氯碱日报 | 2026-02-13 下游开工节前走弱 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4938元/吨（-52）；华东基差-208元/吨（+42）;华南基差-98元/吨（+32）。 现货价格：华东电石法报价4730元/吨（-10）；华南电石法报价4840元/吨（-20）。 上游生产利润：兰炭价格735元/吨（+0）；电石价格2945元/吨（+15）；电石利润67元/吨（+15）；PVC电石法生产 毛利-698元/吨（-39）；PVC乙烯法生产毛利129元/吨（+26）；PVC出口利润15.4美元/吨（+0.2）。 PVC库存与开工：PVC厂内库存31.2万吨（+2.4）；PVC社会库存61.4万吨（+2.1）；PVC电石法开工率80.78%（+0.41%）； PVC乙烯法开工率73.69%（+0.44%）；PVC开工率78.62%（+0.41%）。 下游订单情况：生产企业预售量101.3万吨（-5.8）。 烧碱： 期货价格及基差：SH主力收盘价1958元/吨（+4）；山东32%液碱基差-83元/吨（+27）。 现货价格：山东32%液碱报价600元/吨（+10）；山东50%液碱报价1 ...

| ફ્તિ સિ | 本期价格 | 较上期涨跌幅 | 较基期涨跌幅 | | --- | --- | --- | --- | | | (单位:元/吨) | | | | 陕西 | 237.30 | -2.03% | 12.24% | | 安徽 | 252.80 | 0.73% | 11.00% | | 江苏 | 203.69 | -2.45% | -33.09% | | 湖北 | 220.00 | 2.33% | -6.38% | | 江西 | 265.27 | -1.03% | 16.75% | | 河南 | 287.61 | -0.22% | 24.09% | | 重庆 | 250.97 | -0.35% | -24.94% | | 新疆 | 194.83 | -4.47% | 90.51% | | 河北 | 197.09 | -0.41% | 7.11% | | 山东 | 241.82 | -0.84% | 0.76% | | 湖南 | 260.80 | -5.51% | -15.05% | | 肯海 | | | | | 石南 | 341.32 | 0.98% | -37.44% | | 四川 | 295 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - PVC market's overall supply - demand pattern remains weak, but recent "rush - to - export" sentiment supports the spot, and the long - term cost expectation is raised due to the mercury - free transformation. The PVC outlook is relatively strong, and attention should be paid to the market acceptance of spot prices, inventory changes, and macro - expectations [3] - The spot price of caustic soda shows mixed trends. The low - price spot stimulates some pre - Spring Festival stocking purchases. The supply is at a high level, and the demand is generally weak. The export orders improve slightly. After the Spring Festival, the spot purchase may improve, and attention should be paid to the price fluctuation of liquid chlorine and the downstream purchase rhythm [3] Group 3: Summary by Relevant Catalogs PVC Market News and Important Data - Futures price and basis: The closing price of PVC main contract is 4,992 yuan/ton (+11), the East China basis is - 212 yuan/ton (-1), and the South China basis is - 102 yuan/ton (+29) [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4,780 yuan/ton (+10), and the South China calcium carbide - based PVC is quoted at 4,890 yuan/ton (+40) [1] - Upstream production profit: The semi - coke price is 735 yuan/ton (+0), the calcium carbide price is 2,930 yuan/ton (+0), the calcium carbide profit is 52 yuan/ton (+0), the gross profit of PVC calcium carbide - based production is - 659 yuan/ton (+86), the gross profit of PVC ethylene - based production is 103 yuan/ton (+82), and the PVC export profit is 8.9 dollars/ton (+9.9) [1] - PVC inventory and operation: The in - factory inventory of PVC is 28.8 tons (-0.2), the social inventory is 59.3 tons (+0.8), the operation rate of PVC calcium carbide - based production is 80.37% (+0.39%), the operation rate of PVC ethylene - based production is 73.25% (+2.64%), and the overall PVC operation rate is 78.21% (+1.08%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 107.1 tons (+11.1) [1] Market Analysis - The export tax rebate for PVC was cancelled on April 1st, and the "rush - to - export" led to strong export orders, which have recently declined. The upstream inventory pressure is not large. The overall supply - demand pattern of the PVC market remains weak. The supply is abundant, with a slight decline due to some maintenance. The downstream operation rate is decreasing, and there is a further decline expectation. The social inventory is slightly increasing and at a high level compared to the same period last year. The upstream chlor - alkali production profit is slightly repaired, but still at a low level year - on - year. The calcium carbide price is rising, the semi - coke price is stable, the calcium carbide profit is improving, and the semi - coke profit is 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 futures market for hedging [3] Strategy - Unilateral: Oscillation - Inter - delivery: Go long on the V05 - 09 spread when it is low - Inter - variety: None [4] Caustic Soda Market News and Important Data - Futures price and basis: The closing price of SH main contract is 1,937 yuan/ton (+75), and the basis of 32% liquid caustic soda in Shandong is - 100 yuan/ton (-78) [1] - Spot price: The 32% liquid caustic soda in Shandong is quoted at 588 yuan/ton (-1), and the 50% liquid caustic soda in Shandong is quoted at 1,010 yuan/ton (+0) [1] - Upstream production profit: The single - product profit of caustic soda in Shandong is 821 yuan/ton (-3), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 139.8 yuan/ton (-203.1), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 542.21 yuan/ton (-3.13), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 740.29 yuan/ton (+0.00) [2] - Caustic soda inventory and operation: The liquid caustic soda factory inventory is 47.14 tons (-4.89), the flake caustic soda factory inventory is 2.76 tons (+0.05), and the caustic soda operation rate is 87.80% (+0.10%) [2] - Downstream operation of caustic soda: The operation rate of alumina is 84.06% (-0.71%), the operation rate of printing and dyeing in East China is 27.91% (-22.74%), and the operation rate of viscose staple fiber is 88.43% (+0.00%) [2] Market Analysis - The spot price of caustic soda shows mixed trends. The low - price spot stimulates some pre - Spring Festival stocking purchases, and the inventory in Shandong and Jiangsu is decreasing. The overall supply operation is at a high level, and there are no new maintenance enterprises in the future. The demand side has a general receiving sentiment. Some alumina plants are under maintenance, the operation rate is slightly decreasing, the unloading efficiency is average, and the long - term demand expectation for caustic soda is decreasing. The non - aluminum industry is gradually entering the seasonal off - season. The export orders are slightly improving. Before the Spring Festival, the downstream operation rate of liquid chlorine is decreasing, the liquid chlorine price is falling, and the comprehensive cost support of chlor - alkali is strengthening. The current caustic soda warehouse receipts have a certain suppression on the futures market [3] Strategy - Unilateral: Oscillation - Inter - delivery: Go long on the SH04 - 05 spread when it is low - Inter - variety: None [5]

烧碱周报 研究员：李轩怡 期货从业证号：F03108920 投资咨询资格证号：Z0018403 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第二章 | 周度数据追踪 | 9 | GALAXY FUTURES 1 综合分析与交易策略 【综合分析】 本周出现华北地区某大型氧化铝厂2期焙烧炉全部停产检修、导致在产品库存积压，其前端投料暂停的各类传言。等待下周验证。 烧碱供需双弱。供应端装置负荷微降。氯碱开工负荷率下滑0.81个百分点至90.63%，烧碱折百产量88.14万吨，环比减少0.89%。虽 然部分装置检修带来供应微减，但整体供应依然充足。需求端分化运行，刚需收尾。主力下游氧化铝运行产能回落至75.42%（-2.34 个百分点），需求支撑减弱；粘胶短纤开工率虽提升至83.78%，但受春节临近影响，下游备货基本结束，整体接货意愿转淡。库存 去化，亏损扩大。上游压力缓解。山东32%液碱工厂库存降至10.98万吨，环比大幅下降8.88%。贸易商因避险情绪维持低库存，社 会库存变动不大。利润严重亏损，挺价意愿强。山东氯碱企 ...

Group 1: Market News and Key Data PVC - Futures price and basis: The closing price of the PVC main contract was 4,895 yuan/ton (-18), the East China basis was -215 yuan/ton (-2), and the South China basis was -175 yuan/ton (+18) [1] - Spot price: The East China calcium carbide method quoted price was 4,680 yuan/ton (-20), and the South China calcium carbide method quoted price was 4,720 yuan/ton (+0) [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 method production was -744 yuan/ton (+55), the gross profit of PVC ethylene method production was 21 yuan/ton (+70), and the PVC export profit was -0.8 US dollars/ton (+5.0) [1] - PVC inventory and operation: The in - factory PVC inventory was 29.0 tons (-1.8), the social PVC inventory was 58.5 tons (+0.8), the operation rate of the PVC calcium carbide method was 79.98% (-0.16%), the operation rate of the PVC ethylene method was 70.61% (-2.43%), and the overall PVC operation rate was 77.13% (-0.85%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 96.0 tons (+7.6) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 1,964 yuan/ton (-5), and the basis of 32% liquid caustic soda in Shandong was -95 yuan/ton (+2) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 598 yuan/ton (-1), and the price of 50% liquid caustic soda in Shandong was 1,010 yuan/ton (+0) [1] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 852 yuan/ton (-3), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 411.0 yuan/ton (-3.1), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was -505.96 yuan/ton (-13.13), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 550.29 yuan/ton (+0.00) [2] - Caustic soda inventory and operation: The liquid caustic soda factory inventory was 52.03 tons (+1.07), the flake caustic soda factory inventory was 2.71 tons (-0.08), and the caustic soda operation rate was 87.40% (-0.30%) [2] - Caustic soda downstream operation: The alumina operation rate was 85.18% (-0.65%), the printing and dyeing operation rate in East China was 50.65% (-5.89%), and the viscose staple fiber operation rate was 88.43% (+0.00%) [2] Group 2: Market Analysis PVC - The export tax rebate for PVC was cancelled on April 1st. There was a situation of rushing to export before April, and export orders remained at a high level. The overall supply - demand pattern of the PVC market continued to be weak. The domestic PVC supply was abundant, and there were temporary short - term shutdowns for maintenance in some plants. There were no new maintenance enterprises next week. Downstream operation of some products was flat or declined, and downstream enterprises mainly purchased at low prices. Social inventory increased slightly and was at a high level year - on - year. The upstream chlor - alkali production profit was slightly repaired, but still at a low level year - on - year. The calcium carbide price increased, and the semi - coke price was stable, with both in a loss state. PVC warehouse receipts were at a high level in the same period, and there was still hedging pressure on the futures market. Although the current export rush supported the spot, the export was expected to decline significantly after April, which would further loosen the supply - demand relationship of subsequent contracts. Attention should be paid to enterprise export dynamics and capital dynamics [3] Caustic Soda - The current spot price of caustic soda continued to be weak, and the supply - demand was also weak. The inventory in Shandong continued to increase, but at a slower pace. The overall supply - side operation was at a high level, the liquid caustic soda price declined, and chlor - alkali enterprises had a stronger willingness to support the liquid chlorine price. The price of epichlorohydrin downstream of liquid chlorine was strong this week due to pre - holiday inventory demand from downstream epoxy resin and solvents, which supported the liquid chlorine price. There were few planned maintenance enterprises for caustic soda. The demand - side receiving sentiment was average, the alumina plant operation declined slightly, the unloading efficiency was average, and some alumina plants in Shandong lowered the purchase price of 32% caustic soda. The production progress of alumina in Guangxi was postponed, and the market was pessimistic, resulting in insufficient purchasing power. Non - aluminum industries were gradually entering the seasonal off - season, and export orders remained sluggish. Attention should be paid to downstream receiving sentiment and fluctuations in liquid chlorine downstream devices and capital dynamics [3] Group 3: Strategy PVC - Unilateral: Sideways [4][5] - Inter - delivery spread: Go long on the V05 - 09 spread when it is low [4] - Inter - commodity spread: None [4][5] Caustic Soda - Unilateral: Sideways [5] - Inter - delivery spread: Wait and see [5] - Inter - commodity spread: None [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The trading atmosphere in the domestic liquid caustic soda market is dull today. The prices of 32% liquid caustic soda in Shandong and Hebei regions have decreased, the price of 48% liquid caustic soda in Jiangsu region has decreased, and the price of 32% liquid caustic soda in Inner Mongolia region has increased. The enthusiasm of downstream buyers in Shandong region is low, and recently some warehouse receipt goods have entered the market, impacting the market price. The market price of 32% liquid caustic soda has decreased, the trading of 50% liquid caustic soda is stable, and the price remains unchanged. The mainstream transaction price of 32% ion - membrane caustic soda in Shandong region today is 650 - 760 yuan/ton. The purchase price of liquid caustic soda by a large local downstream alumina factory is 645 yuan/ton, and the mainstream transaction price of 50% ion - membrane caustic soda in Shandong region is 1050 - 1210 yuan/ton, a decline from the previous working day's average price. The game between long and short positions is fierce, and it is recommended to stay on the sidelines [1] 3. Summary According to the Catalog 3.1 Price Changes of Raw Materials and Products - **Raw Salt**: The prices in Shandong, Jiangsu, and Northwest remain unchanged at 240, 260, and 180 respectively [1] - **Calcium Carbide**: The prices in Shandong and Inner Mongolia remain unchanged at 250 and 3415 respectively [1] - **Liquid Chlorine**: The price in Shandong increases by 50 from 200 to 250, while the prices in Jiangsu and Northwest remain unchanged at 250 and - 100 respectively [1] - **32% Liquid Caustic Soda**: The prices in Shandong, Jiangsu, and Guangdong remain unchanged at 2156, 2438, and 1075 respectively [1] - **50% Liquid Caustic Soda**: The prices in Shandong, Jiangsu, and Guangdong remain unchanged at 2160, 1280, and 1300 respectively [1] - **Caustic Soda Flakes**: The prices in Shandong, Inner Mongolia, Guangdong, and Southwest remain unchanged at 3050, 2700, 2750, and 3375 respectively [1] - **PVC**: The price in Shandong remains unchanged at 3450 [1] 3.2 Futures and Basis - **Futures Main Contract**: The closing price in Inner Mongolia changes from 5550,2093 to 5550,2057, with a change of 0, - 36 [1] - **Basis**: The basis in Shandong increases by 38 from - 62 to - 24, and the basis in Jiangsu increases by 49 from 258 to 307 [1] 3.3 Price Differences and Profits - **Price Difference between 50% Caustic Soda and 32% Caustic Soda**: The price difference in Shandong remains unchanged at 4 [1] - **Price Difference between Caustic Soda Flakes and 50% Caustic Soda**: The price difference in Guangdong decreases by 31 from 48 to 16 [1] - **Regional Price Difference of 50% Caustic Soda**: The price difference between the east and Shandong remains unchanged at 515 [1] - **Regional Price Difference of Caustic Soda Flakes**: The price differences between Southwest and Inner Mongolia, and between Southwest and Shandong remain unchanged at 250 and 700 respectively [1] - **Chlor - alkali Profit**: The profit in Shandong increases by 1 from - 15 to - 14, and the profit in the Northwest decreases by 31 from 349 to 318 [1] 3.4 Electricity Price - The electricity prices in Shandong and Inner Mongolia remain unchanged at 0.63 and 0.44 respectively [1]

Core Viewpoint - The market price of caustic soda has shown a slight decline this week, with expectations for continued price stabilization and minor decreases in the near future due to supply and demand dynamics [1] Price Trends - As of January 14, the price of caustic soda in the Inner Mongolia Wuhai region is 2600 RMB per ton, down 2.99% from 2680 RMB per ton the previous week [1] - The overall market is characterized by sufficient supply and weak demand from both alumina and non-alumina sectors, leading to inventory pressures among manufacturers [1] Market Sentiment - Manufacturers are experiencing a lack of confidence due to inventory build-up and shipping pressures, contributing to the downward price trend [1] - It is anticipated that the price of caustic soda will continue to stabilize with minor declines, as the fundamental supply and demand situation remains largely unchanged [1] Regional Insights - In the Xinjiang region, major caustic soda producers may reduce prices due to diminishing price advantages compared to Inner Mongolia and shortened pre-sale periods [1] - Other major production areas may adopt a temporary price stabilization strategy in response to the continuous price decline [1]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The caustic soda market is currently in a situation of supply contraction, weak demand, and improving profits. Liquid caustic soda is expected to stabilize in the short term, and prices in Shandong may rise slightly. The futures market is expected to remain volatile and weak in the short term, and attention should be paid to the sustainability of the rebound in Shandong spot prices and the cost - side logic transformation caused by liquid chlorine price fluctuations [4]. - For trading strategies, a unilateral long position in caustic soda is recommended as prices may rise steadily; for arbitrage and options, it is advisable to wait and see [5]. Summary by Directory 1. Comprehensive Analysis and Trading Strategy Comprehensive Analysis - Supply side: This week, the number of caustic soda plant overhauls increased. The national sample enterprise operating load rate dropped to 88.47% (a 1.37% week - on - week decrease), and the output of 100% equivalent caustic soda decreased to 856,300 tons (a 1.52% week - on - week decrease), slightly alleviating the short - term supply pressure [4]. - Demand side: The operating rate of the core downstream alumina industry dropped to 80.29% (a 1.08% week - on - week decrease), weakening the support for caustic soda. Non - aluminum downstream industries such as viscose staple fiber saw a slight increase in operating rates, but overall procurement remained at a just - in - time level, and most purchases were made at low prices, resulting in a lukewarm market [4]. - Inventory side: There was a significant differentiation in inventory. For liquid caustic soda, the overall sample inventory in East China decreased by 10.25%, but the factory inventory in Shandong increased by 6.01%. For flake caustic soda, due to shipping issues and hoarding by traders, the social inventory in East China surged by 55.56%, and traders faced greater pressure to sell [4]. - Profit side: The comprehensive profit of chlor - alkali (ECU) was significantly repaired due to the sharp rebound in liquid chlorine prices, despite the decline in caustic soda prices. The profit of enterprises with self - owned power plants in Shandong increased by 49.18% to 160.2 yuan/ton, which may support manufacturers' willingness to maintain production [4]. Trading Strategy - Unilateral: Caustic soda prices may rise steadily [5]. - Arbitrage: Wait and see [5]. - Options: Wait and see [5]. 2. Core Logic Analysis - In Shandong, the delivery volume of liquid caustic soda to large alumina plants was at a high level, and prices continued to decline. From November 14 to December 6, the purchase price of 32% ion - exchange membrane caustic soda by major alumina manufacturers in Shandong decreased from 730 yuan/ton to 675 yuan/ton [7][9]. - As of December 18, 2025, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons or more in China was 464,700 tons (wet tons), a 1.66% week - on - week increase and a 52.34% year - on - year increase. The capacity utilization ratio of national liquid caustic soda sample enterprises was 29.41%, a 0.41% week - on - week increase. Different regions showed different inventory trends [11]. - The supply contradiction in the alumina spot market became more prominent. Although the operating capacity of alumina was basically stable this week, the inventory of alumina at the electrolytic aluminum end continued to rise. The supply contradiction is expected to continue to be reflected in limited spot transactions [15][18]. - This week, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons or more was 84.7%, a 1.5% week - on - week decrease. Different regions had different changes in load [20]. 3. Weekly Data Tracking Price Data - Caustic soda futures price: Various indicators such as price trends, basis, open interest, and warehouse receipts of SH01 contracts are presented [24]. - 32% liquid caustic soda spot price: The price trends of 32% liquid caustic soda in Shandong, Jiangsu, and Zhejiang are shown [27]. - 50% caustic soda spot price: The price trends of 50% caustic soda in Shandong, Jiangsu, and Guangdong are presented [30]. - Flake caustic soda spot price: The price trends of flake caustic soda in Shandong, Southwest, Northwest, Guangdong, and Guangxi are shown [32]. - Caustic soda variety spread: The price spreads between different types of caustic soda in Shandong, Jiangsu, and Guangdong are presented [34]. - Caustic soda regional spread: The price spreads of caustic soda between different regions are presented [37]. - Caustic soda profit: The profit trends of caustic soda and chlor - alkali in Shandong and Jiangsu, as well as the price trends of liquid chlorine, are shown [39]. Inventory Data - Caustic soda inventory: The inventory trends of liquid caustic soda and flake caustic soda are presented [41]. - Caustic soda inventory by province: The inventory trends of liquid caustic soda in Shandong and Jiangsu are presented [45]. Production Data - Caustic soda production: The production trends of caustic soda and solid caustic soda are presented [48]. - Caustic soda production by province: The production trends of caustic soda in Shandong, Jiangsu, and Zhejiang are presented [50]. New Capacity and Overhaul - New capacity: In 2025, a total of 2.1 million tons of new caustic soda capacity is expected to be put into production, and some projects have already been successfully launched. In the alumina industry, a large amount of new capacity is expected to be put into production at the end of this year and next year [51][52][64]. - Plant overhauls: A list of caustic soda plant overhauls in different regions and enterprises is presented [54]. Consumption Data - Caustic soda consumption: The demand and weekly consumption trends of caustic soda, liquid caustic soda, and flake caustic soda are presented [56][57]. Alumina - related Data - Alumina operating capacity: The production, operating capacity, and operating rate trends of alumina are presented [60][61]. Downstream Industry Data - Viscose staple fiber: This week, the capacity utilization rate of the viscose staple fiber industry was 89.52%, a 1.75% week - on - week increase [66]. - Printing and dyeing industry: As of September 18, 2025, the comprehensive operating rate in the Jiangsu and Zhejiang regions was 65.76%, remaining flat compared to the previous period. The operating rates in different regions had different trends, and the overall market atmosphere was stable [70]. Export Data - Caustic soda export: The export volume, FOB price, and export profit trends of caustic soda are presented [72][73]. - Caustic soda export destinations: The export volume trends of caustic soda to Australia, Indonesia, Taiwan, and Vietnam are presented [76]. - Overseas alumina new capacity: In 2025, it is estimated that 4.5 million tons of new alumina capacity will be put into production overseas, and most of the new alumina plants in Indonesia have already been put into operation, and the caustic soda procurement has been completed [81].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report presents the market conditions of various energy - chemical products on December 24, 2025. The prices of most products remained stable compared to the previous day. For the market, it is recommended to continue to stay on the sidelines due to the intense long - short game [1]. 3) Summary by Relevant Catalogs Product Price and Market Conditions - **Raw Salt**: Prices in Shandong, Jiangsu, and Northwest regions remained unchanged at 235, 260, and 180 respectively [1]. - **Calcium Carbide**: Prices in Shandong and Inner Mongolia remained unchanged at 250 and 3415 respectively [1]. - **Liquid Chlorine**: Prices in Shandong, Jiangsu, and Northwest regions remained unchanged at 100, 250, and - 100 respectively [1]. - **32% Liquid Caustic Soda**: The domestic market was slow. Prices in Shandong, Jiangsu, and Guangdong remained unchanged at 2219, 2563, and 1150 respectively. The mainstream transaction price of 32% ion - membrane caustic soda in Shandong was 690 - 800 yuan/ton [1]. - **50% Liquid Caustic Soda**: The downstream purchasing enthusiasm in Shandong was not high. Prices in Shandong, Jiangsu, and Guangdong remained unchanged at 2280, 1330, and 1300 respectively. The mainstream transaction price of 50% ion - membrane caustic soda in Shandong was 1120 - 1210 yuan/ton [1]. - **Caustic Soda Flakes**: Prices in Shandong, Inner Mongolia, Guangdong, and Southwest regions remained unchanged at 3000, 2650, 2750, and 3375 respectively [1]. - **PVC**: Prices in Shandong and Inner Mongolia remained unchanged at 3450 and 5550 respectively [1]. Price Difference and Profit - **Futures Main Contract Basis**: The closing price was 2250, with a change of 31 compared to the previous day [1]. - **50% Caustic Soda - 32% Caustic Soda Price Difference**: In Shandong, it remained unchanged [1]. - **Caustic Soda Flakes - 50% Caustic Soda Price Difference**: In Guangdong, it decreased by 31 to 16 [1]. - **50% Caustic Soda Regional Price Difference**: The price difference between Guangdong and Shandong remained unchanged at 515 [1]. - **Caustic Soda Flakes Regional Price Difference**: The price difference between Southwest and Inner Mongolia remained unchanged at 250, and that between Southwest and Shandong remained unchanged at 700 [1]. - **Chlor - alkali Profit**: In Shandong, it remained unchanged at - 70; in the Northwest, it decreased by 31 to 368 [1]. - **Electricity Price**: In Shandong, it remained unchanged at 0.66; in Inner Mongolia, it remained unchanged at 0.38 [1]. Operation Suggestion It is recommended to continue to stay on the sidelines due to the intense long - short game [1].

International News - Brazil has canceled the temporary anti-dumping tax on nylon filament imported from China, specifically from Yiwu Huading Nylon Co. Ltd. This decision was made by the Brazilian Foreign Trade Commission (GECEX) due to public interest and is effective immediately [1]. Domestic News - The price of lithium hexafluorophosphate, a key raw material for lithium batteries, has surged dramatically, exceeding 170,000 yuan per ton. This represents an increase of over 240% compared to the year's low of 47,000 yuan per ton recorded in July [1]. - The market prices for polypropylene and polyethylene as of December 11 are as follows: - Polypropylene prices range from 5,900 to 6,900 yuan per ton across various regions [2]. - Polyethylene prices range from 6,540 to 10,250 yuan per ton, depending on the type and region [2]. - The market prices for gasoline and diesel on December 11 are reported as follows: - Gasoline prices range from 7,239 to 7,633 yuan per ton [2]. - Diesel prices range from 6,421 to 6,700 yuan per ton [2]. - The market prices for caustic soda on December 11 show a range of 720 to 1,310 yuan per ton, depending on the concentration and region [3]. - Methanol prices on December 11 vary from 1,520 to 2,270 yuan per ton across different markets [4]. - The prices for various chemical commodities on December 11 indicate slight fluctuations, with sulfuric acid priced between 985 and 1,045 yuan per ton, and acetone ranging from 4,060 to 4,130 yuan per ton [5].