黑色建材日报：煤炭供应扰动，商品估值抬升-20250723

1. Report Industry Investment Ratings - Glass: Neutral [2] - Soda Ash: Slightly Bearish [2] - Silicomanganese: Slightly Bullish [4] - Ferrosilicon: Slightly Bullish [4] 2. Core Views - The coal supply disruption has led to an increase in commodity valuations [1] - The market sentiment for glass and soda ash is optimistic, with prices continuing to rise [1] - The market sentiment for silicon alloys is positive, with prices oscillating strongly [3] 3. Summary by Related Catalogs Glass and Soda Ash - Market Analysis: Glass and soda ash futures prices rose significantly yesterday. In the spot market, downstream procurement of glass was cautious, while soda ash trading fluctuated with the futures market [1] - Supply and Demand Logic: Glass supply is stable, but inventory remains high. In the long - term, supply and demand are relatively loose. Soda ash production is stable, but with the expected reduction in photovoltaic glass production, demand is likely to weaken, and inventory pressure is high throughout the year [1] - Strategy: Glass is expected to oscillate, while soda ash is expected to oscillate weakly [2] Silicon Alloys (Silicomanganese and Ferrosilicon) - Market Analysis: Silicomanganese and ferrosilicon futures prices were strong yesterday. In the spot market, suppliers of silicomanganese were firm on prices, and the ferrosilicon market sentiment was positive [3] - Supply and Demand Logic: Silicomanganese production is stable, and demand is resilient, but high inventory suppresses prices. Ferrosilicon production has increased, demand has slightly decreased, and inventory is at a medium - high level. The short - term coal supply disruption has increased its valuation [3] - Strategy: Both silicomanganese and ferrosilicon are expected to oscillate strongly [4]