Core Insights - The domestic soda ash market is experiencing price fluctuations, with heavy soda ash prices ranging from 80 to 1280 RMB/ton and light soda ash prices from 20 to 1100 RMB/ton, indicating a price gap of 82 RMB/ton [1] - As of July 21, 2025, the total inventory of domestic soda ash manufacturers is 1.8842 million tons, a decrease of 21,400 tons from the previous week, representing a decline of 1.12% [1] - The market is stabilizing, with some companies slightly increasing prices by 20 to 30 RMB/ton, while overall demand remains weak, primarily driven by low-price procurement [1] Inventory and Supply - The inventory consists of 757,100 tons of light soda ash (down 25,900 tons) and 1,127,100 tons of heavy soda ash (up 4,500 tons) [1] - Supply is showing a slight decrease due to equipment maintenance at Jiangsu Shilian and Xuzhou Fengcheng, while some companies are increasing their production loads [1] - Weekly supply of soda ash is reported at 733,000 tons, an increase of 34,000 tons from the previous week, as some companies resume production [1] Demand and Market Dynamics - The demand side is facing challenges, particularly in the photovoltaic glass sector, which is experiencing significant losses, leading to potential production halts [1] - The current inventory of soda ash has increased by 1.1% to 1.906 million tons, indicating a slowing accumulation rate but a persistent upward trend [1] - The market is witnessing a strong upward movement in prices, with manufacturers attempting to raise prices amid a backdrop of macroeconomic stability [1] Trading Strategies - The trading strategy is primarily driven by macroeconomic logic, with a short-term bullish outlook, but attention is needed on emerging industrial contradictions and logical transitions [1] - Arbitrage suggestions include going long on glass and short on soda ash, while options strategies recommend a wait-and-see approach [1]