On January 4, the price of liquid caustic soda at Shandong Binhua was lowered, with the quoted price for 32% ion-exchange membrane caustic soda dropping to 720 yuan/ton, a decrease of 10 yuan/ton compared to the previous trading day. Actual orders are negotiable, and the liquid caustic soda plant is operating normally. PriceSeek analysis of caustic soda: Bull-bear score: -1. The price of liquid caustic soda at Shandong Binhua was lowered by 10 yuan/ton to 720 yuan/ton. With the plant operating normally and actual orders being negotiable, this indicates ample market supply and weak demand, exerting downward pressure on spot prices. Combined with recent futures contract data for caustic soda (e.g., the closing price of the 2601 contract at 2020 yuan/ton, down 37 yuan), the decline in spot prices may reinforce bearish expectations in the futures market, putting pressure on futures prices and intensifying overall bearish sentiment.