On February 2, the trading atmosphere in the liquid caustic soda market in Xinjiang improved, with the mainstream ex-factory price of 32% ion-exchange membrane caustic soda at around 3,150 yuan/ton (on a 100% basis). Manufacturers primarily sold to downstream customers in surrounding regions. PriceSeek analysis of caustic soda, bullish-bearish score: 1.5. The article indicates that the trading atmosphere for liquid caustic soda (the liquid form of caustic soda) in Xinjiang has improved, with the mainstream ex-factory price of 32% ion-exchange membrane caustic soda stabilizing at 3,150 yuan/ton (on a 100% basis). This suggests an increase in local demand, with manufacturers focusing on sales to downstream customers in surrounding areas, which is favorable for spot prices and may drive short-term spot market gains. Combined with caustic soda futures data, such as the recent closing price of the 2605 contract at 2,201 yuan/ton (as of January 30, 2026), although there was a slight decline, the recovery signals in the spot market may drive a rebound in futures prices. This is particularly true for major contracts with high open interest (e.g., the 2603 contract with an open interest of 202,033). Strengthened demand expectations support an upward trend in futures prices, thus warranting a relatively strong bullish score.