Starting January 15, major alumina manufacturers in Shandong have reduced the purchase price of 32% ion-exchange membrane caustic soda by 15 yuan/ton, implementing an ex-factory price of 645 yuan/ton. PriceSeek's analysis of caustic soda indicates a bearish sentiment with a score of -1.5. The reduction in the purchase price of 32% ion-exchange membrane caustic soda by major alumina manufacturers in Shandong by 15 yuan/ton, with an ex-factory price of 645 yuan/ton, reflects weak downstream demand for caustic soda, exerting significant downward pressure on spot prices. This may indicate oversupply or weakening industry demand. Combined with the latest data from the caustic soda futures market, the main contract, such as 2603, closed at 2,057 yuan/ton (down 29 yuan), with open interest increasing by 11,556 lots and trading volume reaching 405,569 lots, indicating strong bearish sentiment in the market. This news may exacerbate the downward trend in futures prices and reinforce bearish expectations. Therefore, the score of -1.5 signifies a significant bearish impact, though not an extreme event.