On August 10, the domestic chlor-alkali industry chain demonstrated a mixed pattern characterized by "intertwined bullish and bearish factors with demand-driven trading." Influenced by facility maintenance routines and supply-demand negotiations, price trends across caustic soda, liquid chlorine, raw salt, hydrochloric acid, calcium carbide, and PVC diverged, with market participants maintaining a cautious wait-and-see stance.

I. Caustic Soda & Flake Caustic Soda: Liquid Soda Adjusts Locally; Flake Soda Ships Steadily

• Liquid Caustic Soda: Domestic liquid caustic soda prices experienced localized downward adjustments today. Individual plants in Zibo, Shandong underwent maintenance shutdowns, but some producers shifted from high-concentration to low-concentration soda, leading to an overall increase in spot supply. Coupled with weak downstream demand, liquid soda prices dipped slightly. Maintenance in Jiangxi (East China) is approaching its end, creating expectations of increased market supply while factory shipments remained moderate. Supply and demand in Jiangsu and Guangdong remained average, with companies actively shipping. In Henan (Central China), planned plant load reductions will tighten supply, yet sluggish demand kept the market largely in a wait-and-see mode.

• Flake Caustic Soda: Domestic flake caustic soda is expected to maintain steady shipments today. New order quotations for the week remain unconfirmed, but tight spot availability continues to provide price support. Select units in Inner Mongolia and other regions entered maintenance or have yet to resume operations, keeping the supply side manageable. However, downstream demand showed no significant improvement, and some market participants lacked confidence in future prospects. The presence of low-priced supply weighed on market sentiment, prolonging price negotiations between buyers and sellers.

II. Liquid Chlorine & Hydrochloric Acid: Liquid Chlorine Trends Downward; Hydrochloric Acid Consolidates

• Liquid Chlorine: Domestic liquid chlorine prices have trended lower since the weekend. Chlor-alkali enterprises in Shandong maintained stable production with abundant supply, but sluggish downstream purchasing sentiment slowed factory shipments, resulting in a cumulative price drop of 250 RMB/ton (with localized post-sale rebates). Shutdowns at individual plants around Zibo reduced local supply, leading to temporary market consolidation. Supply remained stable and demand quiet in Hubei (Central China). In Jiangsu and northern Jiangsu (East China), poor downstream order intake, coupled with price drops spilling over from Shandong, led to a cumulative weekend price drop of 150 RMB/ton.

• Hydrochloric Acid: Hydrochloric acid prices are expected to consolidate within a narrow range today. Chlor-alkali operating rates in Shandong remained normal with no significant output growth, but weak byproduct acid shipments are likely to exert short-term pressure. Operating rates in Shanxi remained stable with ample supply, though sluggish purchasing prompted companies to use flexible pricing strategies. Reduced operating rates in Ningxia lowered byproduct acid supply, but demand absorption remained limited. In Zhejiang, low operating rates kept byproduct acid supply tight, maintaining a relative supply-demand balance. Synthetic acid (31%) prices today are expected to hover between 150 and 250 RMB/ton.

III. Upstream Raw Materials: Industrial Salt Runs Steady; Calcium Carbide Holds Firm

• Industrial Salt: The industrial salt market remained generally stable. The national average ex-factory price for industrial salt (tax inclusive) stood at around 226 RMB/ton. For well/rock salt, select mining plants in Sichuan plan to resume production this week while other regions operated stably; ample supply contrasted with weak downstream chlor-alkali market conditions, resulting in low procurement enthusiasm. For sea salt, spot supply remained abundant, with downstream users purchasing strictly based on immediate needs and producers maintaining steady shipment paces and firm quotes.

• Calcium Carbide: The calcium carbide market operated steadily today. Ex-factory prices in Wuhai, Ningxia maintained their stable trend, with spot prices holding around 2,400 RMB/ton, and downstream delivery prices across various regions running smoothly. Although the impact of off-peak production in Inner Mongolia eased over the weekend, plant turnarounds at select local PVC facilities in Wuhai redirected captive calcium carbide to the merchant market. Downstream buyers received sufficient deliveries to maintain operations, keeping short-term sentiment cautious.

IV. Downstream PVC: Futures Offer Minor Support; Spot Prices Edged Higher

• Carbide-Process PVC: Driven by capital inflows and geopolitical tensions, PVC futures trended higher amidst volatility, nudging spot prices for carbide-process PVC slightly upward. Producer quotations featured a mix of stability and minor increases, with flat-price transactions prevailing. Maintenance began at select facilities in Inner Mongolia, lowering the overall industry operating load slightly, though downstream demand remained restricted to essential replenishment. Today's carbide-process PVC market prices in East and South China are expected to fluctuate within the range of 4,380–4,650 RMB/ton (tax-inclusive, self-pickup).

• Ethylene-Process PVC: The market observed a stable wait-and-see trend, with mainstream transaction prices holding steady. Although the standoff in the Strait of Hormuz pushed international crude oil prices higher, weak domestic downstream demand capped upward momentum. Production enterprises kept quotes steady, while actual transactions relied heavily on bilateral negotiations. With end-user factory operating rates remaining low, actual transaction feedback fell short of expectations. Today's ethylene-process PVC delivered prices in East and South China are expected to fluctuate within the range of 4,900–5,250 RMB/ton (tax- and freight-inclusive).