黑色建材日报：市场情绪减弱，钢材价格回调-20250801

Group 1: Market Analysis Glass and Soda Ash - Yesterday, the glass futures market dropped significantly, with the main 2509 contract of glass futures falling 8.22%. The operating rate of float glass enterprises this week was 75%, a 0.1% decrease from the previous week, and the manufacturer's inventory was 59.499 million heavy boxes, a decrease of 2.397 million heavy boxes from the previous week. Currently, glass supply shows no sign of contraction, and the real - estate sector drags down the rigid demand, while speculative demand has increased. The inventory has been continuously decreasing but remains at a high level. In the long run, the glass supply - demand situation remains relatively loose [1]. - The soda ash futures market also dropped significantly yesterday, with the main 2509 contract of soda ash futures falling 6.45%. The capacity utilization rate of soda ash was 80.27%, a 2.75% decrease from the previous week, the output was 699,800 tons, a decrease of 24,000 tons from the previous week, and the inventory was 1.7958 million tons, a decrease of 68,800 tons from the previous week. Currently, soda ash production remains at a high level and is in the summer maintenance stage, with relatively restrained capacity release. Later, as projects are gradually implemented, the soda ash capacity may be further released. Meanwhile, due to the "anti - involution" impact in the photovoltaic industry, there is an expectation of production cuts, and soda ash consumption may further weaken, increasing the inventory pressure later [1]. Ferrosilicon and Silicomanganese - Yesterday, the collective sharp decline of black commodities drove the ferrosilicon and silicomanganese futures to hit the daily limit. The main contract of silicomanganese futures dropped 170 yuan/ton from the previous day, closing at 5946 yuan/ton. In the spot market, there was a strong wait - and - see sentiment. The price of 6517 silicomanganese in the northern market was 5750 - 5800 yuan/ton, and in the southern market, it was 5800 - 5850 yuan/ton. Silicomanganese production increased month - on - month, hot metal production decreased slightly month - on - month, and the inventory of silicomanganese manufacturers decreased slightly month - on - month but remained at a relatively high level. The shipping from Australia in the manganese ore segment has basically recovered. After the silicomanganese price was boosted by macro - sentiment, the hedging willingness of enterprises increased, but with the decline of coking coal and coke futures, the market sentiment cooled down to some extent [3]. - Yesterday, the main contract of ferrosilicon futures closed at 5696 yuan/ton, a drop of 312 yuan/ton from the previous day. In the spot market, the price remained stable, and the cash - inclusive ex - factory price of 72 - grade ferrosilicon in the main production areas was 5600 - 5800 yuan/ton. The demand for ferrosilicon remained resilient, and the factory inventory was at a medium - to - high level. In the short term, the market sentiment improved, but with the sharp decline of coking coal, the market sentiment cooled down to some extent. In the long run, the ferrosilicon capacity is relatively loose [3]. Group 2: Strategy Glass and Soda Ash - The strategy for glass is to be weakly volatile [2]. - The strategy for soda ash is to be weakly volatile [2]. Ferrosilicon and Silicomanganese - The strategy for silicomanganese is to be weakly volatile [4]. - The strategy for ferrosilicon is to be weakly volatile [4].