Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On December 15, 2025, the chemical sector sentiment improved, and soda ash rebounded from a low level, with slightly increased trading volume. There are still concerns about oversupply in the market due to the recovery of previously reduced - capacity plants and the gradual release of natural soda ash production capacity in Alxa. The downstream market mainly purchases at low prices, and enterprises are cautious about prices. The current soda ash market is trading on the expectation of oversupply, but with prices at a low level and the main contract having completed the shift, it is expected that the short - term soda ash futures market may show a bottom - oscillating pattern [7][8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Quotes**: On December 15, 2025, the soda ash futures fluctuated and rose. For the soda ash 2605 (SA605) contract, the opening price was 1,123 yuan/ton, the highest price was 1,167 yuan/ton, the lowest price was 1,123 yuan/ton, and the closing price was 1,156 yuan/ton, up 16 yuan/ton or 1.4% from the previous trading day's settlement price. The trading volume was 936,500 lots, an increase of 276,000 lots from the previous day, and the open interest was 915,800 lots, an increase of 25,400 lots from the previous day [2]. - **Variety Prices**: The report provides the daily quotes of soda ash futures contracts on December 15, 2025, including the opening, high, low, closing prices, price changes, price change percentages, trading volumes, and open interests of contracts such as soda ash 2601, 2605, and 2609 [4]. 3.2 Spot Market On December 15, 2025, the domestic soda ash spot market prices in various regions remained unchanged compared to December 12, with no price fluctuations [5]. 3.3 Influencing Factors - **Industry Chain - Related**: On December 15, 2025, the spot price of 5.00mm large - plate glass in the North China region was 1,040 yuan/ton [6]. - **Fundamentals - Related**: As of December 15, the total inventory of domestic soda ash manufacturers this week was 1.533 million tons, up 38,700 tons or 2.59% from last Thursday. Among them, the inventory of light soda ash was 717,100 tons, a month - on - month increase of 13,300 tons, and the inventory of heavy soda ash was 815,900 tons, a month - on - month increase of 25,400 tons. Currently, the inventory of soda ash manufacturers is still at a relatively high level in history [6]. 3.4 Market Outlook It is expected that the short - term soda ash futures market may show a bottom - oscillating pattern [8].