Report Industry Investment Rating No relevant content provided. Core View of the Report - The fundamentals of glass remain weak, and it is expected to mainly oscillate at a low level in the short term. The supply of glass has declined to a relatively low level compared to the same period, and it is the seasonal off - peak demand season. Downstream buyers purchase as needed, and the inventory of glass factories continues to accumulate [3][6]. Summary by Related Catalogs Glass Futures Market - The closing price of the main contract was 1070 yuan/ton, a decrease of 0.09% from the previous value; the spot price of Shahe Safety large - board glass was 1088 yuan/ton, a decrease of 0.37%; the main basis was 18 yuan/ton, a decrease of 14.29% [7]. Glass Spot Market - The market price of 5mm white glass large - board in the spot benchmark area of Hebei Shahe was 1088 yuan/ton, a decrease of 4 yuan/ton from the previous day [13]. Fundamentals - Cost Side - There is no specific content provided in the text other than the mention of glass production profit. Fundamentals - Supply - The number of operating float glass production lines in China was 224, with an operating rate of 75.68%, and the number of operating production lines was at a historical low for the same period. The daily melting capacity of float glass in China was 158,400 tons, with the production capacity at the lowest level in the same period in history and showing signs of stabilization and recovery [22][24]. Fundamentals - Demand - In April 2025, the apparent consumption of float glass was 4.6808 million tons. The terminal real - estate demand remained weak, and the number of orders from glass deep - processing enterprises was at a historical low for the same period. The capital recovery in the deep - processing industry was not optimistic, and traders and processors were cautious, mainly focusing on digesting the inventory of raw glass [5][28]. Fundamentals - Inventory - The inventory of national float glass enterprises was 67.102 million weight boxes, a decrease of 2.87% from the previous week, and the inventory was running above the five - year average [3][43]. Fundamentals - Supply - Demand Balance Sheet - The annual supply - demand balance sheet of float glass from 2017 to 2024E shows changes in production, consumption, and other indicators. For example, in 2024E, the production was 55.10 million tons, the apparent supply was 54.61 million tons, the consumption was 53.10 million tons, and the surplus was 1.51 million tons. The production growth rate was 3.94%, and the consumption growth rate was - 1.15% [44]. Influencing Factors - Positive factors: The negative feedback of production profit was obvious, and the glass production continued to decline to a historical low. The photovoltaic glass industry was expected to implement a production - reduction plan, which boosted the market sentiment [4]. - Negative factors: The terminal real - estate demand was still weak, and the number of orders from glass deep - processing enterprises was at a historical low for the same period. The capital recovery in the deep - processing industry was not optimistic, and traders and processors were cautious, mainly focusing on digesting the inventory of raw glass [5].
大越期货玻璃早报-20250717
Da Yue Qi Huo·2025-07-17 02:34