Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - Last week, the glass futures fluctuated at a low level. The closing price of the main contract FG2509 increased by 1.53% to 997 yuan/ton compared with the previous week. The spot price of Hebei Shahe white glass decreased by 0.75% to 1060 yuan/ton. The glass market is in a situation of weak supply and demand, and it is expected that the futures price will fluctuate weakly at a low level [3]. - The main logic is that the glass supply has declined to a relatively low level in the same period. Under the influence of the seasonal peak season expectation, the spot price has risen, and the downstream has carried out phased replenishment, resulting in the reduction of the glass factory's inventory. It is expected that the glass will fluctuate strongly at a low level [7]. 3) Summary According to Relevant Catalogs Glass Futures and Spot Weekly Market - The closing price of the main contract was 997 yuan/ton, up 1.53% from the previous week; the spot benchmark price was 1060 yuan/ton, down 0.75% from the previous week; the main basis was 63 yuan/ton, down 26.74% from the previous week [8]. Glass Spot Market - The market price of 5mm white glass in Hebei Shahe, the spot benchmark, was 1060 yuan/ton, down 0.75% from the previous week [14]. Fundamental - Cost and Profit - The profit of coal production lines has rebounded, the loss of natural gas production lines has intensified, and the profit of petroleum coke production lines has turned negative [20]. Fundamental Analysis - Supply - The number of operating float glass production lines nationwide was 224, with an operating rate of 75.53%, at a historical low in the same period. The daily melting volume was 156,800 tons, at the lowest level in the same period in history [25][27]. Fundamental Analysis - Demand - In February 2025, the apparent consumption of float glass was 4.3143 million tons [31]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises was 69.754 million weight boxes, up 3.09% from the previous week, and the inventory was running above the five - year average [46]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, exports, imports, apparent supply, consumption, and differences, as well as growth rates and net import ratios [47].
大越期货玻璃周报-20250609
Da Yue Qi Huo·2025-06-09 02:58