# Soda ash: Trading

China's futures contract versus Western term deals

Source page: https://www.materialinsights.org/commodities/soda_ash/trading/

China's futures contract versus Western term deals What this tab covers How and where it is bought and sold: who buys and sells, exchanges and benchmarks, contract types, the big trading houses and how prices are discovered.

No futures contract trades in the West. China's Zhengzhou Commodity Exchange lists a soda ash futures contract, which gives a visible domestic price. Elsewhere, soda ash is sold under annual or multi-year contracts to glassmakers and chemical companies, with prices assessed by agencies such as ICIS and Argus. Freight is a large part of delivered cost, so producers compete on logistics as well as price. The industry is consolidating; in March 2025 a major producer acquired a leading Wyoming company with two trona mines.

#### Where it is bought (buyers)

- Glassmakers in Asia, Latin America and Europe buy on annual contracts
- Detergent and chemical makers in India and Southeast Asia
- Lithium refiners in Chile and China
- Top importers by value in 2024: Mexico (8.2%), Brazil (7.4%), Chile (6.3%), Malaysia, China and Indonesia (5% each)

#### Where it is sold (sellers)

- US natural producers from Wyoming via West Coast and Gulf ports
- Turkey (WE Soda, Sisecam) to Europe, Asia and Africa
- China in surplus years
- Bulgaria (7.6% of 2024 export value) and Bosnia and Herzegovina (2.9%) into Europe

#### Exchanges and benchmarks

| Venue | Contract | Notes |
|---|---|---|
| **Zhengzhou Commodity Exchange (ZCE)** | Soda ash futures (dense soda ash), yuan per tonne | China's domestic benchmark; no MCX or NCDEX contract |

#### Contract types

- Annual or multi-year supply contracts with glassmakers
- Spot and quarterly contracts in Asia linked to Chinese prices
- Domestic Indian sales at list prices, affected by the MIP

#### Top trading houses

- Producers' own export arms
- Chemical distributors and traders in Asia

#### How prices are discovered

- ZCE futures
- Assessments by ICIS, Argus and Chinese agencies such as SunSirs
- US unit values (USGS)
- Indian market prices reported by industry portals

## Other sections

- [Summary](https://www.materialinsights.org/commodities/soda_ash/index.md)
- [Overview](https://www.materialinsights.org/commodities/soda_ash/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/soda_ash/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/soda_ash/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/soda_ash/production/index.md)
- [Stocks](https://www.materialinsights.org/commodities/soda_ash/stocks/index.md)
- [Cycles](https://www.materialinsights.org/commodities/soda_ash/cycles/index.md)
- [Movement](https://www.materialinsights.org/commodities/soda_ash/movement/index.md)
- [Criticality](https://www.materialinsights.org/commodities/soda_ash/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/soda_ash/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/soda_ash/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/soda_ash/links/index.md)