大越期货玻璃早报-20250421

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The glass fundamentals are weak, and the short - term is expected to be mainly in a weak and volatile operation [2] - The glass supply has declined to a relatively low level in the same period. Affected by the expectation of the seasonal peak season, the spot price has increased, and the downstream has replenished stocks periodically, resulting in the reduction of glass factory inventory. It is expected that the glass will be mainly in a low - level and volatile upward operation [5] 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 1166 yuan/ton to 1122 yuan/ton, a decrease of 3.77%. The spot price of Shahe Safety large - board decreased from 1168 yuan/ton to 1164 yuan/ton, a decrease of 0.34%. The main basis increased from 2 yuan/ton to 42 yuan/ton, an increase of 2000.00% [6] Glass Spot Market - The market price of 5mm white glass large - board in the spot benchmark area of Hebei Shahe is 1164 yuan/ton, a decrease of 4 yuan/ton compared with the previous day [11] Cost Side of Fundamentals - The profit of the coal production line has recovered, the loss of the natural gas production line has narrowed, and the profit of the petroleum coke production line has turned negative [16] Production Line and Output of Fundamentals - The number of operating national float glass production lines is 225, with an operating rate of 75.66%. The number of operating glass production lines is at a historical low in the same period. The daily melting volume of national float glass is 158,500 tons, and the production capacity is at the lowest level in the same period in history [19][21] Demand of Fundamentals - In February 2025, the apparent consumption of float glass was 4.3143 million tons [25] Inventory of Fundamentals - The inventory of national float glass enterprises is 65.078 million weight boxes, a decrease of 0.19% compared with the previous week, and the inventory has declined to near the five - year average [42] Supply - Demand Balance Sheet of Fundamentals - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, consumption, production growth rate, consumption growth rate, and net import ratio [43]