黑色建材日报：市场预期悲观，黑色震荡下行-20250527

1. Market Analysis Glass and Soda Ash - Glass futures rebounded from a low level and showed a strong performance throughout the day, while the spot market was generally sluggish with some price cuts and slower shipments. The downstream mainly made rigid - demand purchases at low prices, and there was no large - scale speculative restocking. Due to poor real - estate completion data, the market is pessimistic about glass consumption. With low production, weak consumption, high inventory, and short - term restocking unable to change the weak situation, attention should be paid to glass production line changes and real - estate data [1]. - Soda ash futures showed a weak and volatile trend with lower trading sentiment. The domestic soda ash price was weakly stable with flexible transaction prices. Enterprise production increased, especially for heavy soda ash, and inventory slightly decreased, but downstream demand was mainly rigid. With new production projects coming on stream, high supply pressure has reappeared, and attention should be paid to intermittent maintenance and new production of soda ash production lines [1]. Silicomanganese and Ferrosilicon - For silicomanganese, tariff fluctuations and poor off - season consumption expectations led to a collective decline in the black sector, with a 0.87% drop in silicomanganese futures. The spot market was weak, with prices in the north and south at 5550 - 5650 yuan/ton. Affected by industry profits, production is at a low level, although it has slightly rebounded week - on - week. With high pig iron production currently providing demand support but a strong expectation of a peak in pig iron production, high inventories of manufacturers and registered warrants are suppressing prices. Low - level and slightly rising manganese ore port inventory, along with falling manganese ore prices dragging down shipments, support alloy costs, and attention should be paid to the manganese ore supply side [3]. - Ferrosilicon futures followed the black sector and slightly declined. The spot market was weak with cautious operations. The ex - factory price of 72 - grade ferrosilicon in the main production areas was 5300 - 5400 yuan/ton, and 75 - grade was 5900 - 5950 yuan/ton. With enterprises in losses, production has dropped to a near - historical low. High pig iron production maintains demand, but inventory reduction is weakening, downstream inventory is low, and production capacity is relatively abundant. Short - term prices are dragged down by costs, and attention should be paid to electricity price changes and industrial policies affecting the black sector [4]. 2. Strategy - Glass is expected to be in a volatile state, while soda ash is expected to be volatile and weak. There are no strategies for inter - delivery or inter - commodity trading [2]. - Both silicomanganese and ferrosilicon are expected to be in a volatile state [4].