纯碱、玻璃日报-20250605

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply and demand of soda ash have both increased, but there is still inventory accumulation. The market is expected to face insufficient downstream purchasing power, with a long - term oversupply situation. The soda ash futures price lacks continuous upward momentum, and the market will mainly fluctuate at a low level [8]. - The demand for glass is significantly affected by seasonal factors. During the traditional rainy season, the terminal demand is weak, the mid - stream inventory is high, and the capacity reduction process is slow. The real - estate market has not improved substantially. The glass futures main contract is expected to maintain a low - level oscillation in the short term [9][10]. 3. Summary by Relevant Catalogs 3.1 Soda Ash and Glass Market Review and Operation Suggestions - Soda Ash Market Review - On June 4, the main soda ash futures SA509 rebounded significantly. The closing price was 1185 yuan/ton, down 19 yuan/ton, a decrease of 1.55%, and the daily position decreased by 68,739 lots [7]. - In the week of May 29, the weekly output of Chinese soda ash rose to 689,000 tons, a month - on - month increase of 3.79%, at the middle level this year. The weekly capacity utilization rate dropped to 79.03%, a month - on - month increase of 0.40%. As of May 29, the soda ash enterprise shipment volume was 741,500 tons, a month - on - month increase of 6.08%. The weekly enterprise factory inventory remained at 1.6243 million tons, with a slight inventory accumulation [8]. - Soda Ash Market Outlook - In the short and medium term, production is likely to continue to rise, inventory may further accumulate, demand is expected to be weak, and the long - term pattern is oversupply. The price will mainly oscillate at a low level due to prominent supply - demand contradictions [8]. - Glass Market Review - The demand for glass is affected by seasonal factors. During the rainy season, construction activities are restricted, terminal demand is weak, mid - stream inventory is high, and capacity reduction is slow, resulting in potential further inventory accumulation [9]. - Glass Market Outlook - The glass futures main contract is expected to maintain a low - level oscillation in the short term as the real - estate market has not improved substantially, and policies can only boost short - term sentiment [9][10]. 3.2 Data Overview - The report provides figures on the price trends of active soda ash and glass contracts, soda ash weekly output, soda ash enterprise inventory, central China heavy soda market price, and flat glass output, with data sources including Wind and Zhuochuang Information [12][17][19]