On February 10, the trading atmosphere in the liquid caustic soda market in Xinjiang showed signs of improvement. The mainstream ex-factory price for 32% ion-exchange membrane caustic soda was around 3,150 yuan/ton (on a 100% basis), while the mainstream ex-factory price for 50% ion-exchange membrane caustic soda was around 3,250 yuan/ton (on a 100% basis). Most manufacturers primarily sold to downstream customers in surrounding regions.

PriceSeek Analysis of Caustic Soda:
Bull-Bear Score: +1

The article reports an improvement in the trading atmosphere of the liquid caustic soda market in Xinjiang, with mainstream ex-factory prices of 3,150 yuan/ton (on a 100% basis) for 32% ion-exchange membrane caustic soda and 3,250 yuan/ton (on a 100% basis) for 50% ion-exchange membrane caustic soda. Manufacturers mainly sold to downstream customers in surrounding regions, indicating an improvement in demand, which supports spot prices.

Combined with caustic soda futures data, such as the settlement price of the main contract SH2605 on February 9, 2026, at 2,105 yuan/ton, spot prices are higher than futures prices, resulting in a positive basis. The positive market sentiment may support a rebound in futures prices, but attention should be paid to the subsequent supply-demand balance.

Overall, the outlook is favorable, rated as moderately bullish (+1).