Core Viewpoint - The report highlights the growth trends in China's caustic soda industry, indicating a steady increase in production and market potential from 2025 to 2032 [1] Industry Summary - According to the National Bureau of Statistics, the production of caustic soda in China reached 4.01 million tons in November 2025, representing a year-on-year growth of 4.6% [1] - From January to November 2025, the cumulative production of caustic soda was 42.326 million tons, with a cumulative growth rate of 4.8% [1] - The report provides a comprehensive market investigation and future trend forecast for the caustic soda industry in China from 2026 to 2032 [1] Company Summary - Listed companies in the caustic soda sector include Zhenyang Development (603213), Ordos (600295), Beiyuan Group (601568), Huashu Co., Ltd. (600935), Chlor-alkali Chemical (600618), Xinjiang Tianye (600075), Zhongtai Chemical (002092), Junzheng Group (601216), Jiahua Energy (600273), and Binhu Chemical (601678) [1]

Report Industry Investment Ratings - Propylene: ★★★ (indicating a more distinct upward trend with relatively appropriate investment opportunities currently) [1] - Polypropylene: ★★★ [1] - Plastic: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★★★ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ★★★ [1] - Methanol: ★★★ [1] - Urea: ★★★ [1] - PVC: ★★★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★☆☆ (indicating a bullish/bearish bias with a driving force for price increase/decrease, but poor operability on the market) [1] - Glass: ★★★ [1] Core Viewpoints - The chemical market shows a mixed trend with different products having their own supply - demand and price characteristics. Some products are affected by supply shortages, while others are influenced by demand changes, geopolitical factors, and production schedules [2][3][5]. Summaries by Relevant Catalogs Olefins - Polyolefins - Propylene futures fluctuated within the day. Supply was tight, inventory was controllable, and some offers continued to rise. Downstream factories followed well, driving up the trading center [2]. - Plastic and polypropylene futures also fluctuated. For polyethylene, pre - sales during the Spring Festival continued, the overall transaction center of spot goods moved up, and production confidence was enhanced. For polypropylene, although the futures maintained a high level, the market was cautious due to concerns about demand [2]. Pure Benzene - Styrene - Pure benzene futures fluctuated, and spot prices in East China continued to decline slightly. Supply was abundant, and the port was accumulating inventory. In the short - term, it would fluctuate due to geopolitical risks, and in the long - term, de - stocking was difficult [3]. - Styrene futures had a narrow - range consolidation. The supply - demand was in a tight balance, the port inventory was decreasing, the export market was good, and the downstream was bullish [3]. Polyester - As oil prices fell, the cost support for PX and PTA weakened. In the short - term, the upward drive for PX was weak, but the medium - term outlook was positive. PTA's main driver was from raw materials, and the processing margin would moderately recover [5]. - For ethylene glycol, new domestic plants were put into operation, while overseas plants stopped production. The industry was mixed. In the short - term, falling oil prices were a major negative, but in the second quarter, there were expectations of improvement [5]. - Short - fiber enterprises had low inventory, but downstream orders were weak. Demand would continue to decline, and the price would fluctuate with raw materials [5]. - Bottle - chip production decreased, downstream demand was for rigid needs, and the processing margin recovered, but long - term capacity pressure remained [5]. Coal Chemical Industry - Due to the cooling of the geopolitical situation in Iran, the methanol market declined. Overseas plant operation rates were low, and the port was de - stocking. However, with demand weakening, the de - stocking speed was expected to slow down, and the market was in a multi - empty game [6]. - Urea futures declined slightly, while spot prices were stable with a slight increase. With the approaching of spring demand and positive macro factors, the market was expected to be strong [6]. Chlor - Alkali Industry - PVC weakened within the day. Although production increased slightly and exports of some enterprises increased, downstream demand was weak, and inventory increased. In 2026, it was expected to reduce capacity, and the futures price center would rise [7]. - Caustic soda was in a weak position, and the industry was accumulating inventory. Although the profit of integrated enterprises was okay, the industry was generally in a loss, and it was necessary to track whether there would be production cuts [7]. Soda Ash - Glass - Soda ash fluctuated within the day. Production continued to rise, supply pressure was high, downstream procurement was weak, and the industry was accumulating inventory. It was recommended to short on rebounds [8]. - Glass was strong within the day and continued to de - stock. However, production lines were in a loss, capacity was compressed, and demand was insufficient. It might accumulate inventory seasonally, but in the long - term, supply reduction would relieve pressure, and it was recommended to buy on dips [8].

Core Viewpoint - The main contract for caustic soda futures experienced a sharp decline, dropping to a low of 2021.0 yuan, with a current price of 2024.0 yuan, reflecting a decrease of 2.36% [1] Group 1: Market Analysis - Dongwu Futures indicates that there is an expectation for further price declines in caustic soda due to high production and inventory levels, which are exacerbated by limited storage capacity [2] - Ruida Futures notes that while the average capacity utilization rate for caustic soda has slightly decreased, the overall operational status remains high, with downstream demand showing little change, leading to continued price pressure [3] - Southwest Futures highlights significant seasonal characteristics, including high production, low demand, and high inventory, suggesting a pessimistic outlook for future caustic soda prices despite some improvement in profitability from liquid chlorine [4]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint The short - term outlook for the caustic soda market is bearish. The supply - demand contradiction has not been effectively alleviated, and prices are expected to remain under pressure. An approach of selling on rallies is recommended. Without a substantial improvement in the supply - demand contradiction, caustic soda prices are unlikely to have a trending upward movement and will mainly show a weak and volatile pattern [4]. 3. Summary by Directory Today's Market Review - The main contract of caustic soda futures on the Zhengzhou Commodity Exchange showed a volatile downward trend. It opened at 2164 yuan/ton, reached a high of 2169 yuan/ton, a low of 2123 yuan/ton, and closed at 2131 yuan/ton, down 2.74% from the previous trading day. The trading volume was 485,679 lots, and the open interest was 208,787 lots, an increase of 9,209 lots from the previous day. The total open interest of the variety reached 325,746 lots, continuing the recent upward trend [2]. Spot Market Situation - On January 13, 2026, the market price (mid - price) of 30% diaphragm caustic soda in North China was 720 yuan/ton. According to Business Society data, the benchmark price of caustic soda on that day was 726.00 yuan/ton, down 1.63% from the beginning of the month (738.00 yuan/ton), in the low - price range of the year. There is a significant basis between the caustic soda futures price and the spot price, and the market shows a contango pattern [2]. Main Influencing Factors Analysis - **Supply - demand fundamentals**: The current caustic soda market has a pattern of "excess supply + weak demand". The supply side maintains high - level production with sufficient supply. On the demand side, non - aluminum industries mainly make low - price and rigid purchases, with low willingness to buy at high prices. The demand in the main alumina production areas has not changed much, and there is no new demand [2]. - **Macroeconomic environment**: In December 2025, China's manufacturing PMI was 50.1%, above the boom - bust line, indicating an improvement in manufacturing sentiment, but it has not significantly boosted the downstream demand for caustic soda [3]. - **Related product market**: In the chlor - alkali industry chain, the PVC market was relatively strong today but failed to drive up the caustic soda price, suggesting that the supply - demand contradiction of caustic soda itself is the dominant factor [3]. Short - term Outlook - The caustic soda market fundamentals remain bearish in the short term. The supply side maintains high - level production, and there are no obvious signs of improvement on the demand side. Prices are expected to remain under pressure. Key factors to watch include basis changes, inventory inflection points, downstream demand changes, and the impact of macro - economic policies on manufacturing demand [4].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The caustic soda market is currently in a high-inventory and high-supply pattern, with short-term prices remaining weak due to low-cost warehouse receipts and pre-holiday inventory reduction pressure. However, beware of overshoot rebounds. Focus on tracking the production reduction of caustic soda manufacturers as well as the operating conditions of electrolytic aluminum and alumina enterprises [3][4] Group 3: Summary by Relevant Catalogs Fundamental Analysis - From January 2nd to 8th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 86.8%, a week-on-week increase of 0.4% [1] - From January 3rd to 9th, the alumina operating rate increased by 1.07% week-on-week to 85.74%. From January 5th to 8th, the viscose staple fiber operating rate increased by 3.01% week-on-week to 88.43%, and the printing and dyeing operating rate decreased by 0.72% week-on-week to 60.09% [1] - As of January 8th, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the whole country was 495,200 tons (wet tons), a week-on-week increase of 1.96% and a year-on-year increase of 76.03% [1] - From January 2nd to 8th, the weekly average gross profit of Shandong chlor-alkali enterprises was 183 yuan/ton [1] Macroeconomic Analysis - The Ministry of Finance announced an adjustment to the export tax rebate policy for products such as photovoltaic products. As of April 1st, 2026, the VAT export tax rebate for products such as photovoltaic products will be cancelled, including various lithium compounds, methanol, polyvinyl chloride products, and some silicon products [2] Futures and Spot Market Analysis - The caustic soda market 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 inventory reduction pressure. The winter is the off-season for chlor-alkali enterprise maintenance, while spring (March - May) and autumn (September - October) are the traditional concentrated maintenance seasons for chlor-alkali enterprises. The futures price has reached a new low [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The cancellation of the export tax - rebate for PVC from April 1st may lead to a rush of exports, benefiting contracts before April. However, the overall supply - demand pattern of the PVC market is weak. The supply is abundant, downstream demand is lackluster, and inventory is high. After April, the export is expected to decline significantly, further loosening the supply - demand relationship [3]. - The spot price of caustic soda is stable with a slight decline. Affected by low - price warehouse receipts, the spot price is weak. The supply - demand of caustic soda is also weak, with inventory in Shandong continuing to accumulate. The supply side has a high overall operating rate, and the demand side has a general receiving sentiment and low export orders [3]. 3. Summary According to Relevant Catalogs Market News and Important Data PVC - **Futures Price and Basis**: The closing price of the PVC main contract is 4878 yuan/ton (-10); the East China basis is - 238 yuan/ton (-10); the South China basis is - 258 yuan/ton (+0) [1]. - **Spot Price**: The East China calcium carbide - based PVC is quoted at 4640 yuan/ton (-20); the South China calcium carbide - based PVC is quoted at 4620 yuan/ton (-10) [1]. - **Upstream Production Profit**: The blue charcoal price is 750 yuan/ton (+0); the calcium carbide price is 2805 yuan/ton (+0); the calcium carbide profit is - 85 yuan/ton (+0); the gross profit of calcium carbide - based PVC production is - 634 yuan/ton (+80); the gross profit of ethylene - based PVC production is - 192 yuan/ton (+87); the PVC export profit is - 9.0 US dollars/ton (+0.1) [1]. - **Inventory and Operating Rate**: The in - factory PVC inventory is 32.8 tons (+1.9); the social PVC inventory is 54.6 tons (+2.1); the operating rate of calcium carbide - based PVC is 80.23% (+2.00%); the operating rate of ethylene - based PVC is 75.69% (+0.41%); the overall PVC operating rate is 78.85% (+1.51%) [1]. - **Downstream Orders**: The pre - sales volume of production enterprises is 90.9 tons (+9.4) [1]. Caustic Soda - **Futures Price and Basis**: The closing price of the SH main contract is 2093 yuan/ton (-38); the basis of 32% liquid caustic soda in Shandong is 7 yuan/ton (+32) [1]. - **Spot Price**: The price of 32% liquid caustic soda in Shandong is 672 yuan/ton (-2); the price of 50% liquid caustic soda in Shandong is 1080 yuan/ton (+0) [2]. - **Upstream Production Profit**: The single - variety profit of caustic soda in Shandong is 1075 yuan/ton (-6); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 587.8 yuan/ton (+33.8); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 279.20 yuan/ton (-36.25); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 503.49 yuan/ton (-81.01) [2]. - **Inventory and Operating Rate**: The inventory of liquid caustic soda factories is 49.51 tons (+0.94); the inventory of flake caustic soda factories is 3.08 tons (+0.06); the operating rate of caustic soda is 86.80% (+0.40%) [2]. - **Downstream Operating Rate**: The operating rate of alumina is 85.74% (+1.07%); the operating rate of printing and dyeing in East China is 60.09% (-0.72%); the operating rate of viscose staple fiber is 88.43% (+3.38%) [2]. Market Analysis PVC - The cancellation of the export tax - rebate from April 1st may lead to a rush of exports, benefiting contracts before April. The overall supply - demand pattern is weak. The supply is abundant, downstream operating rates are mixed with a downward trend, and inventory is high. The cost - side profit has some repair but is still low year - on - year, and the hedging pressure on the futures market is high [3]. Caustic Soda - The spot price is stable with a slight decline, affected by low - price warehouse receipts. The supply - demand is weak, with inventory in Shandong accumulating. The supply side has a high operating rate, and the demand side has a general receiving sentiment and low export orders [3]. Strategy PVC - **Single - side Strategy**: Oscillation [4]. - **Inter - delivery Strategy**: Go long on the V03 contract and short on the V05 contract when the spread is low [4]. - **Inter - commodity Strategy**: None [4]. Caustic Soda - **Single - side Strategy**: Cautiously bearish [5]. - **Inter - delivery Strategy**: Go short on the SH03 contract and long on the SH05 contract when the spread is high [5]. - **Inter - commodity Strategy**: None [5].

Report Industry Investment Ratings - Propylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - Polypropylene: ☆☆☆ [1] - Pure Benzene: ☆☆☆ [1] - PX: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Ethylene Glycol: ☆☆☆ [1] - Short Fiber: ☆☆☆ [1] - Bottle Chip: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - Urea: ☆☆☆ [1] - PVC: ☆☆☆ [1] - Caustic Soda: ★☆★ [1] - Soda Ash: ★☆☆ [1] - Glass: ☆☆☆ [1] Core Viewpoints - The overall market is influenced by factors such as international oil prices, supply - demand relationships, and geopolitical factors. Different chemical products show different price trends and investment opportunities based on their own fundamentals [2][3][5] Summary by Directory Olefins - Polyolefins - Propylene futures: The main contract opened high and went low, touching the 5 - day moving average. International oil prices are rising, and there is an expected reduction in olefin supply, with good downstream demand [2] - Plastic futures: The main contract closed up in a volatile manner. Cost - end support is strengthening, some spot is tight, and downstream factories replenish stocks as needed [2] - Polypropylene futures: The main contract closed up in a volatile manner. The number of maintenance devices has increased, supply has shrunk, and downstream demand is stable due to pre - holiday order - making [2] Pure Benzene - Styrene - Pure benzene: Spot and futures prices are rising. Cost - end support is obvious due to geopolitical factors, but there is a large inventory and high resistance to destocking in the long - term [3] - Styrene: The main futures contract was sorted out narrowly. Cost - end support is strong, supply and demand are in a tight balance, and exports are improving [3] Polyester - PX and PTA: They continued to fluctuate. The short - term upward drive of PX is weak, but the medium - term outlook is positive. PTA's processing margin has moderately recovered [5] - Ethylene glycol: New domestic devices are about to be put into operation, and overseas devices are shutting down. Supply is expected to increase domestically and decrease overseas. There is pressure in the short - term, but there may be a phased improvement in the second quarter [5] - Short fiber: Enterprise inventory is low, but downstream orders are weak. Demand will continue to decline, and the price will fluctuate with raw materials [5] - Bottle chip: The operating rate has decreased, inventory has declined, and prices are firm. However, over - capacity is a long - term pressure [5] Coal Chemical Industry - Methanol: The futures market is strong. Overseas device operating rates are low, and port inventory is decreasing. But there are concerns about weakening demand [6] - Urea: The futures market rose strongly. Demand from compound fertilizer enterprises is increasing, and the market sentiment is positive. The market is expected to be strong in the spring [6] Chlor - Alkali - PVC: It showed a strong and volatile trend. The operating rate has increased, but demand is weak. There may be arbitrage opportunities in the short - term, and the price is expected to rise in 2026 [7] - Caustic soda: It is operating weakly. The chlorine market is good, but the industry is generally in the red. There is pressure from inventory accumulation [7] Soda Ash - Glass - Soda ash: It showed a strong and volatile trend. Supply pressure is increasing, and downstream demand is weak. It is recommended to short on rebounds [8] - Glass: It is operating weakly. Production capacity is being compressed, demand is insufficient, but there may be long - term low - buying opportunities after the decline [8]

Group 1 - The core viewpoint of the news is that Yinglite's stock has shown a modest increase in price and trading activity, with a notable rise in stock price since the beginning of the year [1] - As of January 14, Yinglite's stock price was 9.91 yuan per share, with a market capitalization of 3.906 billion yuan [1] - The company has experienced a year-to-date stock price increase of 11.47%, with a 60-day increase of 17.28% [1] Group 2 - Yinglite's main business includes the production and sales of calcium carbide, calcium nitride, dicyandiamide, caustic soda, polyvinyl chloride resin, liquid chlorine, and hydrochloric acid [1] - The revenue composition of Yinglite's main business is as follows: PVC 52.21%, caustic soda 28.20%, E-PVC 12.83%, other chemical products 2.35%, calcium carbide 2.24%, and electricity 0.67% [1] - As of January 9, the number of Yinglite's shareholders increased by 8.56% to 23,100, while the average circulating shares per person decreased by 7.89% to 13,105 shares [2] Group 3 - For the period from January to September 2025, Yinglite reported an operating income of 1.28 billion yuan, a year-on-year decrease of 6.97%, and a net profit attributable to shareholders of -247 million yuan, a year-on-year increase of 4.07% [2] - Yinglite has cumulatively distributed 608 million yuan in dividends since its A-share listing, with no dividends distributed in the last three years [3]

Group 1: Report Investment Rating - There is no information about industry investment rating in the report Group 2: Core Viewpoints - The overall supply - demand pattern of PVC is weak. Although there may be a rush to export before April, the export situation is expected to decline significantly after April. The supply is abundant, downstream demand has a downward trend, and inventory is high. [3] - The supply - demand situation of caustic soda is also weak. The spot price is stable with a downward trend, the inventory is accumulating, the supply side is at a high - level of operation, and the demand side is lackluster. [3] Group 3: Market News and Key Data PVC - Futures price and basis: The closing price of the main PVC futures contract is 4888 yuan/ton (-52), the East China basis is -228 yuan/ton (+92), and the South China basis is -258 yuan/ton (+52) [1] - Spot price: The East China calcium carbide - method PVC is quoted at 4660 yuan/ton (+40), and the South China calcium carbide - method PVC is 4630 yuan/ton (+0) [1] - Upstream production profit: The semi - coke price is 750 yuan/ton (+0), the calcium carbide price is 2805 yuan/ton (+0), the calcium carbide profit is - 85 yuan/ton (+0), the gross profit of PVC calcium carbide - method production is - 634 yuan/ton (+80), the gross profit of PVC ethylene - method production is - 192 yuan/ton (+87), and the PVC export profit is - 9.0 US dollars/ton (+9.2) [1] - PVC inventory and operation rate: The in - factory inventory of PVC is 32.8 tons (+1.9), the social inventory is 54.6 tons (+2.1), the operation rate of PVC calcium carbide - method is 80.23% (+2.00%), the operation rate of PVC ethylene - method is 75.69% (+0.41%), and the overall PVC operation rate is 78.85% (+1.51%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 90.9 tons (+9.4) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2131 yuan/ton (-49), and the basis of 32% liquid caustic soda in Shandong is - 25 yuan/ton (+5) [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 674 yuan/ton (-14), and the price of 50% liquid caustic soda in Shandong is 1080 yuan/ton (+0) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1081 yuan/ton (-44), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 554.0 yuan/ton (-3.8), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 242.95 yuan/ton (-3.75), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 584.50 yuan/ton (+30.00) [2] - Caustic soda inventory and operation rate: The inventory of liquid caustic soda factories is 49.51 tons (+0.94), the inventory of flake caustic soda factories is 3.08 tons (+0.06), and the operation rate of caustic soda is 86.80% (+0.40%) [2] - Downstream operation rate of caustic soda: The operation rate of alumina is 85.74% (+1.07%), the operation rate of printing and dyeing in East China is 60.09% (-0.72%), and the operation rate of viscose staple fiber is 88.43% (+3.38%) [2] Group 4: Market Analysis PVC - The cancellation of export tax rebates from April 1 may lead to a rush to export, which is beneficial for contracts before April. However, the overall supply - demand pattern is weak. The supply is abundant, downstream operation rate is generally flat with a downward trend, and inventory is high. The cost - side profit is still low compared to the same period last year, and the hedging pressure on the futures market exists. [3] Caustic Soda - The spot price of caustic soda is stable with a downward trend, and the futures market is oscillating and correcting. The cost expectation is pushed up by the draft of differential electricity price in Shaanxi, but the impact is small. The supply - demand is weak, inventory is accumulating, the supply side is at a high - level operation, and the demand side is lackluster. The price of liquid chlorine is rising. [3] Group 5: Strategies PVC - Unilateral trading: Oscillation - Inter - delivery spread trading: Go long on the V03 - 05 spread when it is low - Cross - variety trading: None [4] Caustic Soda - Unilateral trading: Oscillation with a weak trend - Inter - delivery spread trading: Go short on the SH03 - 05 spread when it is high - Cross - variety trading: None [5]

Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The short - term SH2603 is expected to fluctuate weakly, and attention should be paid to the support around 2100 technically. The supply pressure of caustic soda may further increase. The spot price of liquid caustic soda is under pressure due to the overall loose supply - demand situation. [2] Group 3: Summary by Directory Futures Market - The main closing price of caustic soda is 2131 yuan/ton, a decrease of 49 yuan; the main contract position is 208,787 lots, an increase of 9,209 lots; the net position of the top 20 futures is - 26,422 lots, a decrease of 2,085 lots; the main contract trading volume is 485,679 lots, an increase of 41,886 lots. The closing price of the January contract is 0 yuan/ton, a decrease of 1,964 yuan; the closing price of the May contract is 2,313 yuan/ton, a decrease of 56 yuan. [2] Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 674 yuan/ton, a decrease of 14 yuan; in Jiangsu, it is 780 yuan/ton, unchanged. The converted price of 32% caustic soda in Shandong is 2,106 yuan/ton, a decrease of 44 yuan. The basis is - 25 yuan/ton, an increase of 5 yuan. [2] Upstream Situation - The mainstream price of raw salt in Shandong is 250 yuan/ton, unchanged; in the Northwest, it is 220 yuan/ton, unchanged. The price of thermal coal is 644 yuan/ton, unchanged. [2] Industry Situation - The mainstream price of liquid chlorine in Shandong is 200 yuan/ton, an increase of 50 yuan; in Jiangsu, it is 250 yuan/ton, unchanged. [2] Downstream Situation - The spot price of viscose staple fiber is 12,900 yuan/ton, unchanged; the spot price of alumina is 2,580 yuan/ton, a decrease of 5 yuan. [2] Industry News - From January 2nd to 8th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 86.8%, a 0.4% increase from the previous week. From January 3rd to 9th, the alumina start - up rate increased by 1.07% to 85.74%. From January 5th to 8th, the viscose staple fiber start - up rate increased by 3.01% to 88.43%, and the printing and dyeing start - up rate decreased by 0.72% to 60.09%. As of January 8th, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in the country was 495,200 tons (wet tons), a 1.96% increase from the previous week and a 76.03% increase year - on - year. [2] Viewpoint Summary - From January 2nd to 8th, the average weekly profit of Shandong chlor - alkali enterprises was 183 yuan/ton. The capacity utilization rate increased slightly, the start - up was high. The alumina start - up rate changed little, the viscose staple fiber start - up load increased, and the printing and dyeing start - up rate decreased seasonally. The inventory increased compared with the previous period and was higher than the same - period level. The price of caustic soda in Shandong was weak, the price of liquid chlorine increased, and the profit of Shandong chlor - alkali increased slightly. The planned maintenance capacity of chlor - alkali in January was small, and the industry start - up rate was expected to remain at a relatively high level. The short - term start - up load of alumina enterprises remained basically stable, but the low profit in the industry suppressed the procurement demand of alumina plants and increased the expectation of future production cuts. Non - aluminum downstream may maintain rigid procurement. [2]