Core Viewpoint - The caustic soda futures market is experiencing significant downward pressure due to high supply, high inventory, and weak demand, leading to prices hitting new lows since listing [5][34]. Supply Side - Supply surplus is the fundamental driver of the current price decline, with the domestic caustic soda industry operating at high capacity. As of January 23, the weekly operating rate reached 87.7%, an increase of 1 percentage point, with weekly production rising to 863,000 tons [9][27]. - The total domestic caustic soda capacity is projected to reach approximately 52.23 million tons per year by 2025, with an additional 2.56 million tons planned for 2026. Despite expectations for potential production cuts, no large-scale reductions have been observed as of the end of January [9][27]. Demand Side - Demand is weak, particularly in the alumina sector, which consumes over 60% of caustic soda. The overall operating rate in the domestic alumina industry was 85.18%, down 0.65% from the previous period, indicating cautious purchasing behavior [12][30]. - Other sectors such as viscose staple fiber, paper, and dyeing chemicals show limited demand growth, further contributing to the overall weakness in the caustic soda market [12][30]. Inventory - Domestic liquid caustic soda inventories have reached record highs, with major enterprises maintaining stocks above 450,000 tons. As of January 23, inventories stood at 509,600 tons, an increase of 67,400 tons from the end of December [14][32]. - High inventory levels continue to suppress the potential for price rebounds, with the need for inventory reduction becoming increasingly pressing [14][32]. Summary - The caustic soda futures market is characterized by a downward trend, with prices breaking new lows and current prices approaching or even breaching production cost lines in some regions. The core issues are high supply, high inventory, and weak demand, which are expected to persist in the short term [16][34]. - The market is likely to remain in a low-price oscillation pattern, with potential for short-term support from downstream replenishment needs post-Chinese New Year. However, any rebound will face significant challenges until there is a substantial improvement in the supply-demand balance [34][35].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The overall supply - demand pattern of the PVC market remains weak. Although there was a rush to export before April, the export is expected to decline significantly after April, and the supply - demand relationship of subsequent contracts will be further relaxed. The caustic soda market also shows a weak supply - demand situation, with prices continuing to be weak and inventory accumulating [3]. 3. Summary by Relevant Catalogs Market News and Important Data PVC - **Futures price and basis**: The closing price of the PVC main contract was 4,911 yuan/ton (-48), the East China basis was -211 yuan/ton (+48), and the South China basis was -191 yuan/ton (+18) [1]. - **Spot price**: The East China calcium carbide - based PVC was quoted at 4,700 yuan/ton (+0), and the South China calcium carbide - based PVC was quoted at 4,720 yuan/ton (-30) [1]. - **Upstream production profit**: The semi - coke price was 735 yuan/ton (+0), the calcium carbide price was 2,855 yuan/ton (+0), the calcium carbide profit was -23 yuan/ton (+0), the gross profit of PVC calcium carbide - based production was -800 yuan/ton (-137), the gross profit of PVC ethylene - based production was -49 yuan/ton (+89), and the PVC export profit was -5.1 US dollars/ton (+11.5) [1]. - **Inventory and operation rate**: The in - factory inventory of PVC was 30.8 tons (-0.3), the social inventory was 57.6 tons (+1.5), the operation rate of PVC calcium carbide - based was 80.14% (-0.52%), the operation rate of PVC ethylene - based was 73.04% (-2.44%), and the overall PVC operation rate was 77.98% (-1.10%). The pre - sales volume of production enterprises was 88.4 tons (-4.2) [1]. Caustic Soda - **Futures price and basis**: The closing price of the SH main contract was 1,951 yuan/ton (-22), and the basis of 32% liquid caustic soda in Shandong was -67 yuan/ton (+16) [1]. - **Spot price**: The price of 32% liquid caustic soda in Shandong was 603 yuan/ton (-2), and the price of 50% liquid caustic soda was 1,010 yuan/ton (-10) [2]. - **Upstream production profit**: The single - variety profit of caustic soda in Shandong was 864 yuan/ton (-6), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 419.4 yuan/ton (-6.3), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was -507.58 yuan/ton (-6.25), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 550.29 yuan/ton (+0.00) [2]. - **Inventory and operation rate**: The inventory of liquid caustic soda factories was 50.96 tons (-0.25), the inventory of flake caustic soda factories was 2.79 tons (-0.11), and the caustic soda operation rate was 87.70% (+1.00%). The operation rate of alumina was 85.18% (-0.65%), the operation rate of dyeing in East China was 56.54% (-2.22%), and the operation rate of viscose staple fiber was 88.43% (+0.00) [2]. Market Analysis PVC - The cancellation of export tax rebates since April 1 has led to a rush to export before April, with export orders remaining at a high level. The overall supply - demand pattern of the PVC market is weak, with abundant domestic supply, a slight increase in downstream operation rate due to pre - Spring Festival price promotions but an expected decline later, and downstream purchasing on dips. Social inventory is slightly accumulating and at a high level year - on - year. The upstream chlor - alkali production profit has slightly recovered with the increase in PVC price but is still at a low level year - on - year. The calcium carbide price has slightly adjusted, and the semi - coke price is stable, with calcium carbide and semi - coke still in a loss state. The PVC warehouse receipts are at a high level in the same period, and there is still pressure on the disk for hedging [3]. Caustic Soda - The spot price of caustic soda continues to be weak, and the supply - demand is weak, with inventory in Shandong continuing to accumulate. The overall supply - side operation rate is at a high level, the price of liquid caustic soda is declining, and chlor - alkali enterprises have a stronger willingness to support the price of liquid chlorine. The price of epichlorohydrin downstream of liquid chlorine is strong this week, driving up the price of liquid chlorine. There are few planned maintenance enterprises for caustic soda. The demand - side downstream receiving sentiment is average, the operation of alumina plants is relatively stable, the unloading efficiency is average, and the main alumina plants in Shandong have lowered the purchase price of 32% caustic soda to 590 yuan/ton. The commissioning progress of alumina in Guangxi is delayed, and the market is pessimistic, resulting in insufficient motivation to purchase caustic soda. Non - aluminum industries are gradually entering the seasonal off - season, and export orders continue to be sluggish [3]. Strategy PVC - **Single - side**: Oscillation - **Inter - period**: Go long on the V05 - 09 spread when it is low - **Inter - variety**: None [4] Caustic Soda - **Single - side**: Oscillation - **Inter - period**: Go short on the SH03 - 05 spread when it is high - **Inter - variety**: None [4][5]

Group 1 - Domestic all-latex rubber price remains stable at 15,950 yuan/ton, while Thai 20 mixed rubber price decreased by 50 yuan/ton to 15,100 yuan/ton [4] - Thai rubber water price increased by 0.2 baht/kg to 57.9 baht/kg, and Thai cup rubber price also increased by 0.2 baht/kg to 53.2 baht/kg [4] - As of January 25, 2026, Qingdao's total inventory of natural rubber in bonded and general trade decreased by 0.04 million tons, a decline of 0.07% [4] Group 2 - With the arrival of winter in the Northern Hemisphere, the global market is entering a low production season, shifting the pricing framework from dynamic supply-demand balance to static inventory pricing [5] - It is expected that the demand for rubber products like tires will see moderate growth by 2026, but this growth will take time and may be limited by global trade barriers [5] - The rebound in rubber prices is not expected to exceed the levels seen in late July 2025 before the Lunar New Year in 2026 [5] Group 3 - PX industry load in China decreased by 0.4 percentage points to 89.0%, while the Asian industry load increased by 0.4 percentage points to 81.0%, indicating a stable supply [6] - The PTA processing fee has significantly recovered to a near six-month high, which could impact PX demand depending on the timing of maintenance schedules [6] - The overall polyester industry remains supported, but the terminal demand is expected to weaken seasonally, leading to potential inventory pressure in the first quarter [6] Group 4 - PTA industry load decreased by 0.3 percentage points to 76.6%, indicating a tightening supply due to numerous maintenance plans in the first quarter [7] - The overall demand for PTA is weak, with new orders declining, particularly in the Jiangsu and Zhejiang regions [7] - The current TA-polyester segment fundamentals are still supported, but the sustainability of this support will be tested by the reduction in polyester production [7] Group 5 - The domestic ethylene glycol industry load decreased by 0.8 percentage points to 73.7%, with overall supply remaining ample despite potential import reductions from North America and the Middle East [9] - The current price levels are not sufficient to trigger large-scale production cuts, and the market is primarily driven by capital inflows [9] - February is expected to be a peak period for inventory pressure in the first half of the year [9] Group 6 - The supply of caustic soda remains high, with companies facing some inventory reduction pressure, but there is limited room for price fluctuations [44] - The current ECU profit margins are not favorable, leading to a certain willingness to maintain prices [44] - The strategy for caustic soda is to expect a range-bound market with a reference price range of 1,900 to 2,100 yuan/ton [45] Group 7 - PVC contract prices decreased by 48 yuan/ton to 4,911 yuan/ton, with supply pressures still present despite an upward trend in operating rates [46] - The cancellation of export tax rebates is expected to benefit exports in the first quarter, but overall fundamental improvements are limited [46] - The strategy for PVC is to anticipate a strong upward bias in the market, with a reference price range of 4,700 to 5,100 yuan/ton [47] Group 8 - The polyethylene market is experiencing a significant increase in supply due to the return of previously shut-down facilities, while demand is entering a seasonal lull [48] - The overall sentiment in the chemical sector remains optimistic, but fundamental pressures persist, leading to expectations of wide fluctuations in prices [48] - The strategy for polyethylene is to expect a wide range of fluctuations, with reference price ranges of 6,700 to 7,100 yuan/ton for L2605 and 6,500 to 6,900 yuan/ton for PP2605 [49]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The PVC market is experiencing a downward trend with limited upward drivers. The supply side shows a slight decrease in the PVC operating rate, while the demand side remains weak due to the ongoing adjustment in the real - estate sector. The inventory is at a high level, and although there is a significant increase in export orders, the resistance to transactions is increasing [1]. 3. Summary by Directory 3.1 Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC operating rate decreased by 0.89 percentage points to 78.74%, which is at a neutral level in recent years. The downstream is having pre - holiday promotions, and the downstream operating rate increased by 0.95 percentage points, but the downstream's willingness to stock up is low. Exports increased significantly due to the cancellation of export tax rebates, but the transaction resistance is increasing. The social inventory continued to increase and is still at a high level. The real - estate sector is still in the adjustment phase, and the improvement needs time [1]. 3.2 Futures and Spot Market Conditions - The PVC2605 contract decreased by 0.55% to close at 4911 yuan/ton, with a decrease of 34793 hands in the position to 1060308 hands. The mainstream price of calcium carbide - based PVC in the East China region dropped to 4695 yuan/ton, and the basis was - 216 yuan/ton, strengthening by 46 yuan/ton, which is at a low level [2][3]. 3.3 Fundamental Tracking - **Supply**: Affected by companies such as Fujian Wanhua and Shaanxi Jintai, the PVC operating rate decreased by 0.89 percentage points to 78.74%. New production capacities of several companies were put into operation in 2025 [4]. - **Demand**: The real - estate sector is in the adjustment phase. In 2025 from January to December, the national real - estate development investment was 8278.8 billion yuan, a year - on - year decrease of 17.2%. The sales area, new construction area, construction area, and completion area all decreased year - on - year. As of the week of January 25, the weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 7.8% month - on - month and was at a low level in recent years [5]. - **Inventory**: As of the week of January 22, the PVC social inventory increased by 2.92% to 1177500 tons, a year - on - year increase of 57.01%, and the inventory is still high [6].

Group 1: Report Industry Investment Rating - No relevant information Group 2: Core View of the Report - The caustic soda market is currently in a pattern of high inventory and high supply. In the short - term, due to low - cost warehouse receipts and pre - holiday inventory reduction pressure, the price is weak, but there may be a rebound from over - selling, especially after April next year. Attention should be paid to the start - up situation of electrolytic aluminum and alumina enterprises and the production reduction situation of caustic soda production enterprises [1][3][4] Group 3: Summary by Related Catalogs Fundamental Analysis - Over the weekend, the price of the Shandong liquid caustic soda market continued to decline, with some orders negotiated on a one - by - one basis and actual orders down by 10 - 20. The procurement volume and price of downstream customers outside the province were low, providing little support to Shandong. The procurement price of alumina in the province dropped by 15 to 600 over the weekend [1] - The caustic soda operating rate was 87.70% (+1.00%), and the weekly output was 86.30 tons (+1.00%). For demand, the operating rate of main downstream alumina was 85.18% (-0.65%), the weekly output was 183.90 tons (-1.40), and the port inventory was 16.80 (+3.20). The operating rate of printing and dyeing in East China was 56.54% (-2.22%); that of viscose staple fiber was 88.43% (+0.00%); that of white cardboard was 74.37% (-6.30%); that of broad - leaf pulp was 89.70% (-1.30%) [1] - According to data released by the National Bureau of Statistics on January 22, China's caustic soda (converted to 100%) output in December was 4.217 million tons, a year - on - year increase of 5.2%. The cumulative output from January to December was 46.535 million tons, a year - on - year increase of 5% [1] Macroeconomic Analysis - The National Development and Reform Commission will study and formulate an implementation plan for the domestic demand expansion strategy from 2026 to 2030 [2] - Multiple departments such as the Ministry of Finance will implement a loan interest - subsidy policy for small and medium - sized enterprises, set up a 500 - billion - yuan special guarantee plan quota for private investment to be implemented over two years, and extend the implementation period of the individual consumer loan fiscal interest - subsidy policy to the end of 2026. In 2026, the fiscal department will strongly support the stability of employment, enterprises, the market, and expectations [2] Futures and Spot Market Analysis - Caustic soda is in a high - inventory and high - supply pattern. Currently, the warehouse receipt cost is lower than the spot price. The short - term price decline is due to low - cost warehouse receipts and pre - holiday inventory reduction pressure. Winter is the off - season for chlor - alkali enterprise maintenance, while spring (March - May) and autumn (September - October) are the traditional concentrated maintenance seasons. The futures price has continuously hit new lows. In the short - term weak supply - demand situation, the price is weak, but beware of over - selling rebounds, especially after April next year [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The industry is expected to maintain a situation of high production and high inventory in the short - term. The SH2603 contract is expected to oscillate at a low level, with the range around 1900 - 2000. The 03 contract has limited room for rebound, while the 05 contract is stronger due to the trading of maintenance expectations. The spot supply and demand of liquid caustic soda remain loose, and the low profit of the alumina industry restricts procurement demand and increases the expectation of production cuts in the future. Non - aluminum downstream may maintain rigid procurement [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of caustic soda is 1951 yuan/ton, a decrease of 22 yuan. The main contract position is 263,142 lots, an increase of 328 lots. The net position of the top 20 futures is - 29,970 lots, a decrease of 457 lots. The main contract trading volume is 621,860 lots, a decrease of 268,681 lots. The closing price of the January contract is 2426 yuan/ton, a decrease of 15 yuan, and the May contract is 2213 yuan/ton, a decrease of 23 yuan [3] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 603 yuan/ton, a decrease of 2 yuan; in Jiangsu, it is 740 yuan/ton, a decrease of 10 yuan. The converted - to - 100% price of 32% caustic soda in Shandong is 1884 yuan/ton, a decrease of 7 yuan. The basis is - 67 yuan/ton, an increase of 15 yuan [3] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 242.5 yuan/ton, unchanged; in the Northwest, it is 220 yuan/ton, unchanged. The price of steam coal is 642 yuan/ton, a decrease of 1 yuan [3] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is 300 yuan/ton, unchanged; in Jiangsu, it is 350 yuan/ton, an increase of 25 yuan [3] 3.5 Downstream Situation - The spot price of viscose staple fiber is 12,800 yuan/ton, unchanged, and the spot price of alumina is 2555 yuan/ton, unchanged [3] 3.6 Industry News - From January 16th to 22nd, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 100,000 tons and above was 87.7%, a 1.0% increase from the previous week. From January 17th to 23rd, the alumina operating rate decreased by 0.65% to 85.18%. From January 16th to 22nd, the viscose staple fiber operating rate remained stable at 88.43%, and the printing and dyeing operating rate decreased by 2.23% to 56.54%. As of January 22nd, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the country was 509,600 tons (wet tons), a 0.49% decrease from the previous period and a 105.77% increase year - on - year. From January 16th to 22nd, the average weekly profit of Shandong chlor - alkali enterprises was 209 yuan/ton, a decrease of 2 yuan/ton [3]

Group 1 - The core viewpoint of the news is that Xinjiang Tianye's stock has experienced fluctuations, with a recent decline of 2.16% and a year-to-date increase of 18.79% [1] - As of January 27, the stock price is reported at 5.88 yuan per share, with a total market capitalization of 10.039 billion yuan [1] - The company has seen a net inflow of main funds amounting to 13.1247 million yuan, with significant buying and selling activities recorded [1] Group 2 - Xinjiang Tianye's main business involves chlor-alkali chemicals and plastic water-saving devices, with chemical products accounting for 89.72% of revenue [1] - For the period from January to September 2025, the company achieved an operating income of 7.970 billion yuan, reflecting a year-on-year growth of 2.20%, while the net profit attributable to shareholders decreased by 28.79% to 7.1847 million yuan [2] - The company has distributed a total of 8.65 billion yuan in dividends since its A-share listing, with 205 million yuan distributed in the last three years [3]

期货价格及基差：PVC主力收盘价4959元/吨（+38）；华东基差-259元/吨（+22）;华南基差-209元/吨（+52）。 现货价格：华东电石法报价4700元/吨（+60）；华南电石法报价4750元/吨（+90）。 上游生产利润：兰炭价格735元/吨（-15）；电石价格2855元/吨（+0）；电石利润-23元/吨（+12）；PVC电石法生产 毛利-800元/吨（-137）；PVC乙烯法生产毛利-49元/吨（+89）；PVC出口利润-16.5美元/吨（-8.1）。 氯碱日报 | 2026-01-27 氯碱现货成交偏弱 市场要闻与重要数据 PVC: PVC库存与开工：PVC厂内库存30.8万吨（-0.3）；PVC社会库存57.6万吨（+1.5）；PVC电石法开工率80.14%（-0.52%）； PVC乙烯法开工率73.04%（-2.44%）；PVC开工率77.98%（-1.10%）。 下游订单情况：生产企业预售量88.4万吨（-4.2）。 烧碱： 期货价格及基差：SH主力收盘价1973元/吨（+28）；山东32%液碱基差-82元/吨（-81）。 现货价格：山东32%液碱报价605元/吨（-17）；山东50%液 ...

Report Summary 1) Industry Investment Rating - Not provided in the report. 2) Core Viewpoints - The caustic soda market is currently in a pattern of high inventory and high supply, with short - term prices remaining weak due to low - cost warehouse receipts and pre - holiday destocking pressure. However, beware of oversold rebounds, especially after April next year, and avoid excessive bearishness. Track the start - up of electrolytic aluminum and alumina enterprises and the production cuts of caustic soda producers [3][4]. 3) Summary by Directory Fundamental Analysis - Over the weekend, the price of liquid caustic soda in Shandong continued to decline, with some orders negotiated on a case - by - case basis and actual orders down 10 - 20. The procurement volume and price from outside the province are low, providing little support to Shandong. The procurement price of alumina in the province dropped by 15 to 600 over the weekend [1]. - The caustic soda operating rate is 87.70% (+1.00%), and the weekly output is 86.30 tons (+1.00). The operating rate of the main downstream alumina is 85.18% (-0.65%), with a weekly output of 183.90 tons (-1.40) and port inventory of 16.80 (+3.20). The operating rate of printing and dyeing in East China is 56.54% (-2.22%), viscose staple fiber is 88.43% (+0.00%), white cardboard is 74.37% (-6.30%), and broad - leaf pulp is 89.70% (-1.30) [1]. - China's caustic soda (converted to 100%) output in December 2025 was 4.217 million tons, a year - on - year increase of 5.2%. The cumulative output from January to December was 46.535 million tons, a year - on - year increase of 5% [1]. Macroeconomic Analysis - The National Development and Reform Commission will research, formulate and introduce an implementation plan for the strategy of expanding domestic demand from 2026 to 2030. - Multiple departments including the Ministry of Finance will implement a loan interest subsidy policy for small, medium and micro - enterprises, set up a 500 - billion - yuan special guarantee plan for private investment to be implemented over two years, and extend the implementation period of the fiscal interest subsidy policy for personal consumer loans to the end of 2026. In 2026, the financial department will strongly support employment, enterprises, the market and expectations [2]. Futures and Spot Market Analysis - Caustic soda is in a high - inventory and high - supply pattern. Currently, the warehouse receipt cost is lower than the spot price. The short - term decline is due to low - cost warehouse receipts and pre - holiday destocking pressure. The traditional maintenance seasons for chlor - alkali enterprises are from March to May in spring and from September to October in autumn [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The factory inventory has a narrow decline, but is still much higher than the same period. The price of caustic soda in Shandong has dropped significantly, while the price of liquid chlorine remains strong. The profit of chlor - alkali has only slightly decreased, and the devices are still in a profitable state. The planned maintenance capacity of chlor - alkali is small recently. With the high price of liquid chlorine and acceptable chlor - alkali profit, enterprises have no intention to reduce production. The situation of high - operation and high - inventory in the industry is expected to continue. In the short term, the operation load of alumina enterprises remains basically stable, but the low profit of the industry restricts the procurement demand of alumina plants and increases the expectation of future production cuts. Non - aluminum downstream may maintain rigid procurement with little change. The spot supply and demand of liquid caustic soda continue to be loose, and there is little room for the 03 contract to rebound; the 05 contract trades on the maintenance expectation, and the price is relatively strong. In the short term, SH2603 is expected to fluctuate at a low level, with the range around 1900 - 2000 [3] 3. Summary by Directory 3.1 Futures Market - The closing price of the main caustic soda contract is 1973 yuan/ton, up 28 yuan; the position of the main caustic soda contract is 262,814 lots, down 19,659 lots; the net position of the top 20 futures is - 29,513 lots, up 8,167 lots; the trading volume of the main caustic soda contract is 890,541 lots, up 206,588 lots; the closing price of the January caustic soda contract is 2,441 yuan/ton, up 30 yuan; the closing price of the May caustic soda contract is 2,236 yuan/ton, up 52 yuan [3] 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 605 yuan/ton, down 17 yuan; in Jiangsu is 750 yuan/ton, down 10 yuan. The converted - to - 100% price of 32% caustic soda in Shandong is 1,891 yuan/ton, down 53 yuan. The basis of caustic soda is - 82 yuan/ton, down 81 yuan [3] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 242.5 yuan/ton, unchanged; in the Northwest is 220 yuan/ton, unchanged. The price of steam coal is 643 yuan/ton, unchanged [3] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is 300 yuan/ton, unchanged; in Jiangsu is 325 yuan/ton, up 25 yuan [3] 3.5 Downstream Situation - The spot price of viscose staple fiber is 12,800 yuan/ton, unchanged; the spot price of alumina is 2,555 yuan/ton, down 5 yuan [3] 3.6 Industry News - From January 16th to 22nd, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 100,000 tons and above was 87.7%, a week - on - week increase of 1.0%. From January 17th to 23rd, the alumina operation rate decreased by 0.65% week - on - week to 85.18%; from January 16th to 22nd, the viscose staple fiber operation rate remained stable at 88.43% week - on - week, and the printing and dyeing operation rate decreased by 2.23% week - on - week to 56.54%. As of January 22nd, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the whole country was 509,600 tons (wet tons), a week - on - week decrease of 0.49% and a year - on - year increase of 105.77%. From January 16th to 22nd, the average weekly profit of Shandong chlor - alkali enterprises was 209 yuan/ton, a week - on - week decrease of 2 yuan/ton [3]