市场投机情绪放缓，钢价震荡偏强

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Glass and soda ash markets are expected to oscillate, and the double - silicon market will also experience low - level oscillations [1][2][4] 3. Summary by Related Catalogs Glass - Market Analysis: The glass futures market oscillated yesterday. Spot market transactions were mainly for rigid demand, and trading sentiment cooled. This week, the average market price of float glass was 1,174 yuan/ton, a decrease of 3.27 yuan/ton from the previous period. The enterprise start - up rate was 75.43%, a month - on - month increase of 0.29%, and the manufacturer's inventory was 69.085 million heavy boxes, a month - on - month decrease of 131,000 heavy boxes [1] - Supply and Demand Logic: The production capacity of previously ignited production lines was gradually released, and supply increased month - on - month. Entering the off - season, demand was expected to weaken further, and real - estate transactions remained sluggish, leading to continued low glass consumption. Inventory remained at a high level, and the market tried to clear glass production capacity through price cuts, but there was no actual supply contraction [1] - Strategy: The glass market is expected to oscillate [3] Soda Ash - Market Analysis: The soda ash futures market oscillated downward yesterday. In the spot market, downstream sentiment was cautious, and purchases were mainly for rigid demand replenishment. This week, the soda ash capacity utilization rate was 81.32%, a month - on - month decrease of 0.89%; the output was 709,000 tons, a month - on - month decrease of 7,700 tons; and the inventory was 1.8095 million tons, a month - on - month increase of 2.41% [2] - Supply and Demand Logic: There were both resumptions and overhauls in the soda ash production, but the overhaul volume was higher than the resumption volume, resulting in a month - on - month decline in output. Demand lacked an increase and faced the expectation of a contraction in float glass supply. In the off - season, the demand for heavy soda ash was expected to weaken further. In the long run, oversupply would keep prices low [2] - Strategy: The soda ash market is expected to oscillate [3] Double - Silicon (Silicon Manganese and Silicon Iron) Silicon Manganese - Market Analysis: Yesterday, the silicon manganese futures market oscillated under the influence of market sentiment. The main contract of manganese silicon futures rose 18 yuan/ton compared with the previous trading day, closing at 5,712 yuan/ton. In the spot market, the silicon manganese market oscillated. The price of the ore end remained firm, and the production enthusiasm of factories was not high. The price in the northern market of 6517 was 5,480 - 5,530 yuan/ton, and in the southern market, it was 5,500 - 5,550 yuan/ton. Silicon manganese production increased from a low level, pig iron production increased slightly, and silicon manganese demand increased slightly. The inventory of silicon manganese manufacturers and registered warehouse receipts were at medium - to - high levels, suppressing the price of silicon manganese. The port inventory of manganese ore decreased slightly [4] - Strategy: The silicon manganese market is expected to oscillate [5] Silicon Iron - Market Analysis: Yesterday, the main contract of silicon iron futures closed at 5,390 yuan/ton, a rise of 22 yuan/ton compared with the previous trading day. In the spot market, the silicon iron market was relatively stable, with prices fluctuating slightly. The ex - factory price of 72 - grade silicon iron natural blocks in the main production areas was 5,050 - 5,150 yuan/ton, and the price of 75 - grade silicon iron was reported at 5,600 - 5,750 yuan/ton. Currently, silicon iron production increased month - on - month, demand increased slightly, and factory inventory was at a high level. Entering the consumption off - season, the consumption intensity of silicon iron would be tested. Silicon iron production capacity was relatively loose, and in the short term, prices were dragged down by costs, but the overall replenishment of silicon iron was in a healthy state [4] - Strategy: The silicon iron market is expected to oscillate [5]