市场情绪高涨，钢价震荡偏强

Report Investment Ratings - Glass: Oscillating [2] - Soda Ash: Oscillating weakly [2] - Ferrosilicon Manganese: Oscillating [4] - Ferrosilicon: Oscillating [4] Core Views - Market sentiment is high, and steel prices are oscillating strongly. The glass and soda ash market transactions have improved, leading to a significant increase in the glass and soda ash futures market. The high - price sentiment in the ferrosilicon and ferrosilicon manganese markets is strong, and the market maintains on - demand procurement [1][3] Market Analysis and Strategy for Different Products Glass and Soda Ash Market Analysis - Glass: The glass futures market rose significantly yesterday. The downstream procurement sentiment has warmed up, and spot sales have improved. This week, the开工 rate of float glass enterprises was 75.1%, a decrease of 0.43% month - on - month. The manufacturer's inventory was 61.896 million heavy boxes, a decrease of 46,900 heavy boxes month - on - month, with significant destocking. However, the overall inventory remains high, and the destocking pressure is still large. In the long term, the glass supply - demand is still relatively loose [1] - Soda Ash: The soda ash futures market rose significantly yesterday. The downstream transactions were stable, mainly in a wait - and - see state. This week, the soda ash开工率 was 83.02%, a decrease of 1.28% month - on - month; the output was 723,800 tons, a decrease of 12,800 tons month - on - month; the inventory was 1.8646 million tons, a decrease of 2.15% month - on - month, with obvious destocking. Currently in the summer maintenance stage, the soda ash开工率 is expected to remain at a low level. With the production cut of photovoltaic glass, the demand for soda ash is expected to weaken further, and the annual inventory pressure is large [1] Strategy - Glass: Oscillating [2] - Soda Ash: Oscillating weakly [2] Ferrosilicon Manganese and Ferrosilicon Market Analysis - Ferrosilicon Manganese: The ferrosilicon manganese futures slightly corrected yesterday. The market sentiment was mainly wait - and - see, and the overall price was firm. The price in the northern market was 5,630 - 5,680 yuan/ton, and in the southern market, it was about 5,650 - 5,700 yuan/ton. The ferrosilicon manganese output remained stable, the hot metal output rebounded, and the overall demand for ferrosilicon manganese maintained resilience. The inventory of ferrosilicon manganese manufacturers and registered warehouse receipts were at medium - to - high levels, suppressing the price of ferrosilicon manganese. The shipment from the Australian end of manganese ore has basically recovered [3] - Ferrosilicon: The ferrosilicon futures oscillated strongly yesterday. The market sentiment in the ferrosilicon spot market was okay, and the price of ferrosilicon was running steadily and strongly. The ex - factory price of 72 - grade ferrosilicon in the main production area was 5,400 - 5,600 yuan/ton, and the price of 75 - grade ferrosilicon was reported at 5,700 - 5,800 yuan/ton. The output increased month - on - month, the demand slightly decreased, and the factory inventory was at a medium - to - high level. In the short term, the market sentiment improved, and the price fluctuated following the sector. In the long term, the ferrosilicon production capacity is relatively loose [3] Strategy - Ferrosilicon Manganese: Oscillating [4] - Ferrosilicon: Oscillating [4]