%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 63.8 tons (+1.2) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 2,298 yuan/ton (+25), and the basis of 32% liquid caustic soda in Shandong was 296 yuan/ton (-25) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 830 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong was 1,380 yuan/ton (+0) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1,603 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 819.5 yuan/ton (+80.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 267.53 yuan/ton (+20.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1,264.03 yuan/ton (-141.52) [2] - Caustic soda inventory and operation: The liquid caustic soda factory inventory was 40.53 tons (+2.32), the flake caustic soda factory inventory was 2.85 tons (+0.06), and the caustic soda operation rate was 81.20% (+0.30%) [2] - Caustic soda downstream operation: The alumina operation rate was 80.87% (+0.52%), the dyeing operation rate in East China was 61.36% (-0.14%), and the viscose staple fiber operation rate was 80.56% (+0.00%) [2] Market Analysis PVC - Supply side: Due to ongoing previous maintenance, the overall PVC operation level decreased slightly month - on - month. Later, with reduced maintenance, production is expected to return. Supported by chlor - alkali profits, it is difficult to drive significant PVC production cuts. With the expected new capacity coming on stream from June to July, the PVC supply pressure remains high [3] - Demand side: The operation of downstream products decreased slightly, and the purchasing enthusiasm was low, continuing the weak domestic demand pattern. The PVC social inventory continued to decline month - on - month but at a slow pace. With increased supply and weak demand later, the social inventory may enter an accumulation phase [3] - Export: Export orders are being delivered steadily. There is no progress on the Indian BIS certification extension policy and anti - dumping policy. The sustainability of the export side needs to be monitored [3] - Price: Affected by the Middle East situation, the energy - chemical sector rose generally. Driven by market sentiment, both PVC futures and spot prices increased [3] Caustic Soda - Supply side: There are still many upstream device maintenance, mainly concentrated in North and East China. The operation in Shandong decreased month - on - month. However, due to good chlor - alkali profits, most upstream devices maintained high - load production. The overall caustic soda operation remains at a high level. With the expected new caustic soda capacity coming on stream from June to July, the supply pressure will further increase [3] - Demand side: The operation of the main downstream alumina increased slightly, and the restarted and newly - built capacities are gradually stabilizing. The spot price of alumina declined. A Shandong alumina plant maintained a high delivery volume and lowered the liquid caustic soda purchase price by 20 yuan to 800 yuan/ton ex - factory. Non - aluminum demand remains weak, with the dyeing operation rate declining month - on - month and the terminal operation of viscose staple fiber at a low level. Downstream buyers are cautious about high prices and mainly purchase for immediate needs [3] - Price: The current comprehensive chlor - alkali profit has fallen to a relatively low level. The futures are deeply discounted, and the spot price of caustic soda has decreased. In the short term, it follows the basis repair logic. However, the caustic soda factory inventory has risen to a relatively high level and is difficult to digest, and there is still room to compress the comprehensive chlor - alkali profit [3] Strategy - PVC: Neutral. In the medium - to - long - term, the PVC supply - demand fundamentals are weak, lacking upward driving forces. The price increase may not be sustainable. In the short term, it may maintain a volatile upward pattern. Adopt a strategy of shorting on rallies. Pay attention to the export side dynamics and new production progress [4] - Caustic Soda: Neutral. The short - term trend follows the basis repair logic. However, the caustic soda factory inventory has risen to a relatively high level and is difficult to digest, and there is still room to compress the comprehensive chlor - alkali profit. The later trend of caustic soda is expected to be under pressure [4]

Report Industry Investment Rating - No information provided on the industry investment rating Core Views - For PVC, the medium - to - long - term supply - demand fundamentals are weak with insufficient upward drivers, but the current valuation is low, and the instability in the Middle East may boost the sentiment of the energy - chemical sector. Attention should be paid to macro - export policies and downstream demand recovery [3][4] - For caustic soda, the overall supply - demand fundamentals are expected to remain weak, with rising and hard - to - digest factory inventories. Attention should be paid to the sustainability of downstream replenishment [3][4] Summary by Related Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract was 4860 yuan/ton (+1), the East China basis was - 140 yuan/ton (-1), and the South China basis was - 40 yuan/ton (-31) [1] - Spot price: The East China calcium carbide - based PVC was quoted at 4720 yuan/ton (+0), and the South China calcium carbide - based PVC was quoted at 4820 yuan/ton (-30) [1] - Upstream production profit: The semi - coke price was 575 yuan/ton (+0), the calcium carbide price was 2880 yuan/ton (+50), the calcium carbide profit was 130 yuan/ton (+50), the calcium carbide - based PVC production gross profit was - 512 yuan/ton (-86), the ethylene - based PVC production gross profit was - 561 yuan/ton (-41), and the PVC export profit was - 4.0 US dollars/ton (-3.4) [1] - PVC inventory and operation: The in - factory PVC inventory was 39.7 tons (-0.2), the social PVC inventory was 35.5 tons (-0.7), the calcium carbide - based PVC operating rate was 80.45% (+0.55%), the ethylene - based PVC operating rate was 67.36% (-3.77%), and the overall PVC operating rate was 76.83% (-0.64%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 63.8 tons (+1.2) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 2276 yuan/ton (+13), and the basis of 32% liquid caustic soda in Shandong was 380 yuan/ton (-76) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 850 yuan/ton (-20), and the price of 50% liquid caustic soda in Shandong was 1380 yuan/ton (-20) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1665 yuan/ton (-63), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 882.0 yuan/ton (-182.5), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 310.03 yuan/ton (-132.50), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1405.55 yuan/ton (+0.00) [2] - Caustic soda inventory and operation: The liquid caustic soda factory inventory was 40.53 tons (+2.32), the flake caustic soda factory inventory was 2.85 tons (+0.06), and the caustic soda operating rate was 80.90% (-2.60%) [2] - Caustic soda downstream operation: The alumina operating rate was 80.87% (+0.52%), the printing and dyeing operating rate in East China was 61.36% (-0.14%), and the viscose staple fiber operating rate was 80.56% (+0.00%) [2] Market Analysis PVC - Supply side: Due to ongoing previous maintenance, the overall PVC operating level declined slightly month - on - month. With reduced future maintenance, production is expected to return. Supported by chlor - alkali profits, it is difficult to drive significant PVC production cuts. Coupled with the expected new production capacity coming on stream from June to July, the supply pressure of PVC remains high [3] - Demand side: The operating rate of downstream products declined slightly, and the purchasing enthusiasm was low, with the weak domestic demand pattern continuing. The PVC social inventory continued to decline month - on - month, but the destocking rate was slow. With increased supply and weak demand in the future, the social inventory may enter a restocking phase. Attention should be paid to the inflection point of PVC inventory. Export orders are being stably delivered, but there is no progress on the Indian BIS certification extension policy and anti - dumping policy. Attention should be paid to the sustainability of the export side [3] - Medium - to - long - term: The supply - demand fundamentals of PVC are weak, with insufficient upward drivers. However, the current valuation is low, and the instability in the Middle East may boost the sentiment of the energy - chemical sector. Attention should be paid to macro - export policies and downstream demand recovery [3] Caustic Soda - Supply side: There are still many upstream device maintenance, mostly concentrated in the North China and East China main regions. The operating rate in Shandong declined month - on - month. However, driven by good chlor - alkali profits, most upstream devices maintain high - load production. The overall caustic soda operating rate remains high, and there is an expected new production capacity coming on stream from June to July, further increasing the supply pressure [3] - Demand side: The operating rate of the main downstream alumina increased slightly, but the capacity return was not obvious after profit recovery, and the new production capacity in the second quarter was not fully released. The delivery volume of a Shandong alumina plant has returned to a high level, and the liquid caustic soda purchase price has started to be continuously reduced. Since June 17, it has been further reduced by 20 yuan to an ex - factory price of 800 yuan/ton, and the caustic soda spot price has also followed the decline. Non - aluminum demand remains weak, the printing and dyeing operating rate declined month - on - month, and the operating rate of terminals such as viscose staple fiber is at a low level. Downstream is cautious about high prices, and purchases are mainly for rigid demand, with continuous negative feedback on the demand side [3] - Cost side: The price of raw salt has fallen to a low level, and the power cost has decreased after the coal price reduction, so the cost support for caustic soda has shifted down [3] - Overall: The current comprehensive chlor - alkali profit is good, but the increasing factory inventory of caustic soda is difficult to digest. The overall supply - demand fundamentals of caustic soda are expected to remain weak. Attention should be paid to the sustainability of downstream replenishment [3] Strategy - PVC: Neutral. In the medium - to - long - term, the supply - demand fundamentals of PVC are weak, with insufficient upward drivers. However, the current valuation is low, and the instability in the Middle East may boost the sentiment of the energy - chemical sector. Wait for a rebound to short on rallies. Continue to pay attention to macro - export policies and downstream demand recovery [4] - Caustic Soda: Cautiously short for hedging. The current comprehensive chlor - alkali profit is good, but the increasing factory inventory of caustic soda is difficult to digest. The overall supply - demand fundamentals of caustic soda are expected to remain weak. Attention should be paid to the sustainability of downstream replenishment [4]

1. Report Industry Investment Rating - PVC: Neutral [4] - Caustic Soda: Cautious short - selling hedging [4] 2. Core Viewpoints - PVC has high supply and inventory pressure, weak domestic demand, and lacks positive support for its fundamentals, with limited upward driving force and limited downward space at the current low valuation. Attention should be paid to export - related macro - policies and downstream demand recovery [3][4]. - The overall supply - demand fundamentals of caustic soda are expected to remain weak, with acceptable comprehensive profits, slow inventory digestion, and large inventory pressure. Attention should be paid to the continuity of downstream replenishment and upstream maintenance dynamics [3][4]. 3. Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract was 4,810 yuan/ton (- 6), the East China basis was - 130 yuan/ton (+ 6), and the South China basis was - 10 yuan/ton (+ 16) [1]. - Spot price: The East China calcium carbide - based PVC was quoted at 4,680 yuan/ton (+ 0), and the South China calcium carbide - based PVC was quoted at 4,800 yuan/ton (+ 10) [1]. - Upstream production profit: The semi - coke price was 575 yuan/ton (+ 0), the calcium carbide price was 2,830 yuan/ton (+ 0), the calcium carbide profit was 80 yuan/ton (+ 0), the gross profit of PVC calcium carbide - based production was - 426 yuan/ton (+ 121), the gross profit of PVC ethylene - based production was - 520 yuan/ton (- 15), and the PVC export profit was 0.9 US dollars/ton (- 2.0) [1]. - Inventory and operation: The in - factory inventory of PVC was 39.8 million tons (+ 1.4), the social inventory of PVC was 36.1 million tons (- 0.1), the operation rate of PVC calcium carbide - based production was 79.90% (+ 4.19%), the operation rate of PVC ethylene - based production was 71.13% (- 0.58%), and the overall PVC operation rate was 77.47% (+ 2.87%) [1]. - Downstream order situation: The pre - sales volume of production enterprises was 62.6 million tons (+ 8.6) [1]. Caustic Soda - Futures price and basis: The closing price of the SH main contract was 2,324 yuan/ton (+ 16), and the basis of 32% liquid caustic soda in Shandong was 426 yuan/ton (- 16) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong was quoted at 880 yuan/ton (+ 0), and the price of 50% liquid caustic soda in Shandong was quoted at 1,400 yuan/ton (+ 0) [2]. - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1,759 yuan/ton (+ 0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 975.8 yuan/ton (+ 40.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 463.78 yuan/ton (+ 0.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1,446.05 yuan/ton (+ 0.00) [2]. - Inventory and operation: The inventory of liquid caustic soda factories was 38.21 million tons (- 1.05), the inventory of flake caustic soda factories was 2.79 million tons (+ 0.06), and the operation rate of caustic soda was 83.50% (- 0.60%) [2]. - Downstream operation: The operation rate of alumina was 80.35% (+ 0.82%), the operation rate of printing and dyeing in East China was 61.50% (- 1.18%), and the operation rate of viscose staple fiber was 80.56% (- 0.04%) [2]. Market Analysis PVC - Supply side: There were few new upstream maintenance, the PVC operation rate increased month - on - month, the current output was at a high level in the same period, and it was difficult to drive significant PVC production cuts under the support of chlor - alkali profits. Coupled with the expected new production capacity coming on stream from June to July, the supply pressure of PVC remained high [3]. - Demand side: The overall downstream operation of PVC was weakly stable, with downstream markets mainly making rigid - demand purchases, and the weak demand situation was difficult to change [3]. - Inventory side: Downstream enterprises replenished stocks at low prices. The social inventory of PVC continued to decline month - on - month but at a slower rate, while the in - factory inventory increased. With the increase in supply and weak demand in the later period, the social inventory may increase slightly. Attention should be paid to the inflection point of PVC inventory [3]. - Export: Export orders were continuously and stably delivered. The extension policy of India's BIS certification expired at the end of June, and there was no progress in the policy at present. Coupled with the rainy season suppressing terminal demand, it was expected to drag down export demand [3]. Caustic Soda - Supply side: There were still many new maintenance plans in June. The 1.02 million - ton production capacity of Fujian Southeast Electro - Chemical was shut down for maintenance, and maintenance in Shandong also increased. The operation rate in Shandong decreased month - on - month. However, due to acceptable chlor - alkali profits supporting upstream manufacturers to maintain high - load production, the overall operation rate of caustic soda remained at a high level. Moreover, new caustic soda production capacity was expected to be put into operation from June to July, so the supply pressure on caustic soda remained high [3]. - Demand side: The delivery volume to the main downstream increased, and the current delivery volume exceeded the daily consumption. After entering the inventory accumulation stage, attention should be paid to the continuity of later - stage stockpiling. After the production profit of alumina was restored, new and restarted production capacities were gradually released, and the operation rate of alumina increased month - on - month, but the restart was not obvious yet. The purchase price of 32% caustic soda by major alumina manufacturers in Shandong was reduced by 10 yuan/ton to 830 yuan/ton since June 11, which may drag down the price of caustic soda. Non - aluminum demand was not good, the operation rate of printing and dyeing decreased month - on - month, downstream customers were cautious about high prices, and purchases were mainly for rigid demand [3]. - Cost side: With the decline in coal and electricity prices, the cost support for caustic soda decreased [3]. Strategy - PVC: Neutral. Given the continuous high supply and inventory pressure, weak domestic demand, and lack of positive fundamental support, the upward driving force of PVC is insufficient. At the current low valuation, the downward space is also limited. Attention should be paid to export - related macro - policies and downstream demand recovery [4]. - Caustic Soda: Cautious short - selling hedging. The overall supply - demand fundamentals of caustic soda are expected to remain weak, with acceptable comprehensive profits, slow inventory digestion, and large inventory pressure. Attention should be paid to the continuity of downstream replenishment and upstream maintenance dynamics [4].

氯碱日报 | 2025-06-06 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4747元/吨（-87）；华东基差-97元/吨（+87）;华南基差3元/吨（+72）。 现货价格：华东电石法报价4650元/吨（+0）；华南电石法报价4750元/吨（-15）。 烧碱厂库延续下降，PVC社库去化速率放缓 上游生产利润：兰炭价格575元/吨（+0）；电石价格2830元/吨（+0）；电石利润80元/吨（+0）；PVC电石法生产毛 利-547元/吨（+74）；PVC乙烯法生产毛利-505元/吨（+11）；PVC出口利润5.2美元/吨（-2.2）。 PVC库存与开工：PVC厂内库存38.5万吨（-0.2）；PVC社会库存36.3万吨（-1.5）；PVC电石法开工率79.90%（+4.19%）； PVC乙烯法开工率71.13%（-0.58%）；PVC开工率77.47%（+2.87%）。 下游订单情况：生产企业预售量54.1万吨（-6.3）。 烧碱： 期货价格及基差：SH主力收盘价2332元/吨（-35）；山东32%液碱基差418元/吨（+35）。 现货价格：山东32%液碱报价880元/吨（+0）；山东50% ...

氯碱日报 | 2025-06-05 需求支撑不足，烧碱延续震荡走低 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4834元/吨（+89）；华东基差-184元/吨（-79）;华南基差-69元/吨（-64）。 现货价格：华东电石法报价4650元/吨（+10）；华南电石法报价4765元/吨（+25）。 上游生产利润：兰炭价格575元/吨（+0）；电石价格2830元/吨（-55）；电石利润80元/吨（-55）；PVC电石法生产毛 利-547元/吨（+74）；PVC乙烯法生产毛利-505元/吨（+11）；PVC出口利润7.4美元/吨（+2.4）。 PVC库存与开工：PVC厂内库存38.5万吨（-0.2）；PVC社会库存36.3万吨（-1.5）；PVC电石法开工率75.71%（+2.52%）； PVC乙烯法开工率71.71%（-1.19%）；PVC开工率74.60%（+1.49%）。 下游订单情况：生产企业预售量54.1万吨（-6.3）。 烧碱： 期货价格及基差：SH主力收盘价2367元/吨（-4）；山东32%液碱基差383元/吨（+4）。 现货价格：山东32%液碱报价880元/吨（+0）；山东50%液 ...

中泰期货烧碱周报 2025年5月12日 --------山东地区氯碱企业开工下滑 氯碱价格双双走强，利润创新高 姓名： 郭庆 从业资格号： F3049926 交易咨询证书号：Z0016007 联系电话： 15628875631 公司地址：济南市经七路86号证券大厦 客服电话：0531-81916257 公司网址：www.ztqh.com 交易咨询资格号：证监许可[2012]112 氯碱综述 交易咨询资格号：证监许可[2012]112 | | | 烧碱产业链简述 | | --- | --- | --- | | 供应 | 产量 | 上周中国20万吨及以上烧碱样本企业产能平均利用率为83.9%，较上周环比-0.2%。西北、华东、华南、西南新增重启或提负，带动负荷不同程度提升，周内华 | | | | 北有装置减产导致负荷下滑。山东产能利用率-2.2%至88.6%。本周来看，西北、华南、西南均有装置减产及检修，因此综合来看，预计下周烧碱产能利用率降 | | | | 至83.6%左右，周产量80万吨左右。（预估数据源自隆众资讯） | | | 氧化铝 | 山东地区主要氧化铝厂家采购32%离子膜碱自4月13日起价格下调15元 ...

--------高浓度碱大幅度下跌后企稳回升 烧碱期货仓单数量稀少 姓名： 郭庆 从业资格号： F3049926 交易咨询证书号：Z0016007 联系电话： 15628875631 公司地址：济南市经七路86号证券大厦 客服电话：0531-81916257 公司网址：www.ztqh.com 交易咨询资格号：证监许可[2012]112 中泰期货烧碱周报 2025年5月6日 目 录 CONTENTS 02 氯碱价格 03 烧碱供应 04 氯碱需求 01 氯碱综述 交易咨询资格号：证监许可[2012]112 氯碱综述 交易咨询资格号：证监许可[2012]112 | | | 烧碱产业链简述 | | --- | --- | --- | | 供应产量 | | 上周中国20万吨及以上烧碱样本企业产能平均利用率为83.9%，环比+1.8%。西北、华中、华东、华南、西南新增重启装置，带动负 | | | | 荷不同程度提升，周内华北有装置减产导致负荷下滑。山东产能利用率呈现上升+0.1%至91.1%。本周来看，华北、华南、西南均有 | | | | 装置复产，因此综合来看，预计本周烧碱产能利用率涨至85%左右，周产量82万吨左 ...

中泰期货烧碱周报 2025年4月28日 --------氯强碱弱综合利润上涨 期货仓单数量稀少 姓名： 郭庆 从业资格号： F3049926 交易咨询证书号：Z0016007 联系电话： 15628875631 公司地址：济南市经七路86号证券大厦 客服电话：0531-81916257 公司网址：www.ztqh.com 交易咨询资格号：证监许可[2012]112 目 录 CONTENTS 02 氯碱价格 03 烧碱供应 04 氯碱需求 01 氯碱综述 交易咨询资格号：证监许可[2012]112 氯碱综述 交易咨询资格号：证监许可[2012]112 | | | 烧碱产业链简述 | | --- | --- | --- | | 供应 | 产量 | 上周中国20万吨及以上烧碱样本企业产能平均利用率为82.1%，较上周环比-0.2。西北、华中、华南新增检修装置 | | | | 影响负荷下滑，周内华北、西南装置检修结束负荷提升。山东复产与减产企业并存，复产产能大于减产产能，山 | | | | 东产能利用率+4.0%至91%。本周来看，西北、华北、华中、华东、华南、西南均有装置复产，复产涉及企业较多， | | | | 因 ...