玻璃：市场情绪转好 旺季关注现货市场情绪

Market Overview - The average transaction price of glass in the Shihe region is around 1140 yuan per ton [1] Supply and Demand - As of September 11, 2025, the national float glass daily production is 160,200 tons, an increase of 0.38% compared to four days prior. The total float glass production for the week (September 5-11, 2025) is 1,121,200 tons, showing a week-on-week increase of 0.38% but a year-on-year decrease of 4.49% [2] - The total inventory of sample enterprises for float glass is 61.583 million heavy boxes, a decrease of 1.467 million heavy boxes or 2.33% from the previous period, and a year-on-year decrease of 14.94%. The inventory days are 26.3 days, down by 0.6 days from the last period [2] Analysis - The overall sentiment in the glass market has improved, with industrial products stabilizing and rebounding. Glass is sensitive to macroeconomic fluctuations, leading to significant price rebounds. Last week saw good transaction volumes in the spot market and a reduction in inventory [3] - News regarding the transition to clean energy production lines in the Shihe region has triggered price increases, although the specific timeline for this transition is yet to be determined. The expected downtime is limited, and there are plans for some production restarts in the future [3] - Current inventory levels among manufacturers in the Shihe region are rising, and there has been no significant reduction in midstream inventory. Although there is a seasonal improvement in deep processing orders, demand remains weak, and the low operating rates persist without clear signs of peak season characteristics [3] - In the medium to long term, the industry is at the bottom of the real estate cycle, with a decrease in completions. The industry will need to clear excess capacity to resolve the current overcapacity issue. Monitoring the implementation of regional policies and the performance of downstream stocking ahead of the peak season is essential [3] Operational Recommendations - The current recommendation for the glass market is to adopt a wait-and-see approach [4]