交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-3-4 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：远兴能源二期开工负荷提升，碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光 伏日熔量整体延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1175元/吨，SA2605收盘价为1218元/吨，基差为-43元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存189.44万吨，较前一周增加19.29%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线上方运行，20日线向上；偏多 5、主力持仓：主力持仓净空，空减；偏空 6、预期：美伊冲突提振情绪，但纯碱基本面疲弱，短期预计震荡运行为主。 影响因素总结 利多： 1、下游浮法玻璃冷修较少，产量持稳。 利空： 主要逻辑 ...

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-3-2 每日观点 纯碱： 1、基本面：远兴能源二期开工负荷提升，碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光 伏日熔量整体延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1150元/吨，SA2605收盘价为1194元/吨，基差为-44元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存189.44万吨，较前一周增加19.29%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 利多： 1、下游浮法玻璃冷修较少，产量持稳。 利空： 主要逻辑和风险点 1、远 ...

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-24 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 纯碱： 1、基本面：远兴能源二期开工负荷提升，碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光 伏日熔量整体延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1110元/吨，SA2605收盘价为1150元/吨，基差为-40元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存158.80万吨，较前一周增加0.44%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、下游浮法玻璃冷修较少，产量持稳。 利空： 主要逻辑和风险点 1、远 ...

近期纯碱现货价格相对稳定，多数碱厂延续亏损状态，原料方面价格变动较小，纯碱企业生产成本稳 定，相较于当前成本，现货估值略偏低。从长期供需来看，纯碱供应端的大量投产已成为既定事实，而 需求端的弱势短时又难以改变，故而供需格局或将维持偏弱状态。 展望2026年，我们认为纯碱价格的波动空间或将继续收窄，阶段性行情的影响因素应更多关注供应端的 检修与投机需求的释放节奏。从供需端来看，纯碱供应大概率维持高位，产能出清还需较长时间，后期 建议关注行业整体开工负荷变化。需求端来看，浮法、光伏玻璃市场行情持续性较弱，部分生产线放水 冷修或进一步压制重碱需求。纯碱供需端双重承压，若后期出现政策带动，则投机需求的释放或带来阶 段性行情，但对其空间高度和持续性仍需持谨慎态度。 ...

Report Industry Investment Rating No relevant information provided. Core View of the Report - The fundamentals of soda ash are weak, with high production, declining downstream demand, and high inventory. The short - term trend is expected to be mainly oscillating downward [2]. - The supply - demand mismatch pattern in the soda ash industry has not been effectively improved [5]. Summary by Related Catalogs 1. Soda Ash Futures Market - The closing price of the main contract decreased from 1200 yuan/ton to 1181 yuan/ton, a decline of 1.58%. The heavy - quality soda ash price in Shahe remained unchanged at 1135 yuan/ton. The main basis changed from - 65 yuan/ton to - 46 yuan/ton, a decline of 29.23% [6]. 2. Soda Ash Spot Market - The low - end price of heavy - quality soda ash in Hebei Shahe was 1135 yuan/ton, unchanged from the previous day [11]. - The production profit of heavy - quality soda ash was at a historical low, with a profit of - 137.40 yuan/ton for the North China ammonia - soda process and - 88.50 yuan/ton for the East China co - production process [14]. - The weekly industry operating rate of soda ash was 81.65% [17]. - The weekly output of soda ash was 71.19 tons, with heavy - quality soda ash at 38.56 tons, at a historical high [20]. - From 2023 to 2025, there was significant new capacity in the soda ash industry. In 2023, the new capacity was 640 tons; in 2024, it was 180 tons; in 2025, the planned new capacity was 750 tons, with 100 tons actually put into production [22]. 3. Fundamental Analysis - Demand - The weekly sales - to - production ratio of soda ash was 108.54% [25]. - The daily melting volume of national float glass was 15.45 tons, and the operating rate was 73.89% [28]. 4. Fundamental Analysis - Inventory - The national in - plant inventory of soda ash was 143.85 tons, a decrease of 4.06% from the previous week, and the inventory was above the 5 - year average [34]. 5. Fundamental Analysis - Supply - Demand Balance Sheet - The report provided the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand gap, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [35]. 6. Influencing Factors - **Positive factors**: Equipment problems led to enterprise production reduction and maintenance, and the recovery of soda ash supply was slow [3]. - **Negative factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The production of heavy - alkali downstream photovoltaic glass has decreased, and the demand for soda ash has weakened [4].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Last week, the soda ash futures fluctuated upward, with the main contract SA2605 closing 2.04% higher than the previous week at 1,200 yuan/ton. The low - end price of heavy soda ash in Hebei Shahe was 1,135 yuan/ton, up 0.89% from the previous week. Supply is expected to remain abundant next week, with an estimated weekly output of 720,000 tons and an operating rate of 83% due to fewer maintenance enterprises. Downstream demand is tepid, mainly on a need - by - need basis, and some downstream inventories are high. The market sentiment is weak with insufficient drivers. The daily melting volume of float glass and photovoltaic glass decreased. As of December 25, the national soda ash inventory in factories was 1.4385 million tons, a 4.06% decrease from the previous week, and the inventory is at a historically high level. Overall, the fundamentals of soda ash remain weak, and it is expected to fluctuate weakly in the short term. [3] 3. Summary of Each Section According to the Catalog 3.1 Soda Ash Futures and Spot Weekly Market - The closing price of the main contract increased from 1,176 yuan/ton to 1,200 yuan/ton, a rise of 2.04%. The low - end price of heavy soda in Shahe increased from 1,125 yuan/ton to 1,135 yuan/ton, a rise of 0.89%. The main base difference increased by 27.45% from - 51 yuan/ton to - 65 yuan/ton. [8] 3.2 Soda Ash Spot Market - **Price**: The low - end price of heavy soda ash in Hebei Shahe was 1,135 yuan/ton, up 0.89% from the previous week. [13] - **Production Profit**: The profit of heavy soda ash using the North China ammonia - soda process was - 137.40 yuan/ton, and that of the East China co - production process was - 88.50 yuan/ton, at a historical low. [16] - **Operating Rate and Production**: The weekly operating rate of the soda ash industry was 81.65%. The weekly output was 711,900 tons, including 385,600 tons of heavy soda ash, at a historical high. The weekly production heavy - alkalinity rate was 54.16%. [19][22][25] - **Capacity Changes**: In 2023, the total new capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new capacity was 7.5 million tons, with an actual production of 1 million tons. [26] 3.3 Fundamental Analysis - Demand - **Sales - to - Output Ratio**: The weekly sales - to - output ratio of soda ash was 108.54%. [29] - **Downstream Demand**: The daily melting volume of national float glass was 154,500 tons, with an operating rate of 73.89%. [32] 3.4 Fundamental Analysis - Inventory - The national soda ash inventory in factories was 1.4385 million tons, a 4.06% decrease from the previous week, and the inventory was above the 5 - year average. [38] 3.5 Fundamental Analysis - Supply - Demand Balance Sheet - The annual supply - demand balance sheet of soda ash from 2017 to 2024E shows data on effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate. [39] 3.6 Influence Factor Summary - **Positive Factors**: Equipment problems led to production reduction and maintenance in enterprises, and the recovery of soda ash supply was slow. [5] - **Negative Factors**: Since 2023, the soda ash production capacity has expanded significantly, with large production - launch plans this year, and the industry output is at a historically high level. The downstream photovoltaic glass of heavy soda ash has reduced production, and the demand for soda ash has weakened. [6] 3.7 Main Logic - The supply of soda ash is at a high level, the terminal demand has declined, the inventory is at a high level in the same period, and the pattern of supply - demand mismatch in the industry has not been effectively improved. [7]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fundamentals of soda ash are weak, with high supply, declining terminal demand, and high inventory at the same period. The pattern of supply - demand mismatch in the industry has not been effectively improved. In the short term, the soda ash is expected to mainly fluctuate with a downward trend [2][5] 3. Summary by Relevant Catalogs 3.1 Soda Ash Futures Market - The closing price of the main contract of soda ash futures increased from the previous value of 1170 yuan/ton to the present value of 1193 yuan/ton, a rise of 1.97%. The low - end price of heavy soda ash in Shahe increased from 1135 yuan/ton to 1145 yuan/ton, a rise of 0.88%. The main basis changed from - 35 yuan/ton to - 48 yuan/ton, a rise of 37.14% [6] 3.2 Soda Ash Spot Market - The low - end price of heavy soda ash in Hebei Shahe is 1145 yuan/ton, up 10 yuan/ton from the previous day [12] 3.3 Fundamentals - Supply - **Production Profit**: The profit of heavy soda ash using the North China ammonia - soda process is - 147.60 yuan/ton, and that of the East China co - production process is - 129 yuan/ton, at a historical low [15] - **开工率、产能产量**: The weekly industry operating rate of soda ash is 84.35%. The weekly output of soda ash is 73.54 tons, including 39.78 tons of heavy soda ash, at a historical high [18][21] - **Industry Capacity Changes**: In 2023, the total new capacity of soda ash was 640 tons; in 2024, it was 180 tons; in 2025, the planned new capacity is 750 tons, with an actual production of 100 tons [22] 3.4 Fundamentals - Demand - **产销率**: The weekly sales - to - production ratio of soda ash is 106.02% [25] - **下游需求**: The daily melting volume of national float glass is 15.72 tons, with an operating rate of 74.85% [28] 3.5 Fundamentals - Inventory - The inventory of soda ash in national factories is 149.93 tons, an increase of 0.33% from the previous week, and the inventory is above the 5 - year average [34] 3.6 Fundamentals - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, output, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [35]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - This week, the main contract SA601 slightly increased by 0.09%. The futures price is mainly supported by cost (stable prices of thermal coal and sea salt) and continuous cancellation of warehouse receipts, rather than an improvement in the supply - demand pattern. The main contract SA601 is actively traded, with a single - day trading volume of 23.458 billion yuan and an open interest of over 1 million lots, indicating strong market trading enthusiasm. The far - month contract SA605 is at a discount of about 70 yuan/ton compared to SA601, and the monthly spread structure remains negative, reflecting the continuous market expectation of supply surplus in 2026. As of November 20, the number of registered warehouse receipts for soda ash futures is 0, and the number of valid forecasts is 4,879. The delivery expectation has not been released intensively, and the market is still dominated by speculation and hedging [3]. - The current industry is still under the triple pressure of high inventory, low demand, and weak profits, with limited upward price space. The supply side is slightly favorable, with the operating rate falling from a high level and production decreasing slightly. In terms of inventory, the weekly destocking has accelerated, achieving destocking for three consecutive weeks, but the absolute level is still high. Although the inventory has been falling continuously, it is still at a high level compared to the same period in the past five years, and the inventory days remain above 20 days. The destocking pace maintains the characteristics of "high base and slow rhythm". The rigid demand from the glass and new energy sectors supports the stable rigid consumption of heavy soda ash. Downstream procurement sentiment is cautious, with most operations being "low inventory and fast turnover", and no concentrated stockpiling has occurred. Although the price of thermal coal on the cost side has increased slightly, the decline in soda ash prices is greater, and the overall profit margin of the industry is still in a contraction range. The price movement may continue in a "sideways - weak, bottom - oscillating" pattern. Attention should be paid to the cold - repair plan after December and the potential pull of macro - policies on the real estate chain [4]. 3. Summary by Relevant Catalogs Market Overview - This week, the soda ash futures price oscillated weakly. The main contract SA601 closed at 1,170 yuan/ton, with a slight increase of 0.09% during the week. However, the far - month contracts are continuously at a discount, and the market sentiment is constrained by the loose supply - demand pattern. On the spot side, the price of heavy soda ash shows regional differentiation, is under pressure, and tends to be weak. The inventory continues to decline, but the absolute level is still high. The industry profit is under pressure, and there has been no fundamental improvement in the overall fundamentals. In the short term, equipment maintenance and inventory decline provide some support, but the expectation of new production capacity release in the long term remains, and combined with the continuous downturn in the glass industry, the demand for heavy soda ash lacks elasticity, and the supply - demand surplus pattern remains unchanged. The price movement may continue in a "sideways - weak, bottom - oscillating" pattern [2]. Supply - This week, the domestic soda ash production was 720,800 tons, a decrease of 18,500 tons from the previous week, a decline of 2.50%. The comprehensive capacity utilization rate of soda ash was 82.68%, compared with 84.80% last week, a decrease of 2.12% from the previous week. Recently, equipment problems in some enterprises have led to a decline in production [2]. Demand - This week, the daily melting volume of float glass was 158,100 tons, a decrease of 1,050 tons from the previous week, with one cold - repair and one hot - repair. The in - production volume of photovoltaic glass was 89,400 tons, remaining stable from the previous week. Next week, the float glass production will remain stable, and the photovoltaic glass plans to cold - repair 700 tons. The downstream demand is average, the sentiment for replenishing inventory at low prices has increased, the futures price has declined, and the trading volume has increased. Exports remain good, with exports exceeding 210,000 tons in October [2]. Inventory - As of November 20, 2025, the total inventory of domestic soda ash manufacturers this week was 1.6444 million tons, a decrease of 63,000 tons from the previous week (+0.06%), and the inventory at the same time last year was 1.6481 million tons, a year - on - year decrease of 3,700 tons, a decrease of 0.23%. The inventory of light soda ash was 757,100 tons, a decrease of 12,800 tons from the previous week, and the inventory of heavy soda ash was 887,300 tons, an increase of 5,500 tons from the previous week. There is a slight differentiation between light and heavy soda ash, with light soda ash being stronger and heavy soda ash being weaker [3]. Profit - In early November, the soda ash industry as a whole was still in a loss - making state, and the profit was under significant pressure. The net profits of many leading enterprises decreased significantly year - on - year, reflecting the severe overall profit environment in the industry. As of November 20, 2025, the theoretical profit of soda ash produced by the ammonia - soda process in China was - 38.50 yuan/ton, a decrease of 15 yuan/ton from the previous week. The theoretical profit (per double - ton) of soda ash produced by the combined - soda process was - 153.50 yuan/ton, an increase of 28.50 yuan/ton from the previous week. During the week, the price of sea salt on the cost side increased slightly, and the price of thermal coal increased slightly, leading to an upward shift in cost support [3].

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of soda ash remain weak, and it is expected to fluctuate in the short term. The supply of soda ash is at a high level, terminal demand is declining, and inventory is at a high level compared to the same period. The imbalance between supply and demand in the industry has not been effectively improved [2][5]. Summary by Directory 1. Daily View - Fundamental analysis shows that alkali plant production is at a high level, the second - phase of Yuangxing is expected to be put into production before the end of the year, overall supply is expected to be abundant; there are supply disturbance expectations for downstream float glass, the daily melting volume of photovoltaic glass continues to decline, and soda ash plant inventory is at a historically high level (bearish). The basis shows that the spot price of heavy - quality soda ash in Hebei Shahe is 1190 yuan/ton, the closing price of SA2601 is 1239 yuan/ton, with a basis of - 49 yuan, and the futures are at a premium to the spot (bearish). Inventory shows that the national soda ash plant inventory is 1.7073 million tons, a 0.40% decrease from the previous week, and the inventory is above the 5 - year average (bearish). The price is running above the 20 - day line, and the 20 - day line is downward (neutral). The main position is net short, and short positions are decreasing (bearish) [2]. 2. Influencing Factors Summary - **Likely factors**: The supply of downstream glass has stabilized and rebounded at a low level, increasing the demand for soda ash [3]. - **Bearish factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The industry's production is at a historically high level. The downstream photovoltaic glass of heavy - quality soda ash has cut production, weakening the demand for soda ash [4]. 3. Soda Ash Futures Market - The closing price of the main contract is 1239 yuan/ton, the low - end price of heavy - quality soda ash in Shahe is 1190 yuan/ton, and the main basis is - 49 yuan. Compared with the previous value, the closing price of the main contract increased by 2.06%, the low - end price of heavy - quality soda ash in Shahe increased by 2.59%, and the main basis decreased by 9.26% [6]. 4. Soda Ash Spot Market - The low - end price of heavy - quality soda ash in the Hebei Shahe market is 1190 yuan/ton, a 30 - yuan increase from the previous day [12]. 5. Fundamental - Supply - **Production profit**: The profit of heavy - quality soda ash by the North China ammonia - soda process is - 103.50 yuan/ton, and that by the East China co - production process is - 212 yuan/ton, at a historically low level [15]. - **Operating rate and production volume**: The weekly operating rate of the soda ash industry is 85.67%. The weekly production volume of soda ash is 746,800 tons, including 414,800 tons of heavy - quality soda ash, at a historically high level [18][20]. - **Capacity changes**: In 2023, the newly added production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned newly added production capacity is 7.5 million tons, with an actual production of 1 million tons [21]. 6. Fundamental - Demand - **Production - sales rate**: The weekly production - sales rate of soda ash is 98.36% [24]. - **Downstream demand**: The daily melting volume of national float glass is 159,100 tons, with an operating rate of 75.92% [27]. 7. Fundamental - Inventory - The national soda ash plant inventory is 1.7073 million tons, a 0.40% decrease from the previous week, and the inventory is above the 5 - year average [34]. 8. Fundamental - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows the changes in effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [35].

Report Summary 1. Investment Rating The document does not provide an investment rating for the industry. 2. Core View Last week, the soda ash futures fluctuated within a narrow range, with the main contract SA2601 closing 1.22% lower than the previous week at 1,210 yuan/ton. The low - end price of heavy soda ash in Hebei Shahe was 1,155 yuan/ton, down 1.28% from the previous week. The supply had minor fluctuations due to equipment issues in some enterprises, and the overall supply was abundant with the expected commissioning of Yuangxing Energy's Phase II by the end of the year. The downstream demand was average, and the inventory was at a historically high level. Overall, the fundamentals of soda ash remained weak, and it was expected to fluctuate weakly in the short term [3]. 3. Summary by Directory 3.1 Weekly View - Futures: The main contract SA2601 of soda ash futures closed at 1,210 yuan/ton, down 1.22% from the previous week [3]. - Spot: The low - end price of heavy soda ash in Hebei Shahe was 1,155 yuan/ton, down 1.28% from the previous week [3]. - Supply: There were short - term reductions due to equipment problems in some enterprises, but the overall output had minor adjustments. The expected output next week was 740,000 tons, and the operating rate was 85%. Yuangxing Energy's Phase II was expected to be commissioned by the end of the year, with abundant overall supply [3]. - Demand: The downstream demand was general, and the funds were under pressure. The daily melting volume of float glass was 159,100 tons, a decrease of 2,140 tons from the previous week; the daily output of photovoltaic glass was 88,100 tons, a decrease of 1,200 tons [3]. - Inventory: As of November 6, the national soda ash inventory in factories was 1.7142 million tons, an increase of 0.72% from the previous week, and the inventory was at a historically high level [3]. 3.2 Influencing Factors - **Likely to Rise**: The supply of downstream glass has stabilized and rebounded at a low level, increasing the demand for soda ash [5]. - **Likely to Fall**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large commissioning plans this year. The industry output is at a historically high level. The production of photovoltaic glass, a downstream product of heavy soda ash, has decreased, weakening the demand for soda ash [6]. 3.3 Main Logic The supply of soda ash is at a high level, the terminal demand is declining, the inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved [7]. 3.4 Soda Ash Futures and Spot Weekly Quotes - Futures: The main contract SA2601 closed at 1,210 yuan/ton, down 1.22% from the previous week [8]. - Spot: The low - end price of heavy soda ash in Hebei Shahe was 1,155 yuan/ton, down 1.28% from the previous week [8]. - Basis: The main basis remained unchanged at - 55 yuan/ton [8]. 3.5 Fundamental - Supply - Production Profit: The profit of heavy soda ash in North China's ammonia - soda process was - 103.50 yuan/ton, and that of East China's co - production process was - 212 yuan/ton, at a historically low level [17]. - Operating Rate and Output: The weekly operating rate of the soda ash industry was 85.67%, and the weekly output was 746,800 tons, including 414,800 tons of heavy soda ash, at a historically high level [20][22]. - Production Capacity Changes: From 2023 to 2025, there were continuous new production capacity projects in the soda ash industry, with a total planned new capacity of 1.57 million tons, and 100,000 tons were actually commissioned in 2025 [25]. 3.6 Fundamental - Demand - Sales - to - Production Ratio: The weekly sales - to - production ratio of soda ash was 98.36% [28]. - Downstream Demand: The daily melting volume of national float glass was 159,100 tons, and the operating rate was 75.92% [31]. 3.7 Fundamental - Inventory The national soda ash inventory in factories was 1.7142 million tons, an increase of 0.72% from the previous week, and the inventory was above the five - year average [38]. 3.8 Fundamental - Supply - Demand Balance Sheet The document provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective production capacity, output, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand gap, production capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [39].