市场情绪放缓，钢价震荡偏强

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The market sentiment has slowed down, and steel prices are fluctuating with a slight upward trend. The glass and soda ash markets have stable spot sales, but their futures opened high and closed low. The double - silicon market has firm spot prices and is operating steadily [1][3]. Group 3: Market Analysis Glass and Soda Ash - Glass: The glass futures opened high and closed low yesterday. Downstream procurement is cautious, mainly for rigid demand. Supply is basically stable. In the off - season, inventory has decreased but remains high, with significant de - stocking pressure. In the long run, supply and demand are still relatively loose [1]. - Soda Ash: The soda ash futures also opened high and closed low yesterday. Downstream transactions are stable, with a wait - and - see attitude. Supply has both复产 and maintenance, with output remaining stable month - on - month. In the summer maintenance period, the operating rate is expected to stay low. With the production cut of photovoltaic glass, demand is expected to weaken further, and there is great annual inventory pressure [1]. Double - Silicon - Silicon Manganese: The silicon manganese futures slightly corrected yesterday. The market trading atmosphere is active, and the overall price is firm. The 6517 grade in the northern market is priced at 5700 - 5750 yuan/ton, and in the southern market at 5720 - 5770 yuan/ton. Production is stable, and demand has resilience due to the recovery of hot metal production. However, high - level inventories of manufacturers and registered warrants suppress prices. The Australian manganese ore shipments have basically recovered, and prices fluctuate with the sector [3]. - Silicon Iron: The silicon iron futures fluctuated with a slight upward trend yesterday. The market sentiment is good, and the rising futures drive up the spot price. The 72 - grade silicon iron in the main production areas is priced at 5400 - 5600 yuan/ton, and the 75 - grade at 5700 - 5800 yuan/ton. Production has increased month - on - month, while demand has slightly decreased. Inventories are at a medium - high level. In the short term, the market sentiment has improved, and the rising coal price boosts the valuation. In the long run, production capacity is relatively loose [3]. Group 4: Strategies Glass and Soda Ash - Glass: The recommended strategy is to expect price fluctuations [2]. - Soda Ash: The recommended strategy is to expect price fluctuations with a slight downward trend [2]. Double - Silicon - Silicon Manganese: The recommended strategy is to expect price fluctuations with a slight upward trend [4]. - Silicon Iron: The recommended strategy is to expect price fluctuations with a slight upward trend [4].