短期玻璃呈供需双弱格局 盘面临近1000整数关口

Core Viewpoint - The domestic glass futures market is experiencing a downturn, with significant supply contraction and high inventory levels impacting prices and profitability [1][2]. Group 1: Market Performance - On May 16, glass futures opened at 1033.00 CNY/ton, with a decline of 2.51% by midday, reaching a low of 1008.00 CNY [1]. - The average operating rate in the float glass industry decreased to 75%, a reduction of 0.24% week-on-week, while the average capacity utilization rate fell to 77.98%, down 0.04 percentage points [1]. - National float glass production dropped to 1.0917 million tons, marking a two-and-a-half-month low [1]. Group 2: Inventory and Pricing - Total inventory of float glass in sample enterprises increased by 0.77% to 68.082 million heavy boxes, the highest level in nearly two months, with a year-on-year increase of 14.45% [1]. - The price of coal-based gas has risen, leading to a weekly profit for float glass using this fuel dropping to 104.2 CNY/ton, the lowest in six weeks [1]. - The price of petroleum coke rebounded to 2910 CNY, resulting in a negative weekly profit of -70.02 CNY/ton for float glass using this fuel [1]. - Natural gas prices decreased by 31 CNY to 4441 CNY, with a slight adjustment in weekly profit to -149.52 CNY/ton for float glass using natural gas [1]. Group 3: Future Outlook - According to Zhongtian Futures, glass prices are showing signs of slowing down near the 1000 CNY mark, with ongoing supply contraction but high midstream inventory levels [2]. - Hualian Futures noted that with the end of the glass demand peak season, manufacturers are facing increased inventory pressure, leading to a weak supply-demand dynamic in the short term [2]. - The expectation of continued demand contraction is likely to exert downward pressure on the market, with recommendations for short-term bearish trading strategies [2].