纯碱玻璃周度报告汇总-20250718

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For the soda ash market, the supply - inventory pressure is difficult to relieve, the demand is expected to decline, the terminal has sufficient inventory and poor finished - product profits. After the positive feedback sentiment in the market subsides, maintain a bearish view. In the short term, prevent risks and mainly wait and see [7][9]. - For the glass market, the supply side has a policy - favorable orientation but it has not yet affected the industry. The market sentiment has been boosted in the short term, but the valuation is still low. Hold a long - position at a low level, and leave the market flexibly if the sentiment weakens [153][155]. 3. Summary According to the Directory Soda Ash Market 3.1 Soda Ash Market Overview - Supply: The current total production is 73.32 million tons, with heavy - quality production at 41.47 million tons and light - quality production at 31.85 million tons. Some enterprises have maintenance plans, and the production is expected to increase in the future. The import is 0.03 million tons, and the export is 4.1 million tons [7]. - Demand: The heavy - quality soda ash consumption is 33.22 million tons, and the light - quality soda ash apparent demand is 30.02 million tons. The overall apparent demand is 69.10 million tons, with a decreasing trend in the future [7]. - Inventory: The alkali - factory inventory is 190.56 million tons, and the social inventory is 24.66 million tons. The inventory is expected to increase [7]. - Cost and Profit: The ammonia - soda process cost is 1285 yuan, with a profit of - 85 yuan; the combined - soda process cost is 1133 yuan, with a profit of 17 yuan [7]. 3.2 Monthly Supply and Demand - The report provides historical data on monthly production, import, export, and apparent demand of soda ash from 2020 - 2025 [15][17][18][20]. 3.3 Basis and Spread - It includes the comparison of spot - futures prices, basis of soda ash contracts, inter - delivery spread of soda ash contracts, and glass - soda ash contract/spot spread [23][28][33][37]. 3.4 Soda Ash Market Price - The current price of heavy - quality soda ash in the Shahe area is 1206 yuan, showing a downward trend compared with last week and last year. The report also provides price data for different regions and the price difference between heavy - and light - quality soda ash [45][49][69]. 3.5 Soda Ash Supply - Enterprise Operation: Some enterprises such as Shandong Haihua, Anhui Debang are in the process of maintenance or have low - load operation, and some enterprises like Fengcheng Yanhua and Suyan Jingshen have planned maintenance [76]. - Operating Rate: The current domestic operating rate is 84.1%, showing an upward trend compared with last week [77]. - Production of Heavy - and Light - Quality Soda Ash: The report provides historical data on the weekly production of domestic heavy - and light - quality soda ash [85]. - Cost and Profit: It includes the cost and profit data of the ammonia - soda process and the combined - soda process, as well as the price of related products such as synthetic ammonia [87][91][99]. 3.6 Soda Ash Demand - Demand for Heavy - Quality Soda Ash: It is mainly affected by the daily melting volume of float glass and photovoltaic glass. The report provides historical data on the daily melting volume and demand [121][122][124]. - Weekly Apparent Consumption and Sales - to - Production Ratio: The report provides historical data on the weekly consumption and sales - to - production ratio of heavy - quality, light - quality, and overall soda ash [129][130][131]. - Photovoltaic Glass Price: It provides historical price data of photovoltaic glass with different specifications [133][134][135]. 3.7 Soda Ash Inventory - The current enterprise inventory is 190.56 million tons, with an increasing trend. The report also provides inventory data for different regions [139][140][148]. Glass Market 3.1 Glass Market Overview - Supply: The current daily melting volume of float glass is 157,825 tons, and the weekly production is 110.48 million tons. It is expected to increase slightly in the future [153]. - Demand: The apparent consumption is 121.71 million tons, and the market sentiment has been boosted recently [153]. - Inventory: The factory - warehouse inventory is 324.70 million tons, showing a downward trend [153]. - Cost and Profit: The cost and profit of different production lines such as natural - gas, coal - gas, and petroleum - coke vary. Some production lines are in a loss state [153]. 3.2 Monthly Supply and Demand - The report provides historical data on monthly production, import, and export of flat glass from 2020 - 2025 [160][162][165]. 3.3 Basis and Spread - It includes the comparison of spot - futures prices, basis of glass contracts, inter - delivery spread of glass contracts, and glass - soda ash contract/spot spread [168][173][177][182]. 3.4 Glass Market Price - The report provides price data of float glass with different specifications in different regions, such as Shahe, North China, East China, etc [190][191][193]. 3.5 Glass Supply - Profit of Float Glass: The profit of coal - gas enterprises, petroleum - coke enterprises, and natural - gas enterprises varies. The profit of coal - gas enterprises is relatively good, while that of natural - gas enterprises is in a loss state [229].