交易所再度出手降温！提高玻璃、纯碱、烧碱等品种手续费

Core Viewpoint - The exchanges have increased transaction fees for glass, soda ash, and caustic soda to cool down the market, leading to a significant drop in trading volume and a mixed performance in the black commodities sector [1][2]. Group 1: Exchange Fee Adjustments - The Zhengzhou Commodity Exchange announced an increase in transaction fees for glass, soda ash, and caustic soda effective from July 30, 2025, with specific fees set at 10 CNY per hand for glass, 0.04% of transaction value for soda ash, and 0.02% of transaction value for caustic soda [1]. - Following the fee adjustments, there was a notable rebound in previously declining commodities, with coking coal rising over 6%, glass over 4%, and coking coke over 4% [1]. Group 2: Market Activity and Trends - The trading volume in the futures market has significantly decreased, with a 31.89% drop to 38.76 million hands and a 23.45% decrease in transaction value to 321.26 billion CNY, marking the lowest levels since July 21 [2]. - Specific commodities like glass and soda ash saw trading volume declines of 26.3% and 32.5%, respectively, while coking coal's volume dropped nearly 40% to 2.96 million hands [2]. - Glass and soda ash continue to experience capital outflows, with 221 million CNY and 102 million CNY leaving the respective markets [2]. Group 3: Black Commodity Sector Dynamics - The black commodity sector showed mixed performance, with coking coal prices declining but at a reduced rate, influenced by the rise in rebar and hot-rolled coil prices, which increased by around 2% [4]. - The main rebar contract closed at 3,347 CNY per ton, with a trading volume increase of 239,000 hands and a capital inflow of 1.39 billion CNY, indicating a shift in investment focus towards rebar and hot-rolled coil [4]. - The construction materials ETF saw significant fluctuations, with a peak of 1.648 billion units on July 24, followed by a reduction to 953 million units by July 28, reflecting a capital outflow exceeding 500 million CNY [4]. Group 4: Market Sentiment and Future Outlook - Analysts suggest that the recent price increases in black commodities were primarily driven by market sentiment rather than fundamental changes, with ongoing "anti-involution" policies expected to influence future market conditions [5]. - There is a consensus regarding potential production cuts in September, but the actual impact remains uncertain, indicating a need for caution regarding price volatility [5].