纯碱、玻璃日报-20250627

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term trend of soda ash futures prices remains weakly volatile due to supply decline from equipment maintenance, weak downstream demand, and inventory accumulation. The long - term pattern is one of oversupply. The weak demand for architectural glass also suppresses the continuous upward momentum of soda ash futures prices [8]. - The short - term rebound space of glass is limited, and it is expected to operate with low - level volatility. The glass market is in the traditional rainy season, with weakening orders, high supply, falling costs, and continuous inventory accumulation. The real - estate completion stage has not improved substantially [9]. 3. Summary According to Relevant Catalogs 3.1 Soda Ash and Glass Market Review and Operation Suggestions - Soda Ash Futures Data on June 26: The main soda ash futures contract SA509 oscillated strongly. The closing price was 1,180 yuan/ton, up 20 yuan/ton or 1.72%, with a daily reduction of 32,209 lots. Other contracts also showed certain price increases [7][8]. - Soda Ash Fundamental Situation: In the week of June 26, China's weekly soda ash output dropped to 716,700 tons, a 5.04% week - on - week decrease, and was still at a high level this year. The weekly capacity utilization rate fell to 82.21%, a 4.36% week - on - week decrease. The shipment volume was 676,500 tons, a 5.29% week - on - week decrease. The total inventory of manufacturers was 1,766,900 tons, a 2.33% week - on - week increase [8]. - Glass Fundamental Situation: In the traditional rainy season, glass processing orders weakened slightly. Supply remained high, costs declined, and inventory continued to accumulate. The real - estate completion stage had not improved substantially, and the spot market had intense price competition with declining transaction prices [9]. 3.2 Data Overview - The report provides price trend charts of active soda ash and glass contracts, as well as data on the market price of heavy soda ash in Central China and flat - glass production, with data sources including Wind and Zhuochuang Information [11][14]