On January 7, the market price of liquid caustic soda in Shandong remained weak and stable: the mainstream transaction price of 32% ion-exchange membrane alkali in southwestern Shandong dropped to 650–680 yuan/ton; in northern Shandong, it was 680–750 yuan/ton; and in southern Shandong, it was 680–710 yuan/ton. PriceSeek analysis of caustic soda, with a long-short score of -1: In the spot market, the price of liquid caustic soda in Shandong remained weak and stable. The mainstream transaction prices of 32% ion-exchange membrane alkali in southwestern, northern, and southern Shandong all declined or remained low, indicating weak market demand and oversupply, which exerted downward pressure on spot prices. In the futures market, the main caustic soda contract 2603 (closing price on January 6, 2026: 2,194 yuan/ton) fell by 3 yuan, with open interest decreasing by 15,593 lots, reflecting increased bearish sentiment in the market. Combined with the weakness in the spot market, it is expected that futures prices may continue to face downward pressure in the short term, leaning bearish.