In January 2026, the procurement price for 32% liquid caustic soda (a form of caustic soda) by alumina enterprises in Henan was reduced by 100 yuan per ton (on a 100% basis). The delivered prices varied by region: 2,500–2,520 yuan per ton (on a 100% basis) in the Sanmenxia area and 2,380 yuan per ton (on a 100% basis) in the Zhengzhou area, reflecting differences in transportation costs. PriceSeek Analysis of Caustic Soda, Bull-Bear Score: -1 The article notes that the procurement price for 32% liquid caustic soda by alumina enterprises in Henan was reduced by 100 yuan per ton (on a 100% basis) in January 2026. Specifically, prices were 2,500–2,520 yuan per ton in the Sanmenxia area and 2,380 yuan per ton in the Zhengzhou area, reflecting variations in transportation costs. This price reduction indicates ample market supply or weak demand, possibly due to reduced alumina production or increased inventory, exerting downward pressure on spot prices of caustic soda, which is generally bearish. Combined with the latest futures data (e.g., the closing price of the caustic soda main contract 2603 on the Zhengzhou Commodity Exchange was 2,261 yuan per ton, with a change of +64.00), the deterioration in spot fundamentals may spill over into the futures market, leading to an expected decline in futures prices, as futures prices typically adjust in line with spot trends.