January 28th News On January 28th, Shandong Dezhou Shihua adjusted its liquid caustic soda prices. The acceptance quotation for 32% ion-exchange membrane caustic soda was reduced to 690 yuan/ton, with actual orders negotiable. The 400,000-ton chlor-alkali plant is operating normally. Chempricehub Analysis of Caustic Soda, Bull-Bear Score: -1 Shandong Dezhou Shihua reduced the acceptance quotation for 32% ion-exchange membrane caustic soda to 690 yuan/ton. The direct decline in spot prices indicates ample supply (with the 400,000-ton plant operating normally) and relatively weak demand, exerting bearish pressure on the spot market for caustic soda and potentially accelerating the downward trend in spot prices. The main futures contract for caustic soda, such as 2603, settled at 1,957 yuan/ton on January 27th, up 15.00 yuan, reflecting gains in the previous trading session. However, the current spot price reduction is expected to weaken confidence in the futures market. Futures contracts such as 2603 and 2605 may face downward pressure, as spot prices serve as the pricing basis for futures. The transmission of bearish factors could curb the upward momentum in futures. The score is -1 (generally bearish), as the event is clear but does not involve significant industry-wide changes.