1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The caustic soda market is in a downward oscillation phase, and the later price center is expected to decline. The current supply - demand situation of caustic soda is loose. The supply has increased due to the end of production and maintenance of upstream enterprises this year, while the demand has been weak and difficult to bear the supply. With the arrival of winter, the active destocking pressure of upstream enterprises may impact the spot market. Attention can be paid to the short - selling opportunities on the disk [3]. - The current caustic soda pattern remains weak, and the futures price mainly follows the decline of the spot price. In the short term, it is difficult to change the current loose supply - demand pattern. If enterprises face active destocking pressure in the future, they may lower prices to digest inventory. However, since the current price is close to the loss of comprehensive profit of chlor - alkali, the disk has limited momentum to further release pessimistic sentiment and only operates at a discount to the spot price. It is recommended to focus on whether the active destocking behavior of upstream chlor - alkali enterprises is fulfilled before the Spring Festival [5]. 3. Summary by Relevant Catalogs 3.1 Market Review - In November, the domestic caustic soda futures showed oscillations in the first half of the month and further declined in the second half. Near the end of the month, the price slightly stabilized. The decline was mainly due to the weak supply - demand pattern and pessimistic expectations. The current situation is high supply, weak demand, and high inventory. The inventory level is about 50% higher than that of last year. The industry characteristics lead to the need for upstream enterprises to actively destock before the Spring Festival, which may further suppress the spot price and guide the disk to weaken [10][11]. 3.2 Spot Prices - The report presents the spot prices of 32% caustic soda, 50% caustic soda, and 99% flake caustic soda in different regions such as Shandong, Jiangsu, Henan, and Inner Mongolia on November 27, 2025 [12][16][18]. 3.3 Price Spreads - It shows the price spreads between different types of caustic soda (such as 50% caustic soda - 32% caustic soda, 99% flake caustic soda - 32% caustic soda) and different regions (such as 32% caustic soda in Zhejiang - Shandong, 50% caustic soda in Jiangsu - Shandong) on November 27, 2025 [28]. 3.4 Supply Side - **Production and Capacity Distribution**: China's caustic soda production capacity is mainly concentrated in North China, Northwest China, and East China, accounting for 80% of the total national capacity. In November, the expected domestic caustic soda production (in 100% equivalent) was 3.755 million tons, with a month - on - month decrease of 0.07%. The domestic caustic soda production in October was 3.7577 million tons, with a month - on - month decrease of 4.72%. The operating rate of domestic chlor - alkali enterprises in November was 87.60%, with a month - on - month decrease of 0.22% compared to October [44]. - **Maintenance**: The report lists the long - term shutdown, current maintenance, and planned future maintenance of chlor - alkali plants of various enterprises in different regions. The total impact on the 100% equivalent production this month is expected to be 93,600 tons [52]. - **Flake Caustic Soda Unit Operation**: It shows the operation status of flake caustic soda units of different manufacturers, including normal operation, maintenance, and planned startup [55]. 3.5 Imports and Exports - In October 2025, China's liquid caustic soda imports were 41,860 tons, a year - on - year decrease of 18.77% and a month - on - month decrease of 14.78%. The exports were 33,251.06 tons, a year - on - year decrease of 11.39% and a month - on - month decrease of 8.90%. The imports of solid caustic soda were 882.64 tons, a month - on - month increase of 1.48% and a year - on - year decrease of 23.76%. The exports were 56,575.86 tons, a month - on - month decrease of 2.69% and a year - on - year decrease of 45.59% [59][60]. 3.6 Demand Side - **Alumina**: In November, the wait - and - see sentiment in the alumina market increased. Although the spot price of alumina had a phased rebound, the market still showed oversupply. The short - term production reduction of alumina plants had limited impact on monthly production, and the inventory was at a high level [75]. - **Viscose Staple Fiber**: In November, the domestic viscose staple fiber market declined. The monthly average price was 18,002 yuan/ton, a decrease of 98 yuan/ton from the previous month, a decline of 0.75%. The cost side increased, the supply decreased slightly, but the inventory increased slightly. The market entered the off - season, and the demand decreased [75]. 3.7 Inventory - In November, the inventory of liquid and flake caustic soda plants increased month - on - month. The domestic liquid caustic soda plant inventory was 275,800 tons, a month - on - month increase of 12.48% compared to October 31. The domestic flake caustic soda plant inventory was 33,900 tons, a month - on - month increase of 6.94% [93]. 3.8 Valuation - The processing cost of caustic soda mainly comes from raw salt and electricity. In November, the cost side strengthened month - on - month. The industrial salt market was weak, while the coal price increased. The national average price of industrial salt for large - scale industries decreased in November. The price of动力煤 in the main producing areas mainly increased [95][96][97]. 3.9 Chlorine - Consuming Downstream - The report presents the benchmark spot price of PVC, the weekly operating rate of PVC powder, the comprehensive profit of calcium carbide - based northwest integrated chlor - alkali, and the market prices, capacity utilization rates, and production gross profits of products such as propylene oxide, epichlorohydrin, dichloromethane, and trichloromethane [104][110][118]. 3.10 Supply - Demand Balance Sheet - The report provides the supply - demand balance sheet of caustic soda from 2024 to 2025, including data on total production, imports, exports, apparent consumption, consumption, and inventory changes, as well as their year - on - year and cumulative year - on - year changes [125].