What separates natural alkali from ammonia-soda and combined-soda in cost competitiveness?
This cost divergence means regional players like Shuanghuan Technology, using combined-soda in central China without coal advantages, face structural margin compression. Their only hope is a genuine cyclical upturn, but with 44 million tons of capacity expected by 2028, the next upcycle may be shallower and shorter than historical norms.
