December 31 — As of December 31, 2025, the inventory of fixed liquid caustic soda at sample enterprises with a capacity of 200,000 tons or more nationwide reached 485,700 tons (wet ton), representing a month-on-month increase of 9.83% and a significant year-on-year rise of 72.72%. Chempricehub's analysis of caustic soda indicates a bearish sentiment with a rating of -2. The article highlights that as of December 31, 2025, the inventory of caustic soda at sample enterprises surged to 485,700 tons (wet ton), reflecting a month-on-month increase of 9.83% and a substantial year-on-year rise of 72.72%. This sharp increase in inventory signals severe oversupply and weak demand, posing significant downward pressure on spot prices of caustic soda. It may compel enterprises to lower prices to clear excess inventory. Combined with futures market data (e.g., the settlement price of the 2605 contract at 2,371 yuan/ton, with a change of +6.00), the inventory growth reinforces bearish expectations, potentially driving down futures prices. Changes in open interest (e.g., a decrease of 5,448 in the 2603 contract) further indicate a growing bearish sentiment in the market.