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Minmetals Futures: The soda ash price is expected to continue trading with a sideways-to-weak bias.

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In June, the domestic soda ash market in China continued to show a choppy and predominantly weak trend. Spot prices moved slowly downward, and market trading activity remained average. On the supply side, as previously overhauled units gradually resumed operations, industry operating rates continued to rise, further strengthening expectations of a more relaxed supply outlook going forward. On the demand side, overall performance was lackluster: downstream procurement still mainly focused on replenishing inventories as needed, with insufficient purchasing enthusiasm, while soda ash inventories at flat glass plants remained at a low level. Looking ahead to July, soda ash supply is expected to remain at a high level, which may further increase pressure on spot circulation. The burden on soda ash producers to accumulate inventory may also rise somewhat. However, the current market has already priced in the expectation of looser supply to a large extent, so soda ash prices are still expected to trade with a choppy, mostly weak bias, with relatively limited downside room. (Minmetals Futures)
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