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  "documentTitle": "Solvay SA (SOLB BB)",
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  "notes": "The slide uses a dual-chart layout to contrast regional soda ash price stability against broader commodity volatility.",
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      "text": "While soda ash is categorized as a commodity chemical, it is much less volatile than overall commodity prices. Here we show the price changes of soda ash over time in orange for both European and U.S. markets, and how they compare with the prices of a commodity index in blue. The last couple years, soda ash producers earned excess revenues and profits, which are normalizing this year.",
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      "text": "While soda ash is categorized as a commodity chemical, it is much less volatile than overall commodity prices. Here we show the price changes of soda ash over time in orange for both European and U.S. markets, and how they compare with the prices of a commodity index in blue. The last couple years, soda ash producers earned excess revenues and profits, which are normalizing this year.",
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      "text": "Source: J.P. Morgan Europe Equity Research, WE Soda June 7, 2023.",
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