Report Industry Investment Ratings - Urea: ☆☆☆ (interpreted as a relatively clear bullish trend with appropriate investment opportunities) [1] - Methanol: ☆☆☆ [1] - Pure Benzene: ☆☆☆ [1] - Styrene: ☆☆☆ [1] - Propylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: ☆☆☆ [1] - Caustic Soda: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ☆☆☆ [1] - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: ☆☆☆ [1] - Bottle Chip: ☆☆☆ [1] Core Viewpoints - Various chemical products in the industry are facing different market situations, with a mix of supply - demand imbalances, cost - driven factors, and inventory pressures. Some products are expected to have short - term fluctuations, while others have long - term supply - demand trends that need attention [2][3][5] Summary by Directory Olefins - Polyolefins - Two - olefin futures contracts declined. Supply device restart expectations increased market caution. Propylene inventory was low, but real - deal premiums narrowed. PE faced fundamental pressure, and PP's supply support weakened due to restarting devices [2] Pure Benzene - Styrene - Pure benzene was in a narrow - range shock, with high arrival expectations and falling downstream demand. However, future device maintenance may ease the downward pressure. Styrene's supply - demand structure improved, and it is expected to be stable to slightly strong in the short term [3] Polyester - PX and PTA prices weakened slightly. PX may be strong in the medium term, and PTA's processing margin is expected to recover. Ethylene glycol has supply pressure and is expected to accumulate inventory. Short - fiber has a good long - term supply - demand pattern, while bottle - chip has long - term overcapacity pressure [5] Coal Chemical Industry - Methanol futures declined. The port inventory is expected to remain high, and the market may continue to fluctuate in the short term. Urea's upward drive is insufficient, with high daily production and overall loose supply - demand [6] Chlor - Alkali - PVC continued to accumulate inventory, and its price declined. Supply pressure may ease, but overall demand is weak. Caustic soda continued to decline, with high supply and insufficient demand [7] Soda Ash - Glass - Soda ash was in shock, with high inventory and an overall oversupply pattern in the long term. Glass prices were weak, with low demand and the need for further cold - repair for upward drive [8]

Core Viewpoint - Yaxing Chemical has shown significant stock performance with a year-to-date increase of 99.17%, indicating strong market interest and potential growth opportunities [1][2]. Group 1: Stock Performance - As of December 4, Yaxing Chemical's stock price increased by 2.03% to 9.56 CNY per share, with a trading volume of 54.04 million CNY and a turnover rate of 1.48%, resulting in a total market capitalization of 3.707 billion CNY [1]. - The stock has experienced a 7.90% increase over the last five trading days, a 17.44% increase over the last 20 days, and a 31.32% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on November 28, where it recorded a net buy of -4.6777 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Yaxing Chemical reported a revenue of 641 million CNY, a year-on-year decrease of 2.53%, and a net profit attributable to shareholders of -144 million CNY, reflecting a 46.40% year-on-year decline [2]. - The number of shareholders decreased by 5.84% to 14,800, while the average circulating shares per person increased by 30.47% to 26,223 shares [2]. Group 3: Company Overview - Yaxing Chemical, established on August 11, 1994, and listed on March 26, 2001, is located in Weifang, Shandong Province, specializing in the research, production, and sales of chemical products such as caustic soda and CPE [1]. - The company's main business revenue composition is 99.86% from chemical products and 0.14% from other sources [1]. - Yaxing Chemical is classified under the Shenwan industry as basic chemicals - chemical raw materials - chlor-alkali, and is associated with concepts such as small-cap, new materials, Shandong state-owned assets, energy storage, and state-owned enterprise reform [1].

Report Industry Investment Ratings - Propylene: Not clearly rated - Plastic: ☆☆☆ (White stars, indicating short - term balance and poor operability) [1] - Pure Benzene: ☆☆☆ [1] - Styrene: なな☆ - PX: ☆☆☆ [1] - PTA: 女女女 - Ethylene Glycol: 女女女 - Short - fiber: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Urea: ななな - PVC: ☆☆☆ [1] - Caustic Soda: ななな - Soda Ash: ☆☆☆ [1] - Glass: ☆☆☆ [1] Core Viewpoints - The chemical market shows a complex situation with different products having their own supply - demand relationships and price trends. Some products are in a state of supply - demand balance, while others face supply or demand pressures. Overall, the market is affected by factors such as production capacity, inventory, and downstream demand [2][3][5] Summary According to Related Catalogs Olefins - Polyolefins - Propylene futures fluctuate widely, with good downstream demand and rising offers. Plastic and polypropylene futures oscillate. Polyethylene has limited market drivers and a weakening cost - support. Polypropylene may see a slight increase in production as some maintenance devices restart [2] Pure Benzene - Styrene - Pure benzene futures are in a low - level oscillation, with a slight rebound in East China's spot and rising buying interest in Shandong. There is a downward pressure due to high arrival expectations and falling demand. Styrene futures rise, supported by an improved supply - demand structure [3] Polyester - PX and PTA fall as the impact of the blending market weakens. PX is expected to be strong in the medium - term, while PTA may continue with cost - driven logic. Ethylene glycol has a weak medium - term outlook but limited downward space. Short - fiber has a relatively good long - term supply - demand pattern, while bottle - grade PET has a weakening demand and over - capacity pressure [5] Coal Chemical Industry - Methanol futures oscillate and correct. The port inventory may remain high, and the market may continue to oscillate in a range. Urea futures rise, and production enterprises are destocking. However, the overall supply is still loose, and the downstream chasing sentiment may decline [6] Chlor - alkali - PVC shows an oscillating trend. Export may improve, but domestic demand is weak. Supply pressure may ease, and it is expected to operate in a low - level range. Caustic soda continues to decline due to high supply, low demand, and still - profitable conditions [7] Soda Ash - Glass - Soda ash falls. The industry is destocking, and the supply is expected to oscillate at a high level. The demand for heavy soda is shrinking. Glass futures are weak, with low demand and a need for further cold - repair to drive up prices [8]

Core Viewpoint - The caustic soda futures market is experiencing a significant decline, with the main contract dropping to 2157.0 yuan/ton, a decrease of 2.18% [1] Inventory and Production - As of November 27, the inventory of fixed liquid caustic soda in sample enterprises with a capacity of 20,000 tons or more reached 46.98 million tons (wet tons), reflecting a month-on-month increase of 9.89% and a year-on-year increase of 87.95% [2] - The average utilization rate for caustic soda production was 85.0%, up 0.4% from the previous week, with increases noted in North China, Central China, and East China regions [2] Market Sentiment and Price Trends - The top 20 futures companies for caustic soda held a total of 178,200 long positions and 197,800 short positions, resulting in a net position of -19,600, which decreased by 1,030 from the previous day [2] - The market is characterized by a significant accumulation of inventory due to relaxed supply and moderate downstream demand, leading to a downward trend in caustic soda prices [4] Industry Analysis - According to Ruida Futures, the overall supply of caustic soda is expected to be high in December, with production capacity utilization likely to increase due to the restart of some facilities in East and North China [4] - Guotou Anxin Futures indicates a weak trend for caustic soda, with high inventory pressure and insufficient downstream demand, while the integrated profit from chlorine-alkali remains low [4]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - PVC shows a narrow - range fluctuation with overall weak supply - demand. Its price is affected by factors such as new capacity, downstream demand, and export situation. The market should focus on subsequent device maintenance and macro - sentiment [3] - The spot price of caustic soda is stable with a slight decline. Supply increases due to device maintenance recovery and new capacity, while demand weakens, especially in the non - aluminum sector. The market should pay attention to capacity release and demand changes [3] Group 3: Summary by Directory Market News and Key Data PVC - Futures price and basis: The closing price of the PVC main contract is 4,575 yuan/ton (+22), the East China basis is - 85 yuan/ton (-22), and the South China basis is - 55 yuan/ton (-2) [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4,490 yuan/ton (+0), and the South China calcium carbide - based PVC is quoted at 4,520 yuan/ton (+20) [1] - Upstream production profit: The price of semi - coke is 800 yuan/ton (+0), the price of calcium carbide is 2,880 yuan/ton (+0), the calcium carbide profit is - 50 yuan/ton (+0), the gross profit of PVC calcium carbide - based production is - 881 yuan/ton (-33), the gross profit of PVC ethylene - based production is - 465 yuan/ton (+51), and the PVC export profit is - 9.4 US dollars/ton (-0.3) [1] - Inventory and operation rate: The in - factory PVC inventory is 32.3 million tons (+0.7), the social PVC inventory is 52.8 million tons (+0.1), the calcium carbide - based PVC operation rate is 82.21% (+2.06%), the ethylene - based PVC operation rate is 71.12% (-0.19%), and the overall PVC operation rate is 78.85% (+1.37%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 67.0 million tons (-0.7) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2,211 yuan/ton (-1), and the basis of 32% liquid caustic soda in Shandong is 70 yuan/ton (+1) [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 730 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1,200 yuan/ton (+0) [1] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1,260 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 616.3 yuan/ton (+40.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 365.71 yuan/ton (+0.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 580.52 yuan/ton (+0.00) [2] - Inventory and operation rate: The liquid caustic soda factory inventory is 46.98 million tons (+4.22), the flake caustic soda factory inventory is 3.27 million tons (+0.18), and the caustic soda operation rate is 85.00% (+0.40%) [2] - Downstream operation rate: The alumina operation rate is 86.06% (+0.60%), the printing and dyeing operation rate in East China is 65.52% (-1.03%), and the viscose staple fiber operation rate is 91.29% (+1.20%) [2] Market Analysis PVC - The PVC market is in a narrow - range fluctuation. The National Development and Reform Commission's meeting has a certain boost to the sentiment of bulk commodities. There is no new device maintenance this week, but some enterprises consider production cuts due to low prices. New capacity is gradually being put into production, and the supply is abundant. The downstream operation rate decreases slightly, and the procurement sentiment is general. The export window is open, but the anti - dumping investigation of PVC wallpapers may affect the export of PVC products [3] Caustic Soda - The spot price of caustic soda is stable with a slight decline. The supply increases due to the recovery of device maintenance and new capacity. The demand from the alumina side is affected, and the non - aluminum demand weakens. The expected production of alumina factories in Guangxi has uncertainty, and the ongoing caustic soda bidding may support the subsequent spot price [3] Strategy PVC - Unilateral: Narrow - range fluctuation - Inter - delivery: Wait - and - see - Inter - commodity: None [4] Caustic Soda - Unilateral: Cautiously bearish - Inter - delivery: Wait - and - see - Inter - commodity: None [5]

Core Viewpoint - The conference highlighted the need for the chlor-alkali industry to address challenges such as regional imbalances, product structure issues, and the necessity for high-end product development during the "14th Five-Year Plan" period, advocating for a new paradigm of "high-end + collaborative" development [1][5]. Industry Overview - In 2024, there are 172 caustic soda production enterprises in China with a total capacity of 50.1 million tons, including an increase of 1.69 million tons. In the first half of 2025, the market remained stable with an additional 450,000 tons of capacity and a year-on-year production increase of 4.8%, reaching 22.67 million tons [2]. Market Supply and Demand - The South China caustic soda market is characterized by insufficient local production and reliance on external supply, with total capacity at 2.87 million tons, accounting for 5.69% of national capacity. The demand in Guangdong has surpassed 2 million tons, necessitating external support [3]. - The Guangxi region has a total caustic soda capacity of 1.145 million tons, primarily driven by the aluminum oxide industry, which is expected to see a significant increase in demand due to new production capacities coming online [3]. - The Fujian region has a caustic soda capacity of 1.44 million tons, meeting some local demand, while emerging industries like new energy and electronics are increasing the demand for caustic soda [3]. Systemic Challenges - The chlor-alkali industry faces systemic challenges including product structure imbalance, intensified market competition, and ongoing environmental constraints. Despite increased production and supply, key chlorinated products are operating below 70% capacity, indicating a persistent "alkali-chlorine imbalance" [5][6]. Development Strategies - To address these challenges, the industry must focus on expanding downstream products with high chlorine consumption and developing high-value, differentiated fine chemical products [6]. - The industry is urged to optimize market layouts to achieve supply-demand balance, enhance technological innovation for green development, and improve collaborative efficiency through smart transformation [7][8].

上市企业：镇洋发展（603213）,鄂尔多斯（600295）,北元集团（601568）,华塑股份（600935）,氯碱化 工（600618）,新疆天业（600075）,中泰化学（002092）,君正集团（601216）,嘉化能源（600273）,滨 化股份（601678） 相关报告：智研咨询发布的《2025-2031年中国烧碱行业市场调查研究及未来趋势预测报告》 根据国家统计局数据显示：2025年9月中国烧碱(折100％)产量为387万吨，同比增长5.2%；2025年1-9月 中国烧碱(折100％)累计产量为3432.4万吨，累计增长5%。 2020-2025年1-9月中国烧碱(折100％)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

氯碱日报 | 2025-12-02 烧碱下游下调接货价 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4553元/吨（+4）；华东基差-63元/吨（-4）;华南基差-53元/吨（-24）。 现货价格：华东电石法报价4490元/吨（+0）；华南电石法报价4500元/吨（-20）。 上游生产利润：兰炭价格800元/吨（+0）；电石价格2880元/吨（+50）；电石利润-50元/吨（+50）；PVC电石法生产 毛利-881元/吨（-33）；PVC乙烯法生产毛利-465元/吨（+51）；PVC出口利润-9.2美元/吨（-4.3）。 PVC库存与开工：PVC厂内库存32.3万吨（+0.7）；PVC社会库存52.8万吨（+0.1）；PVC电石法开工率82.21%（+2.06%）； PVC乙烯法开工率71.12%（-0.19%）；PVC开工率78.85%（+1.37%）。 下游订单情况：生产企业预售量67.0万吨（-0.7）。 烧碱： 期货价格及基差：SH主力收盘价2212元/吨（-12）；山东32%液碱基差69元/吨（-51）。 现货价格：山东32%液碱报价730元/吨（-20）；山东50%液碱报价120 ...

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Polyolefins - The fundamentals of LLDPE and PP show a pattern of increasing supply and weak demand, with both cost support and inventory pressure coexisting [2]. Methanol - The supply of inland methanol increases with the restart of devices, but the profits of coal - and gas - based production are weak. The traditional downstream demand has a slight increase, and the winter fuel demand provides support. In ports, the reduction of imports due to Iranian gas restrictions strengthens the de - stocking expectation and supports prices [6]. Natural Rubber - The supply is expected to increase seasonally, and the inventory continues to accumulate. The terminal demand improvement is weak. The market is expected to fluctuate within the range of 15000 - 15500 [9]. Crude Oil - Geopolitical risks support oil prices in the short term, but the continuous increase in OPEC+ production and the record - high US crude oil production put pressure on the supply - demand pattern. Oil prices are expected to fluctuate within a range, with Brent crude oil likely to trade between 60 - 65 dollars per barrel [11]. Polyester Industry Chain - PX: The medium - term supply - demand expectation is good, but the short - term valuation drive is limited. - PTA: The supply - demand is expected to tighten in December but be relatively loose in Q1. The absolute price is relatively firm in the short term, but the rebound space is limited. - Ethylene glycol: It is expected to fluctuate within a range in December. - Short - fiber: The short - term price support is strong, but the absolute price drive is limited, and the processing fee is likely to be compressed. - Bottle - chip: The supply - demand is in a loose pattern, and the processing fee is expected to be squeezed [14]. Pure Benzene and Styrene - Pure benzene: The supply - demand is expected to be weak, and the price is under upward pressure. - Styrene: The supply - demand is in a tight - balance state, but the upward drive is insufficient [15]. Glass and Soda Ash - Soda ash: The supply - demand pattern is still bearish, and it is expected to fluctuate at the bottom. - Glass: The short - term spot market is strong, but the 01 contract may face pressure later [16]. PVC and Caustic Soda - Caustic soda: The demand is weak, and the price is expected to run weakly. - PVC: The supply - demand is in an oversupply pattern, and the price is expected to continue the bottom - range fluctuation [17]. LPG No overall view was provided in the LPG report, but price, inventory, and开工率 data were presented [18]. 3. Summaries by Related Catalogs Polyolefins - **Prices**: L2601, L2605, PP2601, and PP2605 had different price changes on December 1st compared to November 28th. Spot prices of some products also changed, with the price of华东PP拉丝现货 increasing by 0.32% and华北LLDPE现货 increasing by 0.30% [2]. - **Inventory**: PE and PP inventories decreased, with PE企业库存 decreasing by 9.80% and PP企业库存 decreasing by 8.00% [2]. - **开工率**: PE装置开工率 increased by 2.17%, while PP装置开工率 decreased by 0.18% [2]. Methanol - **Prices**: MA2601 and MA2605 prices changed slightly on December 1st compared to November 28th. Spot prices of some regions also had minor changes [5]. - **Inventory**: Methanol企业库存 increased by 4.19%, while甲醇港口库存 decreased by 7.83% [5]. - **开工率**: Some upstream and downstream开工率 of methanol changed, with the上游 - domestic企业开工率 decreasing by 0.67% and the下游 -外采MTO装置开工率 decreasing by 0.78% [6]. Natural Rubber - **Prices**: The price of云南国营全乳胶(SCRWF) in Shanghai decreased by 1.33%, and the price of泰标混合胶 increased by 0.34% [9]. - **Production and Consumption**: The production of some countries in September changed, with Thailand's production decreasing by 5.45%. The domestic tire production and export in October decreased [9]. - **Inventory**: The保税区库存 increased by 2.74% [9]. Crude Oil - **Prices**: Brent, WTI, and SC prices all increased on December 1st compared to November 28th [11]. - **Spreads**: Some price spreads such as Brent M1 - M3 and WTI M1 - M3 changed [11]. - **Refined Oil**: The prices and spreads of refined oil products also had different changes [11]. Polyester Industry Chain - **Prices**: Upstream prices such as Brent crude oil and CFR日本石脑油 changed. Downstream polyester product prices also had various changes, with POY150/48价格 decreasing by 0.1% [14]. - **Spreads**: PX - related spreads and PTA - related spreads changed, such as PX -原油 increasing by 1.9% [14]. - **开工率**: The开工率 of various links in the polyester industry chain changed, with the亚洲PX开工率 decreasing by 1.3% [14]. Pure Benzene and Styrene - **Prices**: Pure benzene and styrene prices changed, with纯苯华东现货 decreasing by 0.6% and苯乙烯华东现货 decreasing by 0.2% [15]. - **Spreads**: Related spreads such as EB - BZ现货价差 increased by 1.6% [15]. - **Inventory and开工率**: Pure benzene and styrene inventories and开工率 changed, with纯苯江苏港口库存 increasing by 36.6% and苯乙烯开工率 decreasing by 2.4% [15]. Glass and Soda Ash - **Prices**: Glass and soda ash prices in different regions and futures prices changed, with the华东报价 of glass increasing by 0.84% and the纯碱2605 increasing by 0.68% [16]. - **Supply and Demand**: The开工率 and production of soda ash decreased, and the浮法日熔量 and光伏日熔量 also decreased [16]. - **Inventory**: Glass and soda ash inventories decreased, with the玻璃厂库 decreasing by 1.49% and the纯碱厂库 decreasing by 3.47% [16]. PVC and Caustic Soda - **Prices**: The prices of PVC and caustic soda changed, with山东32%液碱折自价 decreasing by 2.7% [17]. - **Supply and Demand**: The开工率 of the chlor - alkali industry and downstream industries changed, with the烧碱行业开工率 decreasing by 0.7% [17]. - **Inventory**: The inventories of PVC and caustic soda changed, with the液碱华东厂库库存 increasing by 6.0% [17]. LPG - **Prices**: LPG futures and spot prices changed, with the主力 PG2601 decreasing by 1.59% and the华南现货(民用气) increasing by 1.81% [18]. - **Inventory**: LPG inventories decreased, with theLPG炼厂库容比 decreasing by 7.70% [18]. - **开工率**: The开工率 of upstream and downstream industries changed, with the上游 -主营炼厂开工率 decreasing by 1.26% [18].

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].