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In October 2025, the Xinhua-China Salt Two-Alkali Industrial Salt Price Index stood at 956.06 points, down 1.00 point from the previous period (September 2025), representing a decline of 0.10%； It dropped by 43.94 points, or 4.39%, compared to the base period (January 2018) ； It dropped by 780.60 points from the peak of 1736.66 points in that period (April 2022), representing a decline of 44.95% ； It rose by 139.86 points from the lowest point of 816.2 points in that period (August 2020), representing a gain of 17.14%. On a sub-regional basis, the ex-plant prices of industrial salts in Anhui, Jiangsu, Jiangxi, Hebei, Qinghai, Yunnan, and Tianjin in October 2025 were higher than those in September 2025 ； The ex-plant prices of industrial salts produced by Hubei’s two alkali manufacturers remain unchanged compared to September 2025 ； The ex-factory prices of industrial salts containing two alkalis in Shaanxi, Henan, Chongqing, Xinjiang, Shandong, Hunan, and Sichuan have declined compared to September 2025. Looking at different price ranges, in this period there were 2 regions where the unit price of industrial alkali salts was 300 yuan per ton or more, namely Henan and Yunnan ； There are 14 regions where the unit price of industrial salts containing two alkalis is below 300 yuan per ton, namely Shaanxi, Anhui, Jiangsu, Hubei, Jiangxi, Chongqing, Xinjiang, Hebei, Shandong, Hunan, Qinghai, Sichuan, Tianjin, and Ningxia. In October, China’s raw salt market continued to operate steadily as before, with a favorable supply and demand balance. From the supply side, large-scale autumn salt extraction activities in sea salt-producing areas are ongoing, leading to a steady increase in production. The supply of salt in the market is continuously rising, and corporate inventory levels are gradually increasing to higher levels. In terms of well and rock salt, production facilities in the main producing areas have maintained high operating rates. The overall supply volume remains stable and abundant; only in a few regions has there been a slight decline in output from local salt producers due to equipment maintenance. The lake salt market operates on a demand-driven production model, with supply and demand generally in balance; in some areas, supply has been slightly tightened due to environmental considerations. On the demand side, the downstream alkali industries have maintained a steady pace of procurement. The gradual deployment of new production capacity has injected new momentum into the demand for raw salt, with purchasing intentions strengthening in some regions. Although industrial salt prices saw a slight decline throughout the month, market transactions remained relatively stable as supply abundance and strong demand continued to balance each other out. Specifically, driven by the increased salt production in autumn, the sea salt market had ample stock of available goods throughout the month. Although some areas experienced brief rainfall mid-month, the overall production pace was not significantly affected, and the autumn salt harvesting activities in key production regions such as Hebei, Tianjin, and Shandong progressed smoothly. On the demand side, although the profit margins in the downstream chemical industry are under pressure, the operating rates of the two alkali producers remain high. Through proactive inventory management and flexible business strategies, they facilitate efficient turnover of inventory, thereby avoiding the risk of excess stock buildup and boosting market activity while accelerating the flow of goods. Market transactions are primarily based on the execution of contracts, and the existence of rigid demand ensures that the market does not experience sharp fluctuations due to speculative activities, thus maintaining stable and healthy transaction prices. Looking ahead, as the autumn harvesting activities come to an end, market attention will shift from increases in supply to the reduction of inventory levels and the realization of demand potential. It is expected that the resilience of sea salt prices against declines will gradually become apparent, with prices remaining stable within their current range in the short term. In terms of well-mined salts, the main salt production facilities across the country are operating at high capacity, ensuring a stable supply in key production areas such as North China, East China, Central China, and Northwest China. Only some salt manufacturers in Shaanxi and Sichuan are carrying out planned maintenance on their facilities, which has led to a slight decline in regional production capacity. As a result, supply has been somewhat tight for a while. Against the backdrop of low inventory levels, market activity among salt manufacturers in these regions has increased slightly, with transaction prices rising flexibly. In contrast, market demand has been somewhat weak this month; the downstream alkali industries (caustic soda and soda ash) have performed poorly, with an increase in plant shutdowns for maintenance. Purchases of raw salt are driven mainly by rigid demands, and there is little momentum for growth. The continuous rise in coal prices increases the production costs for enterprises involved in the mining of mineral salts, squeezing their profit margins. These companies generally have a strong desire to raise prices, but the downstream market shows clear resistance to products at high prices; as a result, high transaction prices in the market are likely to remain a subject of negotiation. Overall, if there is no significant improvement on the demand side in the short term, the market will continue to remain in a state of low-level consolidation. This month, the lake salt market has shown a stable performance, with little change in the supply and demand balance compared to previous periods. On the supply side, lake salt manufacturers continue to make use of the positive effects of the \"produce based on sales\" strategy; by precisely regulating the production pace, they are able to optimize their own inventory levels and ensure an orderly supply in the market. In the Qinghai region, although production saw a brief adjustment at the end of the month due to local environmental inspections, overall market supply remained stable, with no significant fluctuations. On the demand side, there were positive signs within the month; although purchases by downstream companies were mainly conducted through contracts, overall demand remained stable. As some of these downstream enterprises resumed operations after carrying out maintenance on their facilities, purchasing activity became more active. Currently, the market fundamentals are stable, and in the short term, the lake salt market will continue to show a trend of steady improvement. Regarding soda ash in the downstream market, the domestic soda ash market in October was characterized by an oversupply situation and increased cost support. On the supply side, some companies have reduced production due to cost pressures or temporary equipment maintenance. Meanwhile, amid the addition of new production capacity, market trading enthusiasm remains low, and alkali producers continue to face significant long-term supply pressures. On the demand side, demand for heavy alkalis remained generally stable; the daily melting capacity of float glass stayed constant, and the commissioning of new photovoltaic glass production lines provided some support ； Demand for mild alkalis has shown divergence: some downstream sectors are replenishing their stockpiles at lower prices, but overall purchasing sentiment remains cautious. In terms of inventory, alkali manufacturers continue to build up their stock levels, while replenishment activities in the mid- and lower-tier sectors proceed smoothly. Breaking it down, demand for heavy alkalis remained relatively stable, supported by the steady operation of float glass production lines and the ongoing commissioning of photovoltaic glass production lines. Demand for light alkalis increased as companies stocked up at lower prices. Although emerging areas such as lithium carbonate brought some additional demand to the market, an oversupply situation persisted, resulting in slight fluctuations in transaction prices. In October, the domestic liquid caustic market remained stable at high levels overall. Although the peak season of \"Golden September and Silver October\" is coming to an end and caution among market participants is on the rise, demand from downstream industries remains strong: production in the key oxidation industry stays stable, and the introduction of new production capacity adds further momentum to demand. Meanwhile, the steady increase in demand from industries such as papermaking and chemical fibers helps absorb the market supply, resulting in an increase in purchasing volumes throughout the month. As the end of the month approaches, some alkali-producing enterprises in certain regions schedule maintenance work on their facilities, which leads to a slowdown in market activity. Under the influence of various factors, supply and demand in the market remain relatively stable. Regarding caustic soda, the domestic market for caustic soda showed slight fluctuations in October. From the supply side, in early October, some enterprises in the northwest region carried out equipment maintenance work, resulting in a temporary reduction in production capacity; this tightened supply situation provided some support for prices. Starting from the middle of the month, companies that had been undergoing maintenance resumed operations on a large scale, and with some new production capacities coming online as well, the supply in the regional market increased significantly, leading to a slight decline in prices. By region, businesses in North China, East China, and Southwest China have maintained stable operations overall, with sufficient supply of goods. On the demand side, activity was somewhat sluggish. Although the oxidation **industry continued to operate at normal levels, production was mainly carried out in accordance with fixed contracts; there was little enthusiasm for purchasing goods on a spot basis. Purchase prices dropped in some areas, which reduced the support for the caustic soda market compared to September. Non-** industries continue to adopt a demand-driven procurement approach; companies tend to purchase what they need immediately, with no signs of large-scale stockpiling. Overall, in this month the supply of caustic soda in the market shifted from a somewhat tight situation at the beginning of the month to a more ample supply overall, which significantly reduced the support for prices. As a result, caution among market participants increased, and transaction prices came under slight pressure.