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能化产品周报:烧碱-20250617
Dong Ya Qi Huo· 2025-06-17 13:32
Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - Short - term: Maintenance in Shandong and other regions and rigid - demand procurement from alumina plants limit the downside space of caustic soda prices [9]. - Medium - term: From June to July, new production capacities such as Qingdao Gulf and Gansu Yaowang will be concentratedly put into production, and with limited demand growth, there is a strong expectation of supply - demand turning to surplus [9]. 3. Summary by Relevant Catalogs Price Group - On June 16, the closing price of the main caustic soda contract (SH2509) was 2,276 yuan/ton, down 0.35% from the previous trading day [6]. - For 32% ion - membrane caustic soda: In southwestern Shandong, the mainstream transaction price was 850 - 870 yuan/ton (slightly up from June 10, with a month - on - month increase of over 2% in early June according to the National Bureau of Statistics); in east - central Shandong, the mainstream transaction price was 860 - 930 yuan/ton, with some enterprises having tight supply due to maintenance; in northern Shandong, the mainstream transaction price was 880 - 940 yuan/ton, supported by the rigid demand of alumina plants; in southern Shandong, the mainstream transaction price was 880 - 900 yuan/ton, and the regional price difference narrowed [6]. - For 50% ion - membrane caustic soda, the mainstream transaction price was 1,360 - 1,460 yuan/ton, and the export quotation in East China was boosted by international demand [6]. Supply and Demand Group - Supply: This week, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 83.5%, unchanged from the previous week [7]. - Demand: In the alumina industry, the capacity utilization rate was 78.4%, a slight increase of 0.03 percentage points from the previous week; the operating rate of viscose staple fiber was 80.5%, down 0.15% from the previous week; the operating rate in the printing and dyeing industry in the Jiangsu and Zhejiang regions was 63.5%, up 0.27% from the previous week [7]. Inventory Group - As of June 12, the inventory of liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in China was 378,000 tons (wet tons), down 1.07% from the previous week and up 4.2% year - on - year. The slowdown in inventory reduction reflects the weakening of demand resilience [7]. Profit Group - The profit of chlor - alkali in Shandong increased by 50 yuan/ton week - on - week, reaching 632 yuan/ton. The cost support came from the stable price of raw salt at 280 - 300 yuan/ton [8].
镍、不锈钢产业链周报-20250616
Dong Ya Qi Huo· 2025-06-16 08:28
Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - **L利多因素**: Inventory is continuously decreasing, with both Shanghai Nickel and LME Nickel inventories reducing, alleviating short - term supply pressure; Nickel ore in Indonesia is in short supply, and prices are firm, providing cost support for nickel prices [3]. - **利空因素**: The long - term supply surplus pattern of refined nickel remains unchanged, and the bearish fundamental pattern persists; The demand for downstream stainless steel is weak, and the improvement in terminal orders is insufficient, dragging down nickel prices [3]. - **交易咨询观点**: The market is intertwined with long and short factors, lacking new drivers, and overall maintaining a volatile pattern [3]. 3. Summary by Directory 3.1 Market Data - **镍期货价格**: The latest price of Shanghai Nickel main contract is 119,920 yuan/ton, down 1,470 yuan (-1.21%); the price of LME Nickel 3M is 15,105 dollars/ton, down 385 dollars (-2.28%) [4]. - **不锈钢期货 price**: The latest price of stainless steel main contract is 12,550 yuan/ton, up 90 yuan (1%) [4]. - **镍现货 price**: The latest price of Jinchuan Nickel is 122,650 yuan/ton, down 275 yuan (-0.22%); the price of imported nickel is 120,650 yuan/ton, down 350 yuan (-0.29%) [4]. - **库存情况**: Domestic social inventory of nickel is 39,383 tons, an increase of 8 tons; LME Nickel inventory is 197,538 tons, a decrease of 96 tons; stainless steel social inventory is 998.8 thousand tons, an increase of 15.5 thousand tons; nickel pig iron inventory is 31,462 tons, an increase of 1,907.5 tons [4][6]. 3.2 Charts - **盘面信息**: There are charts showing the trends of domestic and foreign nickel futures, stainless steel futures, nickel spot average prices, etc., as well as seasonal charts of supply, production, and inventory in various aspects of the nickel - stainless steel industry chain, including China's refined nickel monthly production, primary nickel total supply, domestic and LME nickel inventories, nickel ore prices and inventories, nickel iron production, downstream battery - grade nickel sulfate prices and production, and stainless steel production and inventory [7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33].
锌产业周报-20250616
Dong Ya Qi Huo· 2025-06-16 03:07
锌产业周报 2025/06/16 咨询业务资格:沪证监许可【2012】1515号 研报作者:许亮 Z0002220 审核:唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制,但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期,本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改, 交易者(您)应当自行关注相应的更新或修改。本公司力求报告内容客观、公正,但本报告所载的观点、结论和建议仅供参考,交易者(您)并不能依靠本报告以取代行 使独立判断。对交易者(您)依据或者使用本报告所造成的一切后果,本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可,任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的,需在允许的范围内使用,并注明出处为"东亚期货",且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责 ...
贵金属有色金属产业日报-20250611
Dong Ya Qi Huo· 2025-06-11 12:50
. 贵金属有色金属产业日报 2025/6/11 咨询业务资格:沪证监许可【2012】1515号 研报作者:许亮 Z0002220 审核:唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制,但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期,本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改, 交易者(您)应当自行关注相应的更新或修改。本公司力求报告内容客观、公正,但本报告所载的观点、结论和建议仅供参考,交易者(您)并不能依靠本报告以取代行使独立判断。对交 易者(您)依据或者使用本报告所造成的一切后果,本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可,任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的,需在允许的范围内使用,并注明出处为"东亚期货",且不得对本报告进行任何有悖原意的引用、删节和修改。 本公 ...
黑色产业链日报-20250611
Dong Ya Qi Huo· 2025-06-11 12:50
Report Industry Investment Rating No relevant content provided. Core Viewpoints - The ongoing China-US talks have improved market sentiment, leading to a slight rebound in the futures market. However, the traditional off-season for steel has arrived, with weakening demand and abundant raw material supply, suggesting limited fundamental support for the rebound [3]. - The current fundamentals of iron ore are acceptable, but future concerns are emerging. Supply is increasing while demand is expected to decline, which may lead to slower inventory depletion and potential accumulation [19]. - The relaxation of China-US relations has boosted market sentiment, causing coking coal to rebound due to previous overselling. Coke has also followed, but its rebound is weaker due to downstream price cuts. The demand for coking coal and coke has rigid support in the short term [34]. - Short - term market sentiment for ferroalloys has improved, but the long - term trend remains weak due to factors such as steel mill price pressure, cost decline, and the off - season for steel demand. However, the high - inventory issue is gradually weakening, and the supply is at a low level [51]. - The production of soda ash is expected to gradually recover, and the market remains in a long - term oversupply situation. The demand is stable overall, but the photovoltaic sector may return to an oversupply pattern [65]. - The glass market has a nearly 10% decline in cumulative apparent demand. To balance supply and demand in the second half of the year, the daily melting volume needs to decline. The current valuation is low, but the short - term fundamentals and cost support are weak [93]. Summary by Related Catalogs Steel - **Price Data**: On June 11, 2025, the closing prices of rebar and hot - rolled coil futures contracts increased slightly compared to the previous day. The basis and spreads of different contracts also showed certain changes [4][8]. - **Market Situation**: The off - season has led to a decline in some steel demand, such as a significant decrease in the outbound volume of building materials in Hangzhou and inventory accumulation in multiple regions for hot - rolled coils. Although steel mills maintain production through product switching, the supply of raw materials is abundant, and the rebound of the futures market lacks strong fundamental support [3]. Iron Ore - **Price Data**: On June 11, 2025, the closing prices of iron ore futures contracts increased compared to the previous day, while the basis decreased. The daily and weekly changes in different contracts varied [20]. - **Fundamental Data**: Global iron ore shipments have increased significantly, and the demand is expected to decline. The production of five major steel products has not decreased significantly, but the demand has a seasonal decline, increasing the inventory depletion pressure [19][28]. Coking Coal and Coke - **Price Data**: On June 11, 2025, the coking coal and coke futures prices, basis, and spreads showed different degrees of changes. The coking coal prices rebounded more strongly, and the coking profit on the futures market shrank [35]. - **Market Situation**: The relaxation of China - US relations has driven the rebound of coking coal and coke. The current basis is in a reasonable range, and the demand for coking coal and coke has rigid support in the short term [34]. Ferroalloys - **Price Data**: On June 11, 2025, the prices of ferrosilicon and ferromanganese spot and futures contracts, as well as their basis and spreads, showed different changes. The cost of ferrosilicon and the prices of raw materials for ferromanganese also changed to some extent [52][53]. - **Market Situation**: Short - term market sentiment has improved, but the long - term trend is still weak. The high - inventory issue is gradually weakening, and the supply is at a low level, with the cost expected to decline [51]. Soda Ash - **Price Data**: On June 11, 2025, the prices of soda ash futures contracts decreased slightly, and the basis and spreads also changed. The spot prices of heavy and light soda ash in different regions remained stable [67][68]. - **Market Situation**: The production of soda ash is expected to recover, and the market is in a long - term oversupply situation. The demand is stable overall, but the photovoltaic sector may return to an oversupply pattern [65]. Glass - **Price Data**: On June 11, 2025, the prices of glass futures contracts showed different trends, and the basis and spreads also changed. The daily sales - to - production ratios in different regions varied [94][97]. - **Market Situation**: The cumulative apparent demand for glass has declined nearly 10%. To balance supply and demand in the second half of the year, the daily melting volume needs to decline. The current valuation is low, but the short - term fundamentals and cost support are weak [93].
东亚期货软商品日报-20250611
Dong Ya Qi Huo· 2025-06-11 12:47
软商品日报 2025/06/11 咨询业务资格:沪证监许可【2012】1515号 研报作者:许亮 Z0002220 审核:唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制,但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、 结论和建议。在不同时期,本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发 出通知的情形下做出修改, 交易者(您)应当自行关注相应的更新或修改。本公司力求报告内容客观、公正,但本报告所载的观点、结论和建议仅供参考,交易者(您)并不能依 靠本报告以取代行使独立判断。对交易者(您)依据或者使用本报告所造成的一切后果,本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可, 任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的,需在允许的范围内使用,并注明出处为"东亚期 货",且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关 ...
油脂油料产业日报-20250611
Dong Ya Qi Huo· 2025-06-11 12:26
Report Overview - Report Date: June 11, 2025 [1] - Report Author: Xu Liang [2] - Reviewer: Tang Yun [2] Industry Investment Rating - No information provided on the industry investment rating. Core Views Fats and Oils - **Palm Oil**: Production in the producing regions is expected to increase month-on-month, and the approaching seasonal production increase adds to the supply expectation. Although the domestic port inventory is currently low, as the origin quotation weakens, subsequent purchases are gradually emerging. On the consumption side, due to the current inverted soybean-palm oil price difference, incremental consumption is not forthcoming, and inventory is expected to increase. The price difference between soybean oil and palm oil needs to be further reduced to stimulate consumption [3]. - **Soybean Oil**: As the purchased ships arrive at ports, supply pressure is approaching, and the expected oil mill crushing volume will increase accordingly. However, due to the lack of incremental consumption to absorb the supply, the inventory is expected to enter an accumulation cycle. With the expected increase in the supply of both palm oil and soybean oil, the price difference between soybean oil and palm oil may be repaired in the far - month to compete for market share [3]. - **Rapeseed Oil**: Recently, the expected improvement in China - Canada relations has hit the premium of the market's policy - expected trading. The current supply is at a phased peak, and the marginal decline rate is expected to accelerate from the end of the second quarter to the beginning of the third quarter. On the consumption side, due to the policy premium of rapeseed oil, the price difference between rapeseed oil and soybean oil has always been in a range unfavorable for rapeseed oil consumption, suppressing consumption. High inventory exerts pressure, but policy uncertainty provides support for the far - month [3]. Oilseeds - **Imported Soybeans**: Brazilian soybean premiums are firm, the domestic market has strengthened following the international market, and the far - month crushing profit has slightly weakened. China's soybean imports in May were 13.918 million tons; from January to May, imports were 37.108 million tons, a 0.7% decline from the same period last year. Forecasts for June, July, and August are 11 million tons, 11.5 million tons, and 9.5 million tons respectively. Supply in the second and third quarters remains abundant, and the situation of China - US negotiations in the fourth quarter should be monitored [15]. - **Domestic Soybean Meal**: Under the expectation of China - US talks, the domestic soybean meal market has strengthened. Currently, the soybean raw material inventory of oil mills is rising, and the soybean meal inventory is also being repaired. The concentrated arrival of soybeans in the third quarter will put pressure on soybean meal prices. On the demand side, downstream enterprises mainly execute previous contracts, and the enthusiasm for restocking is low, keeping the basis weak [15]. - **Rapeseed Meal**: In June, there is still pressure on the spot supply, downstream demand is lower than expected, and inventory reduction is difficult. Although there are some gaps in the far - month supply, the rigid demand is limited. The market performance is weak, and future attention should be paid to China - Canada trade relations [15]. Key Data Summaries Fats and Oils - **Price Differences**: P 1 - 5 is 82 yuan/ton with a daily decrease of 10 yuan/ton; Y - P 01 is - 382 yuan/ton with a daily increase of 46 yuan/ton, etc [4]. - **Palm Oil Prices**: Palm oil 01 is 7954 yuan/ton with a decline of 1.56%; BMD palm oil main contract is 3868 ringgit/ton with an increase of 0.1% [7]. - **Soybean Oil Prices**: Soybean oil 01 is 7644 yuan/ton with a decline of 0.13%; CBOT soybean oil main contract is 47.77 cents/pound with an increase of 0.76% [12]. Oilseeds - **Futures Prices**: Bean meal 01 is 3064 with a decline of 4 and a decline rate of 0.13%; Rapeseed meal 01 is 2349 with a decline of 7 and a decline rate of 0.3% [16][18]. - **Price Differences**: M01 - 05 is 336 with a daily increase of 4; RM01 - 05 is - 15 with a daily decrease of 6 [19].
锌产业周报-20250609
Dong Ya Qi Huo· 2025-06-09 02:36
锌产业周报 2025/06/9 咨询业务资格:沪证监许可【2012】1515号 研报作者:许亮 Z0002220 审核:唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制,但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观 点、结论和建议。在不同时期,本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在 不发出通知的情形下做出修改, 交易者(您)应当自行关注相应的更新或修改。本公司力求报告内容客观、公正,但本报告所载的观点、结论和建议仅供参考,交易者(您)并不 能依靠本报告以取代行使独立判断。对交易者(您)依据或者使用本报告所造成的一切后果,本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许 可,任何机构或个人不得以翻版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的,需在允许的范围内使用,并注明出处为"东 亚期货",且不得对本报告进行任何有悖原意的引用、删节和修改。本公司保留追究相关责任 ...
镍、不锈钢产业链周报-20250609
Dong Ya Qi Huo· 2025-06-09 02:35
Report Overview - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: June 9, 2025 - Author: Xu Liang - Reviewer: Tang Yun 1. Investment Rating - The report does not mention the industry investment rating. 2. Core Views Bullish Factors - Weekly decline in Shanghai nickel and LME nickel inventories, with domestic inventories falling below 40,000 tons, supporting prices [3] - Firm nickel ore prices, stable and rising prices of nickel iron and intermediate products, providing cost support [3] Bearish Factors - High production of refined nickel, rising global inventories, and a continued pattern of strong supply and weak demand [3] - Overall weak spot demand, short restocking followed by a slowdown in trading, and insufficient demand improvement [3] Trading Advisory Views - The supply - demand contradiction has not deepened, inventory depletion is unsustainable, and the short - term will maintain a range - bound pattern [3] 3. Summary by Directory 3.1 Market Data - **Nickel Futures**: The latest price of the Shanghai nickel main contract is 122,200 yuan/ton, up 950 yuan (0.78%) from the previous week; LME nickel 3M is 15,490 US dollars/ton, down 20 US dollars (2.12%). The trading volume increased by 34.25% to 98,620 lots, and the open interest decreased by 12.1% to 80,736 lots. The warehouse receipt quantity decreased by 4.08% to 21,157 tons [4] - **Stainless Steel Futures**: The latest price of the stainless steel main contract is 12,680 yuan/ton, up 50 yuan (0%). The trading volume increased by 0.67% to 75,548 lots, and the open interest decreased by 26.21% to 62,862 lots. The warehouse receipt quantity decreased by 5.42% to 122,945 tons [4] - **Nickel Spot**: The prices of various types of nickel, including Jinchuan nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel, all showed slight increases [4] - **Inventory Data**: Domestic social nickel inventory is 41,553 tons, down 836 tons; LME nickel inventory is 200,106 tons, down 618 tons; stainless steel social inventory is 967.5 tons, down 6.4 tons; nickel pig iron inventory is 31,462 tons, up 1,907.5 tons [4][6] 3.2 Charts and Data Analysis - **Nickel Market**: The report includes charts on the price trends of Shanghai nickel and LME nickel, domestic social nickel inventory, LME nickel inventory, Philippine laterite nickel ore prices, and Chinese port nickel ore inventory [8][11][14][15] - **Nickel Iron**: Charts show the price trends of Indonesian high - nickel pig iron and Chinese nickel iron production [17][18][20] - **Downstream Sulfuric Acid Nickel**: Charts present the price premium of battery - grade nickel sulfate over primary nickel, production profit margins, and production volume [22][23][26] - **Stainless Steel**: Charts display the profit margin of Chinese 304 stainless steel cold - rolled coils, production volume, and inventory [28][29][31]
黑色产业链日报-20250605
Dong Ya Qi Huo· 2025-06-05 11:18
Report Industry Investment Rating No relevant content provided. Core Viewpoints - The steel price is mainly driven by raw materials, and although it is boosted by the short - term rebound of coking coal, there is limited room for a substantial increase in coking coal due to the overall supply - demand imbalance in the raw material market and the approaching traditional off - season [3]. - The iron ore price is expected to rebound along with industrial products, but the rebound amplitude is smaller than that of coking coal, and the trend may not be strong, with decreasing volatility [21]. - Coking coal has a short - term rebound demand, but the supply - demand pattern remains loose. Coke has limited short - term supply - demand contradictions, but lacks the conditions for bottom - fishing [3][36]. - The negative impact of high inventory on ferroalloys is weakening, but the cost side is bearish. It is not recommended to bottom - fish before coal prices stabilize [54]. - The soda ash market is in a long - term oversupply expectation, and the inventory is at a historical high. The further decline of the disc price requires price cuts by alkali plants or rapid inventory accumulation [69][70]. - The glass market has weak short - term fundamentals and cost support. Although the valuation is relatively low, it is necessary to wait for the realization of spot price cut expectations [94]. Summary by Related Catalogs Steel - **Price Influencing Factors**: The price of steel is mainly affected by raw materials. The short - term rebound of coking coal boosts steel prices, but in the traditional off - season with a tendency of decreasing hot metal and an overall oversupply of raw materials, coking coal lacks a substantial upward driving force [3]. - **Price Data**: On June 5, 2025, the closing prices of rebar 01, 05, and 10 contracts were 2951, 2952, and 2959 respectively, showing different changes compared with the previous day. The closing prices of hot - rolled coil 01, 05, and 10 contracts were 3075, 3072, and 3077 respectively [4]. Iron Ore - **Market Situation**: Market sentiment has slightly recovered. The fundamentals of iron ore have weakened month - on - month, with increased shipments and a possible shift from de - stocking to slight inventory accumulation. The iron ore price is expected to rebound with industrial products, but the amplitude is smaller than that of coking coal [21]. - **Price and Fundamental Data**: On June 5, 2025, the closing prices of iron ore 01, 05, and 09 contracts were 665, 646.5, and 701 respectively. The daily average hot metal output in the week of May 30, 2025, was 241.91, showing a week - on - week decrease [22][30]. Coking Coal and Coke - **Coking Coal**: Some mines have reduced production, but large - scale production cuts have not occurred. The downstream coking profit is damaged, and the raw material replenishment willingness is poor. The import window is expected to be difficult to open, and the price of Mongolian 5 raw coal has been frequently declining [36]. - **Coke**: Steel mills in Tangshan have initiated a third - round price cut. The short - term supply - demand contradiction of coke is not significant, but the cost support is loose, and it is not suitable for bottom - fishing [36]. - **Price Data**: On June 5, 2025, the coking coal warehouse receipt cost (Tangshan Mongolian 5) was 813, and the coking coal main contract basis (Tangshan Mongolian 5) was 56. The coke warehouse receipt cost (Rizhao Port) was 1315, and the coke main contract basis (Rizhao Port) was - 27 [37]. Ferroalloys - **Market Situation**: The negative impact of high inventory on ferroalloys is gradually weakening, and the supply pressure on the supply side is small. However, the cost side is bearish, and it is not recommended to bottom - fish before coal prices stabilize [54]. - **Price Data**: On June 5, 2025, the silicon - iron basis in Ningxia was 284, and the silicon - manganese basis in Inner Mongolia was 268 [58][59]. Soda Ash - **Market Situation**: The soda ash production has recovered, and the overall maintenance volume from May to June is lower than expected. The market is in a long - term oversupply expectation, and the inventory is at a historical high. The demand is stable, and the photovoltaic sector tends to return to an oversupply pattern [69][70]. - **Price Data**: On June 5, 2025, the prices of soda ash 05, 09, and 01 contracts were 1236, 1203, and 1196 respectively, showing different degrees of decline compared with the previous day [71]. Glass - **Market Situation**: The spot market of glass remains weak, and there is still an expectation of price cuts. The daily melting volume fluctuates slightly. The cumulative apparent demand has declined by nearly 10%. The disc price is approaching the level of full - industry chain losses, and it is necessary to wait for the realization of spot price cut expectations [94]. - **Price Data**: On June 5, 2025, the prices of glass 05, 09, and 01 contracts were 1075, 963, and 1018 respectively, showing different degrees of decline compared with the previous day [95].