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].

S BE KABHA 世界500强投资企业 E 贸期货有限公 成为一流的衍生品综合服务商 入 JUI rts 199 热线 000 - 400 th ll 官 方 网 站 1.00 1513, 400-8888-598 www.itf.com.cn tm Prix | | | | | 投资咨询业务资格:证监许可[ 2012 ]31号 | ITG 国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | 国贸期货研究院 能源化工研究中心 陈一凡 | 投资咨询证:Z0015946 2025/12/25 从业资格证:F3054270 | | 指标 | | | 2025/12/24 2025/12/23 | 变动值 | 行情综述 | | | 山东 | 235 | 235 | 0 | | | 原盐 | 江苏 | 260 | 260 | 0 | | | | 西北 | 180 | 180 | 0 | | | 电石 | 山东 | 250 | 250 | 0 | | | | 内蒙 | 3415 | 3415 | 0 | | | | 山东 | 100 | 100 | 0 | 液 ...

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].

你知道黄金从矿石到首饰的蜕变过程中，最关键的神秘物质是什么吗？答案可能出乎你的意料——竟是化工领域最常见的片碱。这种白色片状固体在冶金工 业中素有"万能助手"的美誉，尤其在黄金提炼工艺中展现出的化学反应魔法，堪称现代冶金技术的点睛之笔。 传统黄金提炼工艺中，片碱主要发挥三重关键作用。作为强效助熔剂，它能将含金矿石的熔点从1064℃降至800℃左右，大幅降低能耗成本。在福建紫金矿 业的实验数据显示，添加适量片碱可使熔炼效率提升30%以上，这种物理特性的改变为后续工序奠定了坚实基础。 在提金工艺中，片碱的PH值调节功能更为精妙。当矿浆PH值维持在10-11的碱性环境时，氰化物与金的络合反应效率达到峰值，精准控制片碱添加量可使金 浸出率提升至92%以上。 黄金纯度提升的关键战役发生在电解精练阶段。江西铜业贵金属分厂的工程师发现，在电解液中添加片碱后，银、铜等杂质金属会优先与氢氧根离子结合形 成沉淀，而金离子则保持稳定溶解状态。这种选择性分离技术使得电解金纯度轻松达到99.99%的国际标准。 在工艺革新方面，中国黄金集团最新研发的片碱辅助焙烧技术取得突破。将矿石与片碱混合焙烧后，金包裹体的解离度提高至95%以上，这项 ...

International News - Iraq's Prime Minister has ordered the cessation of imports of gasoline, diesel, and kerosene as domestic production meets national consumption needs [1] Domestic News - The Anhui Provincial Ecological Environment Department has announced a special inspection of industrial enterprises' air pollution prevention facilities in 13 cities, focusing on issues such as non-compliance with construction permits and illegal emissions [2] Oil Prices (as of November 6) - 92 gasoline prices range from 7205 to 7561 CNY per ton across various regions, with the highest price in Southwest China [2] - Diesel prices range from 6409 to 6657 CNY per ton, with the lowest price in Northeast China [2] Chemical Prices (as of November 6) - Polypropylene prices range from 6330 to 7550 CNY per ton, varying by region [3] - Polyethylene prices range from 6850 to 10100 CNY per ton, with significant regional differences [3] Alkali Prices (as of November 6) - Liquid caustic soda prices range from 800 to 1280 CNY per ton, depending on concentration and region [4] Alcohol Prices (as of November 6) - Methanol prices range from 1630 to 2450 CNY per ton across different markets [5] Hydrogen Peroxide Prices (as of November 6) - Hydrogen peroxide prices range from 730 to 1790 CNY per ton, depending on concentration and region [5] Chemical Bulk Prices (as of November 6) - Prices for various chemicals such as phosphoric acid, potassium nitrate, and urea show slight fluctuations, with phosphoric acid priced at 3363 to 3447 CNY per ton [6][7]

Report Summary 1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints - PVC is expected to fluctuate weakly in a narrow range. The supply will increase as maintenance work is completed and new production capacities come online, while the demand is moderate, and the export situation is weakening. The high inventory and futures warehouse receipts also put pressure on the price [3]. - The spot price of caustic soda is stable with a slight decline. The supply is increasing as new maintenance and capacity increase co - exist. The demand from the alumina sector is stable but affected by environmental control, and non - aluminum demand is expected to weaken. However, the potential new alumina plants in Guangxi may support the price [3]. 3. Summary by Related Catalogs Market News and Important Data - **PVC** - Futures price and basis: The closing price of the PVC main contract is 4,638 yuan/ton (-32), with an East China basis of -58 yuan/ton (+12) and a South China basis of -8 yuan/ton (+2) [1]. - Spot price: East China calcium carbide - based PVC is quoted at 4,580 yuan/ton (-20), and South China calcium carbide - based PVC is quoted at 4,630 yuan/ton (-30) [1]. - Upstream production profit: The price of semi - coke is 740 yuan/ton (+0), the price of calcium carbide is 2,830 yuan/ton (+0), the calcium carbide profit is -52 yuan/ton (+0), the gross profit of PVC calcium carbide - based production is -763 yuan/ton (-40), the gross profit of PVC ethylene - based production is -545 yuan/ton (+16), and the PVC export profit is 1.6 US dollars/ton (+1.1) [1]. - Inventory and operation rate: PVC factory inventory is 33.8 tons (+0.4), social inventory is 54.5 tons (-1.0), the operation rate of calcium carbide - based PVC is 76.47% (+4.82%), the operation rate of ethylene - based PVC is 78.50% (-0.06%), and the overall PVC operation rate is 77.09% (+3.35%). The pre - sales volume of production enterprises is 77.4 tons (+13.9) [1]. - **Caustic Soda** - Futures price and basis: The closing price of the SH main contract is 2,303 yuan/ton (-33), and the basis of 32% liquid caustic soda in Shandong is 197 yuan/ton (+33) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong is 800 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1,250 yuan/ton (+0) [1]. - Upstream production profit: The single - product profit of caustic soda in Shandong is 1,509 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 806.6 yuan/ton (+80.8), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 103.78 yuan/ton (-10.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 979.23 yuan/ton (+0.00) [2]. - Inventory and operation rate: Liquid caustic soda factory inventory is 44.26 tons (+2.83), flake caustic soda factory inventory is 2.73 tons (+0.28), and the caustic soda operation rate is 84.30% (+3.50%) [2]. - Downstream operation rate: The operation rate of alumina is 85.86% (-0.41%), the operation rate of printing and dyeing in East China is 68.06% (+0.75%), and the operation rate of viscose staple fiber is 89.66% (+1.05%) [2]. Market Analysis - **PVC** - Supply: Maintenance work has been completed this week, and new production capacities are gradually reaching full production. The supply is expected to be abundant [3]. - Demand: The downstream operation rate has increased, but the purchasing sentiment is average. Exports are relying on price cuts, and the export orders are weakening [3]. - Inventory: The social inventory has decreased slightly, but the absolute inventory level is high. The high - level futures warehouse receipts also put pressure on the price [3]. - **Caustic Soda** - Supply: New maintenance and capacity increase co - exist, and the operation rate is rising. Attention should be paid to the 100,000 - ton capacity release of Tangshan Sanyou [3]. - Demand: Orders from alumina in Shandong are stable, but the operation rate of alumina in Hebei has decreased slightly due to environmental control. Non - aluminum demand is expected to weaken [3]. - Inventory: The liquid caustic soda inventory in Shandong and Jiangsu has decreased slightly [3]. Strategy - **PVC** - Single - side trading: Fluctuate in a wide range. Consider positive arbitrage between futures and spot [4]. - Inter - period trading: Wait and see [4]. - Inter - commodity trading: No strategy [4]. - **Caustic Soda** - Single - side trading: Fluctuate within a range [5]. - Inter - period trading: Wait and see [5]. - Inter - commodity trading: No strategy [5].

氯碱日报 | 2025-11-05 华东下游11月液碱采购价下调 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4670元/吨（-10）；华东基差-70元/吨（+10）;华南基差-10元/吨（-10）。 现货价格：华东电石法报价4600元/吨（+0）；华南电石法报价4660元/吨（-20）。 上游生产利润：兰炭价格740元/吨（+0）；电石价格2830元/吨（+0）；电石利润-52元/吨（+0）；PVC电石法生产毛 利-763元/吨（-40）；PVC乙烯法生产毛利-545元/吨（+16）；PVC出口利润0.5美元/吨（+4.2）。 PVC库存与开工：PVC厂内库存33.8万吨（+0.4）；PVC社会库存54.5万吨（-1.0）；PVC电石法开工率76.47%（+4.82%）； PVC乙烯法开工率78.50%（-0.06%）；PVC开工率77.09%（+3.35%）。 下游订单情况：生产企业预售量77.4万吨（+13.9）。 烧碱： 期货价格及基差：SH主力收盘价2336元/吨（-14）；山东32%液碱基差164元/吨（+14）。 现货价格：山东32%液碱报价800元/吨（+0）；山东50%液碱 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The current supply and demand of the Shandong liquid caustic soda market are in a weak balance, and the price trend is stable. The supply side sees some plants resuming operation after maintenance and some enterprises reducing their loads, with overall stable supply. The demand side shows a slight increase in delivery volume to major downstream industries. The stable profit from liquid chlorine reduces enterprises' willingness to adjust prices. Future market trends depend on delivery to major downstream industries and changes in liquid chlorine prices [4]. - The caustic soda market is expected to have a weak and volatile trend. It is recommended to wait and see for arbitrage and options trading [5]. Summary by Directory Comprehensive Analysis and Trading Strategy - **Comprehensive Analysis**: The Shandong liquid caustic soda market is in a weak balance, with stable supply and a slight increase in demand. Liquid chlorine provides profit support, and future trends depend on downstream delivery and liquid chlorine prices [4]. - **Strategy**: The caustic soda market is expected to be weak and volatile. It is recommended to wait and see for both arbitrage and options trading [5]. Core Logic Analysis - **Shandong Alumina Market**: The delivery volume of liquid caustic soda to large - scale alumina plants in Shandong is decreasing, and the price has been adjusted downwards several times. As of October 17, the price is stable at 740 yuan/ton, and the current delivery volume is 8720 tons, showing a significant decline [7][9]. - **Caustic Soda Inventory**: As of October 23, 2025, the inventory of fixed - liquid caustic soda sample enterprises with a capacity of 200,000 tons and above is 414,300 tons (wet tons), a 2.73% increase from the previous week and a 37.78% increase year - on - year. The capacity utilization rate is 23.80%, a 0.71% increase from the previous week. Most regions' inventory ratios are rising [13]. - **Alumina Market**: Most alumina enterprises are operating normally, with no clear maintenance plans except for a roasting furnace rotation plan in a large - scale alumina group in Chongqing. The operating capacity is 9.765 million tons, an increase of 500,000 tons from the previous week, and the operating rate is 85.2%. The inventory of alumina in aluminum plants is rising, and the market is under pressure with a downward trend [17]. - **Caustic Soda Production**: The average capacity utilization rate of 200,000 - ton and above caustic soda sample enterprises in China from October 10 - 16, 2025, is 81.4%, a 2.6% decrease from the previous week. The load has decreased in multiple regions [19]. Weekly Data Tracking - **Caustic Soda Futures and Spot Prices**: Includes price trends of caustic soda futures contracts, 32% and 50% liquid caustic soda, flake caustic soda, as well as price differences between different varieties and regions [23][25][27]. - **Caustic Soda Profit**: Shows the profit trends of caustic soda and chlor - alkali in Shandong and Jiangsu, as well as the prices of liquid chlorine [40]. - **Caustic Soda Inventory**: Covers factory and market inventories of liquid and flake caustic soda, as well as provincial - level inventory data [42][46]. - **Caustic Soda Production**: Involves production volume and capacity utilization rate of caustic soda, provincial - level production data, and new production capacity plans [49][51][53]. - **Caustic Soda Device Maintenance**: Lists the maintenance situations of caustic soda devices in different regions and enterprises [55]. - **Caustic Soda Consumption**: Presents the demand and weekly consumption of caustic soda, liquid caustic soda, and flake caustic soda [57][58]. - **Alumina Market**: Covers the production capacity, output, and new production capacity plans of alumina, as well as the impact on caustic soda demand [16][61][65]. - **Related Industries**: The capacity utilization rate of the viscose staple fiber industry has increased. The printing and dyeing industry has stable operation but a lackluster "Golden September" [67][71]. - **Caustic Soda Export**: Includes export volume, price, profit, and export destinations of caustic soda, as well as overseas alumina production capacity plans [73][77][82].

Industry Investment Rating - Not provided Core View - The domestic liquid caustic soda market has mixed transaction adjustments today. Prices in many regions remain stable. The prices of 32% liquid caustic soda in Shandong and Hebei are rising steadily, while those in Henan, Anhui, and Chongqing are falling steadily. The mainstream transaction price of 32% ion - exchange membrane caustic soda in Shandong is 780 - 890 yuan/ton, and the procurement price of a large local alumina factory is 740 yuan/ton. The mainstream transaction price of 50% ion - exchange membrane caustic soda in Shandong is 1280 - 1380 yuan/ton, remaining stable compared to the previous working day's average price. Traders are advised to continue to wait and see as the long - short game is intense. [1] Summary by Relevant Catalogs Market Price - **Raw Salt**: The prices in Shandong, Jiangsu, and Northwest regions are 200 yuan, 260 yuan, and 200 yuan respectively, remaining unchanged from the previous day [1] - **Calcium Carbide**: The prices in Shandong and Inner Mongolia are 2830 yuan and 2425 yuan respectively, remaining unchanged [1] - **Liquid Chlorine**: The prices in Shandong, Jiangsu, and Northwest C are 50 yuan, 81 yuan, and - 50 yuan respectively. The price in Northwest C increased by 50 yuan [1] - **32% Liquid Caustic Soda**: The prices in Shandong, Jiangsu, and other regions remain unchanged. The mainstream transaction price in Shandong is 780 - 890 yuan/ton [1] - **50% Liquid Caustic Soda**: The prices in Shandong, Jiangsu, and other regions remain unchanged. The mainstream transaction price in Shandong is 1280 - 1380 yuan/ton [1] - **Caustic Soda Flakes**: The prices in Shandong, Inner Mongolia, and other regions remain unchanged [1] - **PVC**: The prices in Shandong and Inner Mongolia are 4520 yuan and 4380 yuan respectively, remaining unchanged [1] Futures and Related Spreads - **Futures Main Contract**: The closing price is 2453 yuan, up 15 yuan [1] - **Basis**: The basis in Shandong decreased by 15 yuan to 141 yuan, and in Jiangsu decreased by 15 yuan to 516 yuan [1] - **50% Alkali - 32% Alkali Spread**: The spread in Shandong remains unchanged at - 14 yuan [1] - **Caustic Soda Flakes - 50% Alkali Spread**: The spread in Guangdong remains unchanged at 630 yuan [1] - **50% Alkali Regional Spread**: The spread between the East and Shandong remains unchanged at 320 yuan [1] - **Caustic Soda Flakes Regional Spread**: The spreads between Southwest - Inner Mongolia and Southwest - Shandong remain unchanged at 650 yuan and 400 yuan respectively [1] Profit and Electricity Price - **Chlor - Alkali Profit**: The profit in Shandong increased by 49 yuan to 90 yuan, and in the Northwest remains unchanged at 483 yuan [1] - **Electricity Price**: The electricity prices in Shandong and Inner Mongolia are 0.75 yuan and 0.5 yuan respectively, remaining unchanged [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the caustic soda futures showed a significant downward trend, with short - sellers actively increasing positions to push down the futures price, and there were stop - loss phenomena among long - sellers. The main reasons include weak spot prices, the non - decline of liquid chlorine prices contrary to expectations, and the continuous decline of alumina spot and futures prices. In the later stage, the caustic soda futures may be supported by the liquid chlorine price, especially during the National Day holiday. Therefore, the caustic soda futures should be treated with a volatile mindset [5]. Summary by Directory 01 Overview - **Supply**: In the period from September 19 - 25, 2025, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 82.5%, a 0.6% week - on - week increase. Northwest had new device production cuts and maintenance, while North China and East China had increased loads after device maintenance. Next week, except for the Southwest region, other six regions are expected to increase their loads, with an estimated capacity utilization rate of about 85.9% and a weekly output of about 845,700 tons [5]. - **Demand - Alumina**: China's alumina production was 1.855 million tons, a decline from last week's 1.861 million tons. Shandong's alumina production remained flat at 626,000 tons. The liquid caustic soda purchase price of large - scale alumina factories in Shandong dropped to 740 yuan/ton, with a 100% converted price of 2,313 yuan/ton. Alumina prices and production profits declined recently [5]. - **Demand - Viscose Staple Fiber**: China's viscose staple fiber production was 90,000 tons, a 30 - ton increase from last week. As of September 25, 2025, the total daily output of 20 domestic viscose staple fiber enterprises was around 12,960 tons. The physical inventory of domestic viscose staple fiber factories was 128,200 tons, a 50 - ton decrease from the previous period and a 32,000 - ton increase compared to the same period last year, a year - on - year increase of 33.26%. The downstream demand for viscose staple fiber was weak [5]. - **Demand - Printing and Dyeing**: As of September 25, 2025, the comprehensive startup rate in the Jiangsu and Zhejiang regions was 66.15%, a 0.4% increase from the previous period. The average startup rate of printing and dyeing enterprises in Zhejiang was 66.25%, remaining flat compared to the previous data and a 1.25% increase year - on - year. The overall startup rate of dyeing factories in Zhejiang remained stable, with orders featuring "short, frequent, and fast" characteristics. Most dyeing factories planned to have a 2 - 3 - day holiday during the National Day [5]. - **Export**: In August, the export volume of liquid caustic soda was 213,500 tons, and the export volume of flake caustic soda was 66,800 tons [5]. - **Inventory**: As of September 25, 2025, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in China was 391,200 tons (wet tons), a 3.4% week - on - week increase and a 26.26% year - on - year increase. The storage capacity ratio of domestic liquid caustic soda sample enterprises was 20.78%, a 0.64% week - on - week increase [5]. - **Profit**: This Friday, the average price of Shandong liquid caustic soda was 2,500 yuan/ton, the average price of liquid chlorine was - 100 yuan/ton, and the chlor - alkali profit was 306 yuan/ton, at a historically low level. The decline in liquid caustic soda prices compressed the comprehensive chlor - alkali profit [5]. - **Strategy**: Adopt a volatile mindset for single - side trading; no strategy for arbitrage and options [5]. 02 Price - The report presents price trends of Shandong chlor - alkali spot, flake caustic soda, export caustic soda, caustic soda futures, basis, inter - month spreads, raw salt, and coal, with data sources from Mysteel and compiled by Zhongtai Futures [7][10][13][16] 03 Supply - **Caustic Soda Supply**: Data on China's weekly caustic soda production, caustic soda startup rate, caustic soda device loss volume, and cumulative caustic soda production are provided, with data sources from Mysteel and compiled by Zhongtai Futures [20][21] - **Caustic Soda Inventory and Chlor - Alkali Profit**: Information on the liquid caustic soda inventory of Chinese sample enterprises, caustic soda futures warehouse receipts, and Shandong chlor - alkali enterprise profits is presented, with data sources from Mysteel and compiled by Zhongtai Futures [23][24] - **Chlor - Alkali Device Maintenance Plan**: This week, many chlor - alkali devices have resumed operation after maintenance, and there are also some devices under maintenance. In the future, multiple enterprises have maintenance plans, including specific time and capacity information [26] 04 Demand - **Alumina Industry**: Data on China's alumina production, Shandong's alumina production, alumina profit, Shandong alumina enterprises' liquid caustic soda purchase price, and alumina inventory are provided, with data sources from Mysteel and compiled by Zhongtai Futures [29][30][31][32] - **Textile Industry**: Information on viscose staple fiber capacity utilization rate, market price, factory inventory, inventory available days of viscose staple fiber in Chinese rayon yarn enterprises, textile enterprise weekly startup rate, order days, in - factory finished product inventory available days, and Jiangsu and Zhejiang region printing and dyeing factory startup rate is presented, with data sources from Mysteel and compiled by Zhongtai Futures [34][35][37][38] - **Pulp and Paper Industry**: Data on pulp production, paper product production, and the inventory available days of paper products in upstream factories are provided, with data sources from Mysteel and compiled by Zhongtai Futures [39][40] - **Export**: Data on China's monthly export volume of liquid caustic soda, flake caustic soda, cumulative export volume of caustic soda, and monthly export volume of caustic soda are presented, with data sources from Mysteel and compiled by Zhongtai Futures [41][42]