期货研究 烧碱：偏强震荡 陈嘉昕 投资咨询从业资格号：Z0020481 chenjiaxin2@gtht.com 【基本面跟踪】 烧碱基本面数据 09合约期货价格 山东最便宜可交割 现货32碱价格 山东现货32碱折盘面 基差 2481 810 2531 50 2025 年 8 月 14 日 资料来源：隆众资讯，国泰君安期货 【现货消息】 山东地区主要氧化铝厂家采购 32%离子膜碱自 8 月 14 日起价格上调 20 元/吨，执行出厂 770 元/吨。 烧碱趋势强度：1 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示 最看空，2 表示最看多。 请务必阅读正文之后的免责条款部分 1 商 品 研 究 国 泰 君 安 期 货 研 究 所 【市场状况分析】 成本端，液氯偏弱影响，烧碱成本支撑强。而烧碱旺季需求仍有期待，尤其今年年底广西地区存在 360 万吨氧化铝产能预期投产，广西地区烧碱供应偏紧，灌槽需求的烧碱大部分只能从外部采购，而片碱-液碱 价差已处于年内高位水平，因此后期氧化铝备货将带动国内 50 碱货源流转。出口方面支撑仍较强，今年出 口方向同比大幅扩张，只是 ...

Report Summary 1) Industry Investment Rating - Not provided in the report 2) Core View - The report indicates that the caustic soda market will experience short - term fluctuations. The cost support for caustic soda is strong due to the weak performance of liquid chlorine, and there are expectations for peak - season demand. The upcoming alumina production capacity in Guangxi and strong export support will affect the domestic caustic soda market [3]. 3) Summary by Relevant Catalogs Fundamental Tracking - On August 13, 2025, the 09 - contract futures price was 2502, the price of the cheapest deliverable 32 - alkali spot in Shandong was 800, the Shandong spot 32 - alkali converted to the futures price was 2500, and the basis was - 2 [1]. Spot News - Based on the Shandong region, the price of 32 - alkali in the Shandong market remained stable overall. The demand from surrounding areas for high - concentration caustic soda supported partial shipments, and some manufacturers raised the price of high - concentration caustic soda [2]. Market Condition Analysis - In terms of cost, the weak liquid chlorine market strengthens the cost support for caustic soda. There are still expectations for peak - season demand, especially with the expected commissioning of 3.6 billion tons of alumina production capacity in Guangxi by the end of this year, which will lead to a tight supply of caustic soda in the region. The alumina inventory build - up will drive the circulation of domestic 50 - alkali. The export support remains strong, but the domestic caustic soda price will be affected by the inventory - building rhythm [3]. Trend Intensity - The trend intensity of caustic soda is 1, indicating a relatively strong trend [3].