As of February 5, 2026, the inventory of fixed liquid caustic soda in sample enterprises with a capacity of 200,000 tons and above nationwide was 471,400 tons (wet ton), down 9.41% month-on-month and up 2.97% year-on-year. PriceSeek analysis of caustic soda, long-short score: 1. The caustic soda inventory decreased by 9.41% month-on-month to 471,400 tons, indicating a tightening of short-term supply, which may drive spot prices upward. The year-on-year increase of 2.97% suggests that long-term supply remains sufficient, but the significant month-on-month decline is favorable for the market. Combined with futures data (e.g., the closing price of the 2603 contract at 1,978 yuan/ton, with recent price fluctuations), the reduction in inventory may boost futures prices and support bullish sentiment.