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| MIL. | 国技期负 | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2025年11月18日 | | 两烯 | ★☆☆ | 聚丙烯 | ★☆☆ | 庞春艳 首席分析师 | | 塑料 | ★☆☆ | 纯菜 | なな女 | F3011557 Z0011355 | | 苯乙烯 | ★☆☆ | РХ | ☆☆☆ | | | PTA | ななな | 乙二醇 | ★☆☆ | 牛卉 高级分析师 | | 短纤 | 女女女 | 瓶片 | ☆☆☆ | F3003295 Z0011425 | | 甲醇 | ☆☆☆ | 尿素 | ☆☆☆ | 周小燕 高级分析师 | | PVC | ★☆★ | 烧碱 | ★★★ | F03089068 Z0016691 | | 纯碱 | ななな | 玻璃 | な女女 | | | | | | | 王雪忆 分析师 | | | | | | F03125010 | | | | | | 010-58747784 gtaxinstitute@essence.com.cn | 【烯烃-聚烯烃】 两烯期货主力合约日内大幅下行收跌。现货方面丙 ...

Supply and Demand - As of October 9, the overall operating rate for MEG was 75.08%, an increase of 2%, while the coal-based MEG operating rate was 78.83%, up by 4.47% [2] - As of October 13, the estimated port inventory of MEG in the East China main port area was approximately 541,000 tons, an increase of 34,000 tons compared to the previous period [2] - Demand remains consistent with PTA demand [2] Market Outlook - The arrival of ethylene glycol at the main port is expected to remain high this week, with port inventory likely to increase early next week [3] - The new facility at Yulong Petrochemical has commenced production, and the operating load will gradually increase, alongside the successful restart of the satellite petrochemical facility at the beginning of October, maintaining high domestic supply [3] - Ethylene glycol is expected to accumulate in October, with a weak supply-demand structure anticipated for November and December, leading to a bearish outlook for ethylene glycol [3] - Recommended strategies include shorting EG01 at high points, holding out-of-the-money call options EG2601-C-4350, and hedging EG1-5 at high points [3]

Report Industry Investment Ratings - Propylene, plastic: ☆☆☆ [1] - Pure benzene, styrene: ☆☆☆ [1] - PX, PTA: ☆☆☆ [1] - Ethylene glycol, short - fiber: ☆☆☆ [1] - Bottle chips, methanol: ☆☆☆ [1] - Urea, PVC: ☆☆☆ [1] - Caustic soda, soda ash: ☆☆☆ [1] - Glass: ☆☆☆ [1] Core Views - The overall chemical market shows a complex situation with different products having different supply - demand relationships, price trends, and influencing factors. Some products are facing supply pressure and weak demand, while others have certain support from demand but also face future uncertainties [2][3][5] Summary by Category Olefins - Polyolefins - Olefin futures' main contracts fluctuated narrowly. Supply is controllable as restarting devices are not in place, and downstream demand provides some price support [2] - Polyolefin futures' main contracts also fluctuated narrowly. Polyethylene maintenance decreased with increased domestic production, and downstream has pre - holiday stocking demand but faces post - holiday de - stocking pressure. Polypropylene prices are under pressure due to multiple factors such as demand differentiation, supply pressure, and high inventory [2] Pure Benzene - Styrene - Pure benzene oscillated downward. Although the current fundamental situation is okay with port inventory decreasing and spot price being relatively firm, high import volume and expected demand decline drag the market [3] - Styrene futures' main contracts fluctuated narrowly. Cost - end oil price provides support, but high inventory suppresses the price [3] Polyester - PX's strong expectation weakened, and PTA's profitability is still poor. Although the pre - holiday stocking in the polyester yarn industry has reduced inventory pressure, post - holiday demand is expected to weaken, and the supply - demand situation remains under pressure [5] - Ethylene glycol's domestic operation decreased slightly, and port inventory is low. However, new device trials and weakening demand may lead to a weak supply - demand situation in the fourth quarter [5] - Short - fiber's new capacity is limited, and inventory decreased. The pre - holiday stocking has fulfilled the positive expectation. Bottle chips showed a short - term strong trend due to typhoon - affected device shutdown, but long - term over - capacity is a pressure [5] Coal Chemical Industry - Methanol's main contract oscillated. Port inventory is expected to increase after the holiday, and the market is expected to be weak [6] - Urea prices increased slightly, but downstream follow - up is cautious. The domestic supply - demand situation is loose, and attention should be paid to policy adjustments [6] Chlor - Alkali - PVC oscillated weakly with high supply and high inventory. Domestic downstream pre - holiday stocking intention is low, and foreign demand is weak [7] - Caustic soda's futures price oscillated under the weak situation. Although there is an expectation of downstream stocking before alumina production, the current supply is high [7] Soda Ash - Glass - Soda ash weakened. The industry is de - stocking, and the downstream pre - holiday stocking is nearly over. The long - term supply is in excess [8] - Glass prices fell from a high level. Some manufacturers plan to increase prices, and attention should be paid to downstream restocking sentiment [8]

Report Industry Investment Rating No relevant information provided. Core View of the Report - The fundamentals of styrene are weak and it fluctuates following the cost of crude oil. Although the prices of styrene and pure benzene are at historical lows with low valuations, the contradiction between high inventory pressure and general terminal提货 persists, and the fundamentals remain weak considering the future supply increase expectation [2]. Summary by Related Catalogs 1. Daily Market Summary (1) Fundamentals - **Price**: On September 25, the main contract of styrene closed up 0.43% at 6,958 yuan/ton with a basis of -18 (-15 tons); the main contract of pure benzene closed up 0.25% at 5,922 yuan/ton [2]. - **Cost**: On September 25, the main contract of Brent crude oil closed at $65.0 per barrel (+$1.6 per barrel), the main contract of WTI crude oil closed at $68.5 per barrel (+$1.5 per barrel), and the spot price of pure benzene in East China was 5,885 yuan/ton (+0 yuan/ton) [2]. - **Inventory**: Styrene inventory was 18.7 tons (+2.8 tons), a 17.3% increase in inventory compared to the previous period, indicating a shift to inventory accumulation. The port inventory of pure benzene was 10.7 tons (-2.7 tons), a 20.1% decrease in inventory compared to the previous period [2]. - **Supply**: Some styrene plants have started maintenance, and the production rate and supply have decreased as expected. Currently, the weekly output of styrene is 34.6 tons (-0.1 tons), and the plant capacity utilization rate is 73.2% (-0.2%) [2]. - **Demand**: The capacity utilization rates of downstream 3S vary. The capacity utilization rate of EPS is 55.2% (-6.49%), ABS is 70% (+0.2%), and PS is 59.1% (-2.1%) [2]. (2) Views - **Pure Benzene**: On the supply side, the overall fluctuation of petroleum benzene this week was not significant. One reform disproportionation unit of Fujia Dahua was shut down as planned, and one cracking unit of CNOOC Shell was shut down due to unplanned factors. For hydrobenzene, some previously shut - down units restarted, and the overall supply level was basically the same as last week. Market news shows that the maintenance plans of two factories in East China have been postponed, two small - scale pure benzene units in Shandong that have been shut down for a long time are expected to restart in mid - October, and there are also reports of European cargo transactions from November to December. The supply is expected to increase both at home and abroad in the fourth quarter. On the demand side, the loads of styrene and adipic acid decreased, while the loads of some units of caprolactam, aniline, and phenol increased after restarting. Overall, the actual demand for pure benzene has recovered compared to the previous period. Although the demand side has slightly improved, the terminal consumption has not shown peak - season characteristics, the downstream profits are under pressure, and the overall recovery is limited. In terms of inventory, the pure benzene inventory at East China ports decreased to 10.7 tons this week, a decrease of 2.7 tons compared to the previous period, with a de - stocking rate of 20.1%. However, considering the increased domestic supply in the fourth quarter and weak terminal demand, the pattern of inventory accumulation is difficult to reverse [2]. - **Styrene**: On the supply side, recently, two 600,000 - ton units of Zhejiang Petrochemical were shut down due to malfunctions and are expected to resume operation by early October, which has tightened the styrene supply in September. However, after September, new units of Jilin Petrochemical and Guangxi Petrochemical will be gradually put into production, and some maintenance units will also return, so the overall supply is expected to increase month by month. Recently, the external sales of styrene by Jingbo still put pressure on the market. After a phased de - stocking, the port inventory has quickly rebounded. This week, the styrene port inventory increased by 2.8 tons to 18.7 tons, a 17.3% increase in inventory compared to the previous period. On the demand side, the start - up of the 3S sector is differentiated. The start - up rate of EPS dropped to 55.2%, a decrease of 6.5 percentage points compared to the previous period; ABS remained at around 70%, with a slight increase of 0.2 percentage points; PS dropped to 59.1%, a decrease of 2.1 percentage points compared to the previous period, and the overall demand has shrunk [2]. 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - The main contract of styrene futures increased by 0.43% from 6,928 yuan/ton on September 24 to 6,958 yuan/ton on September 25. The spot price of styrene decreased by 0.14% from 7,130 yuan/ton to 7,120 yuan/ton. The basis of styrene decreased by 500% from - 3 yuan/ton to - 18 yuan/ton [4]. - The main contract of pure benzene futures increased by 0.25% from 5,907 yuan/ton on September 24 to 5,922 yuan/ton on September 25. The spot price of pure benzene in East China remained unchanged at 5,885 yuan/ton. The FOB price of pure benzene in South Korea increased by 0.14% from $708.5 per ton to $709.5 per ton, the FOB price in the US increased by 0.41% from $739.5 per ton to $742.5 per ton, and the CFR price in China remained unchanged at $725.5 per ton [4]. - The difference between the domestic pure benzene price and the CFR price decreased by 1.05% from - 338.9 yuan/ton to - 342.5 yuan/ton. The difference between the pure benzene price in East China and Shandong increased by 30.30% from - 165 yuan/ton to - 115 yuan/ton [4]. - The price of Brent crude oil increased by 2.49% from $63.4 per barrel to $65.0 per barrel, the price of WTI crude oil increased by 2.22% from $67.0 per barrel to $68.5 per barrel, and the price of naphtha increased by 0.07% from 7,594 yuan/ton to 7,599 yuan/ton [4]. (2) Styrene & Pure Benzene Production and Inventory - The production of styrene in China decreased by 0.27% from 34.7 tons on September 19 to 34.6 tons on September 26, while the production of pure benzene increased by 1.18% from 45.0 tons to 45.5 tons [5]. - The port inventory of styrene in Jiangsu increased by 17.30% from 15.9 tons on September 19 to 18.7 tons on September 26, and the domestic factory inventory of styrene decreased by 6.01% from 21.6 tons to 20.3 tons. The national port inventory of pure benzene decreased by 20.15% from 13.4 tons to 10.7 tons [5]. (3) Capacity Utilization - Among the downstream of pure benzene, the capacity utilization rate of styrene decreased by 0.20% from 73.4% on September 19 to 73.2% on September 26, caprolactam increased by 4.97% from 88.7% to 93.7%, phenol increased by 7.30% from 70.7% to 78.0%, and aniline increased by 2.97% from 72.0% to 74.9% [6]. - Among the downstream of styrene, the capacity utilization rate of EPS decreased by 6.49% from 61.7% on September 19 to 55.2% on September 26, ABS increased by 0.20% from 69.8% to 70.0%, and PS decreased by 2.10% from 61.2% to 59.1% [6]. 3. Industry News - The US imposed high tariffs on some Asian (especially South Korean) chemical products, triggering a global adjustment of the petrochemical industry structure. South Korea was forced to cut its ethylene cracking capacity, and some factories in parts of Europe were shut down due to high energy costs [7]. - In the first half of 2025, the overall losses of China's refining and chemical industry continued to intensify, with the total loss amount increasing by about 8.3% compared to the same period last year. The losses in the refining and chemical sector alone exceeded 9 billion yuan, highlighting the fierce competition within the industry and the severe situation of profit contraction [7]. - With the accelerated implementation of private refining and chemical integration projects, China's pure benzene production capacity has formed a pattern with East China as the core, coordinated development in South China and Northeast China [7]. 4. Industrial Chain Data Charts The report provides charts on pure benzene price, styrene price, styrene - pure benzene price difference, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, PS inventory, EPS inventory, caprolactam weekly capacity utilization, phenol weekly capacity utilization, and aniline weekly capacity utilization, with data sources including iFinD and Steel Union Data [8][13][18][21][22][24][25][26][29][30][31].

Report Industry Investment Ratings - Urea: ☆☆☆ (predicted downward trend) [1] - Methanol: ☆☆☆ (predicted downward trend) [1] - Styrene: ☆☆☆ (predicted downward trend) [1] - Polypropylene: ☆☆☆ (predicted downward trend) [1] - Plastic: ☆☆☆ (predicted downward trend) [1] - PVC: ☆☆☆ (predicted downward trend) [1] - Caustic Soda: ☆☆☆ (predicted downward trend) [1] - PTA: ☆☆☆ (predicted downward trend) [1] - Ethylene Glycol: ☆☆☆ (predicted downward trend) [1] - Short Fiber: ☆☆☆ (predicted downward trend) [1] - Glass: ☆☆☆ (predicted downward trend) [1] - Soda Ash: ☆☆☆ (predicted downward trend) [1] - Bottle Chip: ☆☆☆ (predicted downward trend) [1] - Propylene: ☆☆☆ (predicted downward trend) [1] Core Viewpoints - The chemical futures market shows a mixed performance, with different products having different supply - demand fundamentals and price trends. The overall market is affected by factors such as production capacity changes, demand fluctuations, and macro - economic conditions [2][3][5] Summary by Relevant Catalogs Olefins - Polyolefins - Olefin futures contracts opened high and closed low. Propylene demand improved as prices hit a low, but supply increased. Some companies raised prices due to better sales [2] - Polyolefin futures contracts declined. Polyethylene demand increased with higher downstream开工率, and supply decreased due to many domestic maintenance. Polypropylene supply may decrease slightly, but downstream procurement was restricted by low profits [2] Pure Benzene - Styrene - The price of pure benzene dropped. Although new production was added,开工率 decreased slightly. The domestic pure benzene market may improve in Q3, but high import expectations dampened sentiment [3] - Styrene futures fluctuated slightly. There were unplanned supply reductions, but demand entered a dull period. Northern companies may have price promotions before the National Day [3] Polyester - PX and PTA prices weakened. PTA price was driven by raw materials. Terminal demand improved, but filament inventory was high and profit was poor [5] - Ethylene glycol returned to the bottom of the range. Domestic production decreased slightly, and port inventory was low [5] - Short - fiber prices fell. New capacity was limited this year, and demand in the peak season was expected to boost the industry. Bottle - chip basis and processing margin rebounded, but over - capacity was a long - term pressure [5] Coal Chemical Industry - Methanol contracts declined. Import arrivals decreased, and short - term supply - demand gap was expected to narrow. High inventory persisted, and long - term attention was on overseas gas restrictions [6] - Urea prices weakened. Supply was sufficient, and industrial demand improved. Agricultural demand had a phased replenishment expectation. Domestic urea remained in a loose supply - demand situation [6] Chlor - Alkali Industry - PVC was weak. Supply pressure was high, and cost support was not obvious. Attention was on pre - holiday restocking demand [7] - Caustic soda showed regional differences. Overall inventory was small, and prices were expected to fluctuate widely [7] Soda Ash - Glass - Soda ash prices dropped. Production remained high, and heavy - soda demand increased slightly but slowed recently. It was expected to follow macro - sentiment in the short - term and face over - supply in the long - term [8] - Glass prices fell. Inventory decreased, capacity increased slightly, and processing orders improved. It was expected to follow macro - sentiment at a low - valuation level [8]

Report Industry Investment Ratings - Propylene, Plastic, PX, PTA, Ethylene Glycol, Short Fiber, Bottle Chip, Methanol, Urea, PVC, Caustic Soda, Soda Ash, Glass are all rated ★★★, indicating a clearer long/short trend and a relatively appropriate investment opportunity currently [1] Core Views - The overall chemical market shows a complex situation with different product trends. Some products are affected by supply - demand imbalances, cost factors, and seasonal demand changes. Attention should be paid to the balance of different product chains, oil price fluctuations, new capacity, and the rhythm of seasonal demand recovery [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures had a narrow - range intraday consolidation. Downstream cost pressure led to reduced demand, and production enterprises were more willing to offer discounts [2] - Polyolefin futures continued to consolidate in a low - level range. PE supply increased while demand entered the traditional peak season. PP supply was relatively loose, and actual demand recovery was slow [2] Pure Benzene - Domestic benzene continued to rebound, with improved low - price demand after a decline. In the third quarter, the supply - demand situation may improve [3] - Styrene futures closed higher. Cost support was insufficient, and there was high inventory pressure at the terminal [3] Polyester - PX and PTA prices stopped falling and fluctuated at a low level. Terminal demand was improving, and attention should be paid to the balance of PX - polyester and oil price fluctuations [5] - Ethylene glycol prices fluctuated at a low level. Supply and demand were intertwined, and there was resistance to further decline [5] - Short - fiber supply and demand were stable, and prices mainly fluctuated with costs. Positive hedging could be considered if demand improved [5] - Bottle - chip profits were passively repaired, but over - capacity was a long - term pressure [5] Coal Chemical Industry - Methanol futures rose. Supply increased significantly, and inventory continued to accumulate, but the market was expected to strengthen [6] - Urea market oscillated at a low level. Domestic production decreased, but was still high year - on - year. Attention should be paid to the actual impact of Indian tenders [6] Chlor - Alkali - PVC oscillated strongly. Cost support was not obvious, and there was a game between low valuation and weak reality [7] - Caustic soda oscillated strongly. There were regional differences, and the price was expected to oscillate widely [7] Soda Ash - Glass - Soda ash was strong. The supply pressure was high, and long - term over - supply was expected. Short - selling at high rebounds was recommended [8] - Glass was strong. Spot prices continued to decline, but the price was expected to rise if the macro - sentiment improved [8]

Report Industry Investment Ratings - Urea: Not rated - Methanol: ★☆☆ [1] - Pure Benzene: Not rated - Styrene: Not rated - Polypropylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: Not rated - Caustic Soda: Not rated - PX: Not rated - PTA: ☆☆☆ [1] - Ethylene Glycol: Not rated - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: Not rated - Bottle Chip: Not rated - Propylene: ☆☆☆ [1] Core Viewpoints - The olefin and polyolefin futures contracts showed different trends. The olefin futures declined, while the polyolefin futures oscillated weakly. The supply and demand fundamentals of polyolefins were weak, putting pressure on prices [2]. - The pure benzene and styrene markets had their own characteristics. The pure benzene market was expected to improve in the third - quarter mid - late stage but face pressure in the fourth quarter. The styrene market had cost support but limited unilateral drive [3]. - In the polyester market, PX and PTA had different price trends, and the polyester industry was expected to increase its load. Ethylene glycol was in short - term low - level oscillation, and short - fiber was recommended for long - term configuration [4]. - The methanol market was in a weak trend, and the urea market was affected by export news and market sentiment [5]. - The PVC market was weak, and the caustic soda market had short - term support but long - term supply pressure [6]. - The soda ash market was in a long - term oversupply situation, and the glass market was expected to be near the cost line [7]. Summary by Directory Olefin - Polyolefin - Olefin futures: The main contracts of olefin futures closed down. There were both start - up and shutdown plans for devices. The inventory pressure of producers was relatively controllable, and the downstream demand was general [2]. - Polyolefin futures: The main contracts of polyolefin futures oscillated weakly. The supply of polyethylene decreased slightly, and the demand improvement was limited. The supply of polypropylene was expected to increase, and the demand was weak [2]. Pure Benzene - Styrene - Pure benzene: The pure benzene market was expected to improve seasonally in the third - quarter mid - late stage but face pressure in the fourth quarter. It was recommended to operate on the monthly spread [3]. - Styrene: The styrene market had cost support, but the unilateral drive was limited. The domestic production was expected to increase [3]. Polyester - PX - PTA: The price of PX increased slightly, and the PX - PTA spread shrank. The polyester industry was expected to increase its load, and the PX supply - demand was expected to improve [4]. - Ethylene glycol: The ethylene glycol price was above 4400 yuan/ton. The port inventory increased, and it was in short - term low - level oscillation [4]. - Short fiber: The short - fiber supply - demand was stable, and it was recommended for long - term configuration and monthly spread positive arbitrage [4]. - Bottle chip: The bottle - chip processing spread oscillated at a low level, and over - capacity limited the repair space [4]. Coal Chemical Industry - Methanol: The methanol market continued to decline, and the port inventory was expected to reach a historical high in the third - quarter end [5]. - Urea: The urea market was affected by export news and market sentiment. The supply - demand was loose in the short term [5]. Chlor - Alkali - PVC: The PVC market was weak. The export competition pressure increased, the supply was high, and the demand was insufficient [6]. - Caustic soda: The caustic soda market had short - term support from replenishment demand but long - term supply pressure [6]. Soda Ash - Glass - Soda ash: The soda ash market was in a long - term oversupply situation, and the price was under pressure [7]. - Glass: The glass market was expected to be near the cost line, and the short - term real - world trading was weak [7].

Group 1 - The TDI market is experiencing significant price increases due to supply tightness caused by accidents and maintenance shutdowns at major production facilities [1][2][4] - As of July 29, the average domestic TDI price in China reached 15,875 RMB per ton, up 350 RMB per ton (2.25%) from the previous working day, and over 30% since the beginning of the month [3] - The supply tightness is further exacerbated by a chlorine leak incident at Mitsui Chemicals' TDI facility, which is their only production base, reducing capacity to 50,000 tons per year [2][4] Group 2 - Wanhua Chemical has resumed normal production at its facilities, which may alleviate the current TDI supply tightness [5] - Shanghai Covestro has suspended pricing due to a surge in overseas orders, indicating a strong demand in the market [4] - The market is characterized by a mix of high selling prices and low purchasing sentiment from downstream buyers, with many holding onto inventory [3]

Report Industry Investment Ratings - Propylene: No specific rating mentioned - Polyolefins: No specific rating mentioned - Pure Benzene - Styrene: No specific rating mentioned - Polyester: No specific rating mentioned - Coal Chemicals: No specific rating mentioned - Chlor - Alkali: No specific rating mentioned - Soda Ash - Glass: No specific rating mentioned - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ☆☆☆ [1] - Bottle Chip: No specific rating mentioned - Methanol: ☆☆☆ [1] - Urea: No specific rating mentioned - PVC: ☆☆☆ [1] - Caustic Soda: ★☆☆ [1] - Soda Ash: ★★★ [1] - Glass: ☆☆☆ [1] Core Viewpoints - The prices of various chemical products are affected by factors such as supply - demand relationships, device operations, and policy expectations, and most products are expected to maintain range - bound fluctuations in the short term [2][3][5] Summary by Directory Olefins - Polyolefins - Propylene futures fluctuate narrowly, with supply expected to increase due to device restarts and limited support from supply - demand fundamentals [2] - Polyolefin futures continue to consolidate within a range. Polyethylene supply has increased significantly this year, and demand improvement has limited support. Polypropylene supply is expected to increase, and downstream demand is weak [2] Pure Benzene - Styrene - Unified benzene prices have a small callback after the cooling of policy - related sentiment. There is an expectation of seasonal improvement in the third - quarter mid - to - late stage and pressure in the fourth quarter [3] - Styrene futures fluctuate narrowly. Supply pressure persists, and downstream demand is stable with poor spot transactions [3] Polyester - PX and PTA prices fluctuate. PTA continues to accumulate inventory, and the processing margin and basis weaken. The industry expects to wait for downstream demand recovery [5] - Ethylene glycol fluctuates upward, facing supply changes. Pay attention to external sentiment and policies [5] - Short fiber and bottle chip prices stabilize following raw materials. Short fiber has a positive medium - term outlook, while bottle chip has long - term over - capacity pressure [5] Coal Chemicals - Methanol futures are firm in range - bound fluctuations. Domestic supply is sufficient, and ports are expected to accumulate inventory. Pay attention to macro - policies [6] - Urea futures operate at a low level. Domestic downstream demand is weak, and production enterprises are de - stocking, with short - term range - bound operation expected [6] Chlor - Alkali - PVC fluctuates weakly. Supply decreases, domestic demand is weak, and external demand is expected to improve. Short - term prices follow cost fluctuations [7] - Caustic soda shows a strong trend. Some enterprises raise prices, and long - term supply pressure persists, with prices expected to be under pressure at high levels [7] Soda Ash - Glass - Soda ash prices fluctuate narrowly. There is still supply - demand pressure in the long term, and it is a short - selling product at high prices [8] - Glass prices continue to fall. In the long - term poor demand situation, prices are difficult to rise significantly without supply reduction [8]