On January 16, it was reported that major alumina manufacturers in Shandong have reduced their procurement price for 32% ion-exchange membrane caustic soda by 15 yuan per ton, effective from January 15, with the ex-factory price set at 645 yuan per ton. Chempricehub's analysis of caustic soda indicates a bearish sentiment, with a score of -1.5. The reduction in procurement prices by major alumina manufacturers in Shandong for 32% ion-exchange membrane caustic soda by 15 yuan per ton, setting the ex-factory price at 645 yuan per 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 per 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 reflects a significant bearish impact, though not an extreme event.