Report Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Last week, the glass futures first rose and then fell. The closing price of the main contract FG2509 increased by 0.69% compared to the previous week, reaching 1026 yuan/ton. The spot price of 5mm white glass sheets in Hebei Shahe was 1080 yuan/ton, up 2.27% from the previous week [2][8][14]. - The glass industry is facing a situation of weak supply and demand. Supply is at a historical low, while demand is in the off - season. The inventory of glass enterprises remains at a high level compared to the same period, and it is expected that the futures price will fluctuate weakly at a low level [2]. Summary According to Relevant Catalogs Glass Futures and Spot Weekly Market - The closing price of the main contract rose from 1019 yuan/ton to 1026 yuan/ton, an increase of 0.69%. The spot benchmark price increased from 1056 yuan/ton to 1080 yuan/ton, up 2.27%. The main basis rose from 37 yuan/ton to 54 yuan/ton, a significant increase of 45.95% [8]. Glass Spot Market - The market price of 5mm white glass sheets in the spot benchmark area of Hebei Shahe was 1080 yuan/ton, a 2.27% increase from the previous week [14]. Fundamental Analysis - Cost and Profit - No specific content about cost and profit is provided in the report. Fundamental Analysis - Supply - The number of operating national float glass production lines was 224, with an operating rate of 75.00%, at a historical low for the same period. The daily melting capacity was 156,800 tons, also at the lowest level in the same period of history [24][26]. Fundamental Analysis - Demand - In April 2025, the apparent consumption of float glass was 468080 tons. Other aspects of demand - related information such as housing sales, new construction, and downstream factory orders are mentioned in the report, but no specific data analysis is provided [30]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises was 69.085 million weight boxes, a 0.19% decrease from the previous week, and the inventory was above the five - year average [45]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides a supply - demand balance sheet for float glass from 2017 to 2024E, including data on production, consumption, and the difference between supply and demand. For example, in 2024E, the production was 55.1 billion tons, the consumption was 53.1 billion tons, and the difference was 1.51 billion tons [46].
大越期货玻璃周报-20250707
Da Yue Qi Huo·2025-07-07 03:49