1. Daily Summary

October 26, 2026: Chlor-alkali cash flow was -9 CNY/ton.
October 27, 2026: Shandong Xinfa liquid chlorine price rose by 150 CNY to an ex-factory price of 450 CNY.
Major alumina producers in the Shandong region reduced their procurement price for 32% ion-membrane caustic soda by 10 CNY/ton effective October 27, bringing the ex-factory price to 535 CNY/ton.

2. Spot Market Overview

Table 1: Domestic Caustic Soda Price Summary (Unit: CNY/ton)

Specification	Standard	Market Name	Pricing Condition	Oct 23, 2026	Oct 26, 2026	Change	% Change
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Shandong	Market Price	599	574	-25	-4.17%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Southwestern Shandong	Cash Self-pickup	598	595	-3	-0.5%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Hebei	Cash Self-pickup	641	625	-16	-2.5%
32% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Tianjin	Cash Self-pickup	1880	1880	0	0%
32% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Shanxi	Delivered Cash	2140	2140	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Jiangsu	Cash Self-pickup	675	675	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Southern Jiangsu	Cash Self-pickup	710	710	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Northern Jiangsu	Cash Self-pickup	650	650	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Zhejiang	Delivered Cash	815	815	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Anhui	Cash Self-pickup	665	665	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Jiangxi	Cash Self-pickup	745	745	0	0%
32% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Henan	Cash Self-pickup	1900	1900	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Hunan	Cash Self-pickup	800	800	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Hubei	Cash Self-pickup	710	710	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Fujian	Cash Self-pickup	805	805	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Guangdong	Cash Self-pickup	820	820	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Guangxi	Cash Self-pickup	750	750	0	0%
32% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Liaoning	Delivered Cash	802	No Price
32% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Xinjiang	Cash Self-pickup	2500	2500	0	0%
32% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Inner Mongolia	Cash Self-pickup	1800	1800	0	0%
49% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Jiangsu	Cash Self-pickup	1050	1050	0	0%
50% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Shandong	Cash Self-pickup	974	945	-29	-2.98%
50% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Hebei	Cash Self-pickup	1065	1035	-30	-2.82%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Tianjin	Cash Self-pickup	2030	1980	-50	-2.46%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Shanxi	Cash Self-pickup	2100	2100	0	0%
50% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Anhui	Cash Self-pickup	1100	1100	0	0%
50% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Jiangxi	Cash Self-pickup	1230	1230	0	0%
50% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Hunan	Cash Self-pickup	1350	1350	0	0%
50% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Guangdong	Cash Self-pickup	1260	1260	0	0%
50% Ion-membrane Caustic Soda	Wet Ton Price - Industrial Grade	Guangxi	Cash Self-pickup	1250	1250	0	0%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Chongqing	Cash Self-pickup	2600	2600	0	0%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Sichuan	Cash Self-pickup	2600	2600	0	0%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Ningxia	Cash Self-pickup	2350	2350	0	0%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Qinghai	Cash Self-pickup	2100	2100	0	0%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Gansu	Cash Self-pickup	1850	1850	0	0%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Shaanxi	Cash Self-pickup	2050	2050	0	0%
50% Ion-membrane Caustic Soda	Dry Ton Equivalent Price - Industrial Grade	Xinjiang	Cash Self-pickup	2650	2650	0	0%
99% Flakes		Shandong	Self-pickup Price	2600	2600	0	0%
98% Flakes		Hunan & Hubei	Transaction Price	2600	2600	0	0%
98% Flakes		Henan	Transaction Price	2570	2570	0	0%
98% Flakes		South China	Market Price	2750	2750	0	0%
98% Flakes		Central China	Market Price	2600	2600	0	0%
99% Flakes		East China	Self-pickup Price	2650	2650	0	0%
99% Flakes		Southwest China	Transaction Price	2670	2670	0	0%
98% Flakes		Northwest China	Transaction Price	2180	2180	0	0%

Using the Shandong region as a benchmark, today's mainstream average price for 32% caustic soda was 574 CNY/ton, a decrease of 25 CNY/ton compared to the previous period. Since the weekend, prices for 32% liquid caustic soda in northern Shandong have generally fallen, with quote reductions concentrated around 30–40 CNY; transaction centers adjusted inconsistently. In southern Shandong, some brands moderately adjusted prices by approximately 20 CNY, while most remained stable. Currently, local mainstream negotiations for 32% ion-membrane caustic soda in southwestern Shandong range from 570–605 CNY/ton; negotiations in the western Shandong area range from 590–600 CNY/ton; and cash-based negotiations for 32% caustic soda in southern Shandong are at 600 CNY/ton. Mainstream prices in Binzhou and Dongying (northern Shandong) are 550–580 CNY/ton, while local ex-factory prices in Dezhou remain relatively high. In Dongying, Shandong, the price for 50% caustic soda dropped to 940 CNY/ton, with higher market quotes at 970–980 CNY/ton. (Unit: CNY/ton)

3. Futures-Spot Basis

The basis for liquid caustic soda in the Shandong region is 240 CNY/ton; the price spread for liquid caustic soda in the Jiangsu region is 555 CNY/ton.

Table 2: Basis at Major Delivery Locations (CNY/ton)

Region	Oct 23	Oct 26	Change	% Change
Shandong	273	240	-33	-12.1%
Jiangsu	610	555	-55	-9.0%

Data Source: Chempricehub

4. Production Dynamics

Today, liquid caustic soda prices in Shandong declined while liquid chlorine prices rose, resulting in a chlor-alkali cash flow of -9 CNY/ton.

5. Price Forecast

Liquid chlorine prices in Shandong continue to rise, and chlor-alkali operating rates have also increased. With liquid caustic soda supply gradually increasing, alumina producers' willingness to ship remains high. Given that alumina procurement prices for liquid caustic soda fell today, it is estimated that most brands will follow suit with price cuts tomorrow.

6. Related Product Status

Alumina Market: Due to earlier centralized restocking by downstream buyers, inventory accumulated at railway stations and electrolytic aluminum plants has increased. Combined with maintenance-related production cuts on the supply side entering a cumulative phase, the volume of tradable spot goods in the market has tightened relatively. Recently, only sporadic tender transactions have been reported, leading to short-term price stability and adjustments.

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ChemPriceHub

Alumina procurement prices continue to decline; the Shandong market may see further downward movement tomorrow.